Financial Advisor Needed
Discussion
Citizenship (dual or otherwise) is of no consequence at all.
Tax residency is the most important factor.
If an individual is tax resident in the UK, then they will be personally liable to Income Tax (and possibly NI) on their earnings.
If they set up a limited company, the company will pay Corporation Tax if the company is tax resident in the UK.
There are detailed and complex rules that set out what is meant by "UK Tax Residence" for both individuals and corporate entities.
Tax domicile is not the same as tax residency. It MIGHT be an issue for an individual. It generally has no relevance for companies.
Tax residency is the most important factor.
If an individual is tax resident in the UK, then they will be personally liable to Income Tax (and possibly NI) on their earnings.
If they set up a limited company, the company will pay Corporation Tax if the company is tax resident in the UK.
There are detailed and complex rules that set out what is meant by "UK Tax Residence" for both individuals and corporate entities.
Tax domicile is not the same as tax residency. It MIGHT be an issue for an individual. It generally has no relevance for companies.
Eric Mc said:
Citizenship (dual or otherwise) is of no consequence at all.
Tax residency is the most important factor.
If an individual is tax resident in the UK, then they will be personally liable to Income Tax (and possibly NI) on their earnings.
If they set up a limited company, the company will pay Corporation Tax if the company is tax resident in the UK.
There are detailed and complex rules that set out what is meant by "UK Tax Residence" for both individuals and corporate entities.
Tax domicile is not the same as tax residency. It MIGHT be an issue for an individual. It generally has no relevance for companies.
Thanks Eric. Do you know of an advisor who's capable of setting up a global structure?Tax residency is the most important factor.
If an individual is tax resident in the UK, then they will be personally liable to Income Tax (and possibly NI) on their earnings.
If they set up a limited company, the company will pay Corporation Tax if the company is tax resident in the UK.
There are detailed and complex rules that set out what is meant by "UK Tax Residence" for both individuals and corporate entities.
Tax domicile is not the same as tax residency. It MIGHT be an issue for an individual. It generally has no relevance for companies.
IMHO you need one of the big firms or somebody like https://smithandwilliamson.com/en/
not cheap mind but we used them sorting estate related issues across 3 continents, but they were primarily experienced at the UK side so you will probably need local expertise in specific jurisdictions, hence my initial comment re big firms as they are represented all over.
not cheap mind but we used them sorting estate related issues across 3 continents, but they were primarily experienced at the UK side so you will probably need local expertise in specific jurisdictions, hence my initial comment re big firms as they are represented all over.
No.
You will probably have to talk to someone in one of the larger firms of accountants and they will not be cheap.
Unless the individual is not a UK tax resident and unless the trading entity is also not UK tax resident, there is little scope to shunt money abroad in an effort to avoid tax. Multi-nationals can do this because they are, by definition, "multi-national". Smaller, owner managed entities will pretty much find it impossible to demonstrate to HMRC that the small owner managed entity operated by an individual who is a UK tax resident is NOT tax resident itself.
Creating a mish-mash of offshore companies to bamboozle HMRC and muddy the waters as to where the company is really operating may work - for a while. But if the scheme is unearthed it could get very painful for the proprietor and possibly the advisers too.
You will probably have to talk to someone in one of the larger firms of accountants and they will not be cheap.
Unless the individual is not a UK tax resident and unless the trading entity is also not UK tax resident, there is little scope to shunt money abroad in an effort to avoid tax. Multi-nationals can do this because they are, by definition, "multi-national". Smaller, owner managed entities will pretty much find it impossible to demonstrate to HMRC that the small owner managed entity operated by an individual who is a UK tax resident is NOT tax resident itself.
Creating a mish-mash of offshore companies to bamboozle HMRC and muddy the waters as to where the company is really operating may work - for a while. But if the scheme is unearthed it could get very painful for the proprietor and possibly the advisers too.
Eric Mc said:
No.
You will probably have to talk to someone in one of the larger firms of accountants and they will not be cheap.
Unless the individual is not a UK tax resident and unless the trading entity is also not UK tax resident, there is little scope to shunt money abroad in an effort to avoid tax. Multi-nationals can do this because they are, by definition, "multi-national". Smaller, owner managed entities will pretty much find it impossible to demonstrate to HMRC that the small owner managed entity operated by an individual who is a UK tax resident is NOT tax resident itself.
Creating a mish-mash of offshore companies to bamboozle HMRC and muddy the waters as to where the company is really operating may work - for a while. But if the scheme is unearthed it could get very painful for the proprietor and possibly the advisers too.
Eric I cant see anyone asking to create "mish mash to bamboozle HMRC - there are reasons why someone might want to legally set up offshore entities hence my earlier comments - HMRC will be asking for a lot of information - just answering their questions will cost a lot of professional fees - what he needs is advice from a specialist or big firm to see what the options are and whether it is worth it or not. You will probably have to talk to someone in one of the larger firms of accountants and they will not be cheap.
Unless the individual is not a UK tax resident and unless the trading entity is also not UK tax resident, there is little scope to shunt money abroad in an effort to avoid tax. Multi-nationals can do this because they are, by definition, "multi-national". Smaller, owner managed entities will pretty much find it impossible to demonstrate to HMRC that the small owner managed entity operated by an individual who is a UK tax resident is NOT tax resident itself.
Creating a mish-mash of offshore companies to bamboozle HMRC and muddy the waters as to where the company is really operating may work - for a while. But if the scheme is unearthed it could get very painful for the proprietor and possibly the advisers too.
Al Gorithum said:
Can anyone recommend a good FA?
Need planning advice for setting up multi-domiciled businesses.
Thanks
I think you may be confusing things. All businesses are registered in one country alone (be that the UK or the Cayman Islands), though can hold listings on multiple stock exchanges. Need planning advice for setting up multi-domiciled businesses.
Thanks
If you want to operate across several counties then you can do this through one company, or the one company can be a holding company for other companies (or subsidiaries) registered in multiple other countries.
This enables cross charging between territories, to reduce taxation in the home country of the company in question or the taxation due in the other countries you operate in.
I'm an accountant and not UK tax resident, I have residency rights in a 2 countries outside the EU, income from 3 countries and houses 3 in countries (not the same), so although not big amounts it can get complicated. I use PWC for all tax advice, they have a network. I'm sure Eric will agree that a local accountant in your town will not have detail knowledge of the tax overseas, even PWC use different people for different counties.
I would say get it right from the start trying to correct it latter is very difficult, I've known a few people over the years who have ignored tax issue.
I would say get it right from the start trying to correct it latter is very difficult, I've known a few people over the years who have ignored tax issue.
My dad has been in the game for 40 years and gets consistently great feedback: www.buttercrossfp.co.uk
Speculatore said:
I work in the Superyacht industry and as you can imagine we deal in 'Large' sums of money across many countries in different currencies. The best person that I can point you in the direction of is Anita Griffiths at Equiom. AnitaGriffiths@equiomgroup.com
David is spot on here. I have had the benefit of her advice and it is excellent and very comprehensive.Gassing Station | Finance | Top of Page | What's New | My Stuff