Tax Structure for business - what is your set up
Discussion
Hi All,
Had a meeting with the accountant today and he said something that got me intrigued.
Just to make it clear I am looking to get a better understanding of this topic and get some advise. Hopefully won't get abuse!
In talking to him and discussing my business he seemed to think having a Registered Office in Ireland therefore reducing my CT to 12.5%.
He did sort of go through a check list of what I do so I will say the same here. I sell online only (ebay) - probably 85%, the other 15% is worldwide (all within EU). I do not have any high street presence at all. No staff (just me runs the company).
He said there was no issue is doing this and is perfectly legal - he did mention a few things such as management fee going to the Ireland registered company etc etc - to be honest I was in such a rush I didn't take down any notes.
Without prying does anyone else have such a set up and are their any pitfalls in this - he mentioned having to do transactions or transferring money in EUROS too - don't know if the rate fluctuations could cost me money too.
Had a meeting with the accountant today and he said something that got me intrigued.
Just to make it clear I am looking to get a better understanding of this topic and get some advise. Hopefully won't get abuse!
In talking to him and discussing my business he seemed to think having a Registered Office in Ireland therefore reducing my CT to 12.5%.
He did sort of go through a check list of what I do so I will say the same here. I sell online only (ebay) - probably 85%, the other 15% is worldwide (all within EU). I do not have any high street presence at all. No staff (just me runs the company).
He said there was no issue is doing this and is perfectly legal - he did mention a few things such as management fee going to the Ireland registered company etc etc - to be honest I was in such a rush I didn't take down any notes.
Without prying does anyone else have such a set up and are their any pitfalls in this - he mentioned having to do transactions or transferring money in EUROS too - don't know if the rate fluctuations could cost me money too.
Hi everyone - I have had a good read around including latest articles regarding the set up and I do not see for the hell of me how he suggested it if I am honest.
Its clearly been border line acceptable within the law for large corps but even that looks like its coming to an end and this sort of set up is only part of it - its obviously much more complicated within larger organizations.
I have to say at the time I did say to him are you sure this would be OK because essentially all my operations are within the UK even if my goods come from outside the UK and I sell 10% outside the UK - his reply was yes within the law.
I think I will need to pull him up on it - always happy to reduce my bills within the law but this is like taking a dump outside the HMRC office and saying take a sniff. Not something I would like to do.
Its clearly been border line acceptable within the law for large corps but even that looks like its coming to an end and this sort of set up is only part of it - its obviously much more complicated within larger organizations.
I have to say at the time I did say to him are you sure this would be OK because essentially all my operations are within the UK even if my goods come from outside the UK and I sell 10% outside the UK - his reply was yes within the law.
I think I will need to pull him up on it - always happy to reduce my bills within the law but this is like taking a dump outside the HMRC office and saying take a sniff. Not something I would like to do.
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