Off Shore Company
Discussion
Eric Mc said:
If it is selling in the UK, then it must adhere to general principles of UK commercial regulations. Depending on how it is structured, it may have to comply with some aspects of UK tax law as well.
It would be taking subscriptions from the UK but through a Merchant. If the Merchant paid the funds into off shore bank account. What would be the implications?Who are the officers and shareholders of the business? Are they UK based (individuals or companies?)
I would expect that if your customers, assets, employees and owners are all based in the UK you would have a hard time convincing the taxman that your company not subject to UK taxation.
I assume you are looking into this to pay less CT?
I would expect that if your customers, assets, employees and owners are all based in the UK you would have a hard time convincing the taxman that your company not subject to UK taxation.
I assume you are looking into this to pay less CT?
UpTheIron said:
Who are the officers and shareholders of the business? Are they UK based (individuals or companies?)
I would expect that if your customers, assets, employees and owners are all based in the UK you would have a hard time convincing the taxman that your company not subject to UK taxation.
I assume you are looking into this to pay less CT?
Exactly.I would expect that if your customers, assets, employees and owners are all based in the UK you would have a hard time convincing the taxman that your company not subject to UK taxation.
I assume you are looking into this to pay less CT?
There will be no staff. All technical support will be sub contracted out, maybe not even to a UK company.
As it is a web based directory, there will be no real assets.
Any opinions?
Yes.
The place of management and operation of the company (irrespective as to where it is registered) determines the tax jurisdiction area.
Also, if you as an individual are a UK tax resident, any income derived by you personally from the company (irrespective as to where you intend to invest it e.g. leave it in an offshore bank account) will be subject to UK Income Tax (and possibly NI as well) at the point and date it is withdrawn from the company.
Also, any interest earned on such earnings, if deposited abroad, will still be subject to UK Income Tax subject to any Double Taxation Agreements in place between the UK and the country in which the funds are deposited.
The place of management and operation of the company (irrespective as to where it is registered) determines the tax jurisdiction area.
Also, if you as an individual are a UK tax resident, any income derived by you personally from the company (irrespective as to where you intend to invest it e.g. leave it in an offshore bank account) will be subject to UK Income Tax (and possibly NI as well) at the point and date it is withdrawn from the company.
Also, any interest earned on such earnings, if deposited abroad, will still be subject to UK Income Tax subject to any Double Taxation Agreements in place between the UK and the country in which the funds are deposited.
Eric Mc said:
Yes.
The place of management and operation of the company (irrespective as to where it is registered) determines the tax jurisdiction area.
Also, if you as an individual are a UK tax resident, any income derived by you personally from the company (irrespective as to where you intend to invest it e.g. leave it in an offshore bank account) will be subject to UK Income Tax (and possibly NI as well) at the point and date it is withdrawn from the company.
Also, any interest earned on such earnings, if deposited abroad, will still be subject to UK Income Tax subject to any Double Taxation Agreements in place between the UK and the country in which the funds are deposited.
Thans Eric,The place of management and operation of the company (irrespective as to where it is registered) determines the tax jurisdiction area.
Also, if you as an individual are a UK tax resident, any income derived by you personally from the company (irrespective as to where you intend to invest it e.g. leave it in an offshore bank account) will be subject to UK Income Tax (and possibly NI as well) at the point and date it is withdrawn from the company.
Also, any interest earned on such earnings, if deposited abroad, will still be subject to UK Income Tax subject to any Double Taxation Agreements in place between the UK and the country in which the funds are deposited.
As always, very helpful.
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