Let's say I incorporated my tech business in the BVI whilst still being a UK national, would I have to pay tax on the profits of my BVI corp in the UK? and how would reporting it work. Please help.
Let's say I incorporated my tech business in the BVI whilst still being a UK national, would I have to pay tax on the profits of my BVI corp in the UK? and how would reporting it work. Please help.
Let's say I incorporated my tech business in the BVI whilst still being a UK national, would I have to pay tax on the profits of my BVI corp in the UK? and how would reporting it work. Please help.
As long as you declare all taxable income and gains on your UK tax return you have nothing to worry about.
I hardly doubt what you are saying is true. Surely the UK have CFC and permanent establishment rules?
You are wrong. The BVI Company have to pay Uk Corporate tax since he is managing the Company from the Uk. And the Link you sent have nothing to do with this.Ten things about offshore assets and income
www.gov.uk
Feel free to read this, It's a start
You are wrong. The BVI Company have to pay Uk Corporate tax since he is managing the Company from the Uk. And the Link you sent have nothing to do with this.
You are wrong. The BVI Company have to pay Uk Corporate tax since he is managing the Company from the Uk. And the Link you sent have nothing to do with this.
Yes. You´re managing the company from the UK, and the company will have to pay taxes in the UK. This means that the setup makes no sense, and it will only cause headaches for you; difficulties getting banking, you won't be able to get any payment processing etc etc etc
Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes:
- interest from overseas bank or building society accounts
- dividends and interest from overseas companies
- rent from overseas properties
- wages, benefits or royalties earned outside the UK
If you’re a UK resident, you’re breaking the law if you fail to tell HM Revenue and Customs (HMRC) about your taxable offshore income. HMRC is getting tougher on those who try to evade tax by hiding their assets or income offshore.
HMRC has started receiving more information about international investments and financial structures held offshore by UK tax residents. More than 100 countries and jurisdictions have already committed to exchange this data.
As long as you declare all taxable income and gains on your UK tax return you have nothing to worry about.
Since you are working from the united kingdom, You will still be required to pay corporation taxes on the income earned as long as you're working from the united kingdom, You don't benefit from much by having an off-shore company apart from slight anonymity in the register.
If you register a BVI company you won't have to file any accounts or report your earnings to the BVI as long as your income does not come from within the BVI.
You do however have to report your income from overseas to HMRC but this step is so easy because you just have to let HMRC know the figures, There's not much accounting or anything needed and you avoid loads of red tape such as pension schemes, national insurance, vat payments, fines, penalties and all the nonsense.
There isn't a way to "Evade Taxes" legally as its illegal, However you can avoid some taxes by registering off-shore
Let's say I incorporated my tech business in the BVI whilst still being a UK national, would I have to pay tax on the profits of my BVI corp in the UK? and how would reporting it work. Please help.
The only reason I questioned or even considere
The whole reason this structure even crossed my mind was for the sole reason of keeping off companies house and registers for my own privacy. I am not technically looking to nor wanting to "evade" taxes the primary reason was the slight anonymity aspect, if you could suggest any easier options I'm all ears to be honest.
No because you will have to register as an overseas company in the UK, and therefore disclose your identity.