Can anyone advise if this is possible....
We have a UK events company which is making a very healthy profit, our combined corp tax and personal tax bill for this year is going to be £100K+....
We have looked into setting up a offshore structure with our clients invoicing the offshore company whilst retaining an onshore company to invoice enough profit to satisfy our personal needs in the UK. However, we have now decided the best option is to relocate to Monaco, we already conduct business there and have another company providing hospitality for the F1 (this is also a UK company).
Rather than setting up a new Monaco company we would prefer to keep our UK company, therefore could the following structure work?
Any thoughts if its worth pursuig...
We have a UK events company which is making a very healthy profit, our combined corp tax and personal tax bill for this year is going to be £100K+....
We have looked into setting up a offshore structure with our clients invoicing the offshore company whilst retaining an onshore company to invoice enough profit to satisfy our personal needs in the UK. However, we have now decided the best option is to relocate to Monaco, we already conduct business there and have another company providing hospitality for the F1 (this is also a UK company).
Rather than setting up a new Monaco company we would prefer to keep our UK company, therefore could the following structure work?
- Currently share capital is 50/50 between husband and wife
- Put all share capital into wife's name
- Set up a branch office in Monaco
- Wife is going to run that office (she is already a director of the company)
- Company provides accommodation in Monaco for wife, this will be a typical Monaco set up where an apartment can be accommodation and an office. I believe there is no BIK as its accomodation for an employee overseas.
- Wife 'officially' relocates to Monaco and applies for residence therefore removing her from UK tax system
- Wife is given large salary from UK company on which she pays no tax as Monaco is tax free
- Husband who remains Uk dom as needs to work more than 90 days in UK pays tax on modest salary from UK HQ company
- As most profit is removed from company due to wife's salary in Monaco there will be little UK corp tax to pay
Any thoughts if its worth pursuig...
