I am from the UAE, been a resident for the last 27 years, and I have a UK ltd registered on January 2020 to sign up with payment processors and start selling online, and didn't have much information regarding tax and accounting when I started doing business.. even until today, I'm kind of lost.
My business is basically eCommerce and I have a Wise account with UK and US Bank details in their respective currencies..
In the beginning, I used to process payments for my stores with stripe and Paypal and transferred all revenues to my Wise account. Later on, I partnered up with someone in the US and all payments were processed under their US LLC, and I received my shares on my Wise's USD Account after deducting the applicable US taxes. The amounts I received were in the form of a bank transfer. Here's where I think I created a mess; I used my wise debit card to spend the money I received in my USD Wise account for my daily expenses, after researching a bit about corporation tax, I learned that I have to pay 19% tax on all profits the company made, which will include the money I received from my partner I think.
how can I go about this and what would be a more optimal solution, ie. open a UAE bank account and let my partner transfer my shares there instead of the Wise account etc..
My business is basically eCommerce and I have a Wise account with UK and US Bank details in their respective currencies..
In the beginning, I used to process payments for my stores with stripe and Paypal and transferred all revenues to my Wise account. Later on, I partnered up with someone in the US and all payments were processed under their US LLC, and I received my shares on my Wise's USD Account after deducting the applicable US taxes. The amounts I received were in the form of a bank transfer. Here's where I think I created a mess; I used my wise debit card to spend the money I received in my USD Wise account for my daily expenses, after researching a bit about corporation tax, I learned that I have to pay 19% tax on all profits the company made, which will include the money I received from my partner I think.
how can I go about this and what would be a more optimal solution, ie. open a UAE bank account and let my partner transfer my shares there instead of the Wise account etc..
