Tax for royalties

[oriaxstream]

Hello, im receiving monthly payments for royalties. Payments coming to my paypals. Im Withdrawing earnings from paypals to Transferwise, Revolut, Monese to avoid taxing. I know Transferwise and Revolut is not reporting to tax authorities anything yet, but it might change soon so im looking for new way how to legally withdraw those money to my own bank account. Im looking for way how to pay as low taxes as possible. By the way im resident of EU. Do you have any suggestion what way i could choose to tax royalties?
Thanks for any advice.

 

[oriaxstream]

if they don't report anything yet, why are you so stressed? I mean, the info about its changing is not truthful...

They might report backward activity.

 

[lory]

setting up the company where Royality's are not taxed would have helped you in this situation, I'm sure.

 

[oriaxstream]

setting up the company where Royality's are not taxed would have helped you in this situation, I'm sure.

Is it possible to pay out dividents to individual?

 

[Martin Everson]

Is it possible to pay out dividents to individual?

Yes corporate dividends can be paid to individuals.

 

[oriaxstream]

Yes corporate dividends can be paid to individuals.

Do u think it would be good idea to set up offshore company with bank account or offshore linked with EMI like transferwise and all earnings would be paid to me as individual ?

 

[Martin Everson]

Do u think it would be good idea to set up offshore company with bank account or offshore linked with EMI like transferwise and all earnings would be paid to me as individual ?

In some EU countries you can register as self employed and earn happily and pay no tax as long as you stay below the minimum tax threshold.

Being that I know nothing of how much you are earning, what country you are in and what your tax rate is I would say its impossible to give you a proper answer. I would however advise against tax evasion and try to work within the rules of what is legally possible.