Thailand Resident - Income into UK Bank

[PattayaDude]

I am a UK citizen, I have been living in Thailand for years.

Now I have an online business, our payment gateway won't pay to Thailand, therefore I have told the payment gateway to send money to my UK bank

from my UK bank I use wise.com (transferwise) to send to my Thai Bank.

the online business is tied to a Thailand business.

Do I need to pay tax in the UK? I am living in Thailand and rarely visit uk.

I could set up a company elsewhere if I need to (hence why I joined here)

I don't normally worry about these things but we are talking around 200,000 USD a month and growing.

thank you very much for your help

 

[rainy]

To your personal account in the UK? I suppose this can be an issue, somehow. How - I don't know. But in general, money from business sent to one's personal account is an issue. Perhaps, tax- and accounting-wise.

To a thai bank -- also to a personal account? There may be an issue again.

Also, have you registered as non resident in the UK?

 

[wellington]

To your personal account in the UK? I suppose this can be an issue, somehow. How - I don't know. But in general, money from business sent to one's personal account is an issue. Perhaps, tax- and accounting-wise.

To a thai bank -- also to a personal account? There may be an issue again.

Also, have you registered as non resident in the UK?

UK is ok with using personal accounts, preferably not co-mingled, but you shouldn't have to worry about tax in the UK as Wise should have you down as Thai based (they also sometimes ask for TIN, corp tax number not sure).

 

[disconnected]

I would set up a US LLC with local bank account or UK LTD with business bank account, although you will have to make very sure you are not a tax resident there since you are a UK citizen. Then as long as you don't remit the company's profit in the same calendar year, you're running a tax-free business since Thailand does not tax worldwide income (as long as not remitted in same calendar year).