Uk Ltd and non eu/usa residence, how to do the accounting and taxing

[WoWNull]

You don't need to have a UK bank account to operate a UK bank account, but it's recommended. For example, when it comes to paying taxes or receiving tax refunds, it's easier if you can do it through the domestic bank system rather than SEPA or SWIFT.

I'd recommend using something like Tide, TransferWise, Revolut, Monzo, and Monese which provides local UK bank details. I'm not sure how strict each one is about residence of directors/shareholders.

I have business account with transferwise.com

Also i found this bank Natwest.com they said they accept non residents director.


Also do you know some accountats that can do these stuffs??

 

[WoWNull]

Also i found this bank Natwest.com they said they accept non residents director.

ok so they reject me


see the reply..


We’ve reviewed your application for a Business Current Account and we’re sorry but we won’t be able to take it any further.

We considered the information you gave to us and completed our standard checks and assessments. We also reviewed the bank’s knowledge about the sector in which your business operates.



If we have concerns over a sector’s future, or believe it could expose us to financial risk, we may choose not to offer banking facilities. Unfortunately, this is the case here


As a result you’ll need to make alternative banking arrangements for your business. There isn’t an opportunity to appeal this decision.




so guys any solution =D or I just need to give up from the UK and see a way to close the company and find another easy place with less complexity

 

[machinetheory]

Did you ever find an accounting solution? would you share the company name? Thanks!

 

[WoWNull]

Did you ever find an accounting solution? would you share the company name? Thanks!

i found a guy but taking ages to reply on email because it was the cheapest option, other than that most companies ask for a min of 1.5k GBP

 

[Dandyline]

You could just transfer all the money from the account as a salary every month to your UAE personal account, which would be taxed at 0% since you are resident in UAE.

So at the end of the year you have no profits since its all paid out as salary = zero taxes.

 

[WoWNull]

You could just transfer all the money from the account as a salary every month to your UAE personal account, which would be taxed at 0% since you are resident in UAE.

So at the end of the year you have no profits since its all paid out as salary = zero taxes.

hmmm interesting idea, I was thinking that even paying salary as a director I need to pay taxes on them before.

one more point that all the money is actually going to TW and from their being paid for different accounts and goes to crypto, so basically non of my accounts has money

 

[Dandyline]

hmmm interesting idea, I was thinking that even paying salary as a director I need to pay taxes on them before.

one more point that all the money is actually going to TW and from their being paid for different accounts and goes to crypto, so basically non of my accounts has money

Salary for non-residents are non tax as long as you dont conduct business from UK.

Only corporate tax are taxed which means that as long as you pay out all the money as salary and has no money on the account at the end of the year, there is nothing to tax.

Just book all withdrawals as salary.

 

[JustAnotherNomad]

Just book all withdrawals as salary.

Just check with an accountant if there are any restrictions on this. Taking out 100% of the profits all the time may not be allowed under transfer pricing rules. But then again, it’s not clear if anyone will ever care if we’re not talking millions.

You might also want to check if the UAE allows you to take that salary under their own worker laws. After all, you would be a UAE employee, but presumably your “employer” wouldn’t have a applied for a worker visa. It might be better to invoice the company from the UAE. But then transfer pricing rules would definitely apply.

 

[WoWNull]

Just check with an accountant if there are any restrictions on this. Taking out 100% of the profits all the time may not be allowed under transfer pricing rules. But then again, it’s not clear if anyone will ever care if we’re not talking millions.

You might also want to check if the UAE allows you to take that salary under their own worker laws. After all, you would be a UAE employee, but presumably your “employer” wouldn’t have a applied for a worker visa. It might be better to invoice the company from the UAE. But then transfer pricing rules would definitely apply.

As per the bank when i talk to them if i do have work as salary or freelance they don't mind, as along as i dont do any business activities, beside that i can send the money to my other Sepa personal accounts which is not taxable like paysera or transferwise or I can do it as crypto payment, but I need to be sure that no issue in gov at least if I can consider 50% as salary or 70%

For me i just have 2 3 clients in UK who pay me around 300 or 250$ in last year lol

 

[1Olivia1]

Me too sometimes use Natwest.com It is quite comfortable for transfers.