Hi,
I am running an influencer marketing agency where we connect brands with influencers & vice versa. We deal with brands/influencers from around the world, 99% of the transactions are through bank transfers.
Company Information:
It would be appreciated if someone can the questions below:
Q1) Is the above tax information accurate?
Q2) What are the best EMI/Traditional banks for my business & are available to non-resident directors?
Q3) Is there any payment processing service like Stripe that allows inward & outward bank transfers?
Q4) I've heard that I can switch to an LLP instead of an LTD, which would result in zero corporate taxes. The primary issue is that it can be difficult to find a bank that will open an LLP account for you. Is this accurate?
Q5) Is it safe to merely use Wise considering how frequently we deal with bank transfers?
I am running an influencer marketing agency where we connect brands with influencers & vice versa. We deal with brands/influencers from around the world, 99% of the transactions are through bank transfers.
Company Information:
- 2 Directors & 2 Shareholders (Myself/Brother): Living in a third world middle east country with non-UK nationality
- Company Type: UK LTD
- Business Bank: Wise
- Tax Treaty: Between the UK and my country, there is a tax treaty.
- Brands/Influencers: From around the world (Mostly EU, US, AU & CA)
- Banks in my country don't allow foreign companies in opening business account
- UK Corporate tax: 19%
- VAT: 20% (I need to register if the annual revenue from UK customers exceeds 85k GBP & I only need to charge it to UK clients)
- Dividend Tax: UK dividend tax
- Income Tax: Salary of a non-resident director is liable to income tax in the country in which he resides. If this is true, it implies I am not required to pay UK income tax and that I can increase my annual director salary as much as I want as long as it stays within the range of UK directors' average incomes without running into any issues with HMRC. If I can do this, I can increase the company expenses as much as I want & pay almost 0% corporate tax.
- I am not liable to pay any tax on foreign income I am receiving in the country I am residing in.
It would be appreciated if someone can the questions below:
Q1) Is the above tax information accurate?
Q2) What are the best EMI/Traditional banks for my business & are available to non-resident directors?
Q3) Is there any payment processing service like Stripe that allows inward & outward bank transfers?
Q4) I've heard that I can switch to an LLP instead of an LTD, which would result in zero corporate taxes. The primary issue is that it can be difficult to find a bank that will open an LLP account for you. Is this accurate?
Q5) Is it safe to merely use Wise considering how frequently we deal with bank transfers?
