1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Company in gibraltar

Discussion in 'Business & Tax Advice' started by buttmonk, Nov 1, 2010.

  1. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

    Joined:
    Sep 22, 2008
    Messages:
    633
    Likes Received:
    273
    Location:
    United Kingdom
    Hi everyone.

    Just got a question.

    I have been promoting for a dating company based in Gibraltar for a couple of years, and i know companies based there don't pay any tax.

    So, if this company has been paying me affiliate commisions from may 2009 to march 2010, do you think i shouldnt declare it in a tax return, as no tax people are going to check who they have paid money to?

    Please let me know if u are experienced in this :)
     
  2. chano420

    chano420 Jr. VIP Jr. VIP Premium Member

    Joined:
    Oct 25, 2009
    Messages:
    368
    Likes Received:
    102
    Location:
    Florida
    How do they pay? If that money enters any US account (savings, checking, etc.) you better hope you dont get audited. Because then it doesnt matter what the gilbralter company did....
     
    • Thanks Thanks x 1
  3. N0H4T

    N0H4T Junior Member

    Joined:
    Sep 14, 2008
    Messages:
    109
    Likes Received:
    89
    Occupation:
    Full Time Internet Marketer
    Location:
    Frankfurt, Germany
    I'm inclined to tell you to forget it, as I had a similar situation a while back
    and got away scott free. I did however see a tax consultant and thats
    what he told me to do, but my situation was probably different from yours
    and it was over 10 years ago.

    My advice to you is that you should go see an accountant, they are on your
    side and prolly won't even charge you anything for the advice. Even if they
    do it won't be much and it would be a small price for a little piece of mind.
     
    • Thanks Thanks x 1
  4. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

    Joined:
    Sep 22, 2008
    Messages:
    633
    Likes Received:
    273
    Location:
    United Kingdom
    chano420, it was paid into my UK bank account, but have a been reading a couple of things about tax, and it says the taxman in the UK only asks banks for details of payments etc.. when an investigation is carried out for £50,000 or more.
     
  5. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

    Joined:
    Sep 22, 2008
    Messages:
    633
    Likes Received:
    273
    Location:
    United Kingdom
    Cheers for the replies guys.

    Just found the answer on the affiliate faq :

    ' This means that the affiliate receives some 50% commission on all new sales made through their site, as well as 50% commission on rebills. (And, due to Bone Fish Ltd being based in Gibraltar, all monies generated through the service are 100% tax-free) '

    Nice one! :D
     
    • Thanks Thanks x 1
  6. BorisTipsIt

    BorisTipsIt Regular Member

    Joined:
    Aug 28, 2010
    Messages:
    204
    Likes Received:
    52
    Location:
    BorisLand
    I wouldn't trust that. It is tax-free for them, but doesn't mean it is for you. Don't know uk tax law, but pretty sure they tax you on all income regardless of where it is generated.

    Go talk to a tax pro to cover your ass.
     
  7. imperial109

    imperial109 Regular Member

    Joined:
    Jan 19, 2009
    Messages:
    499
    Likes Received:
    361
    Code:
    http://www.hmrc.gov.uk/working/intro/selfemployed.htm