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Is it still possible to move income overseas??

Discussion in 'Business & Tax Advice' started by drumltd, Jan 25, 2016.

  1. drumltd

    drumltd Regular Member

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    In years gone by it was possible to open a nominee director\shareholder in a foreign country say the Seychelles, and pay minimal tax, in your home country (UK in my case) Is it still possible or is this a thing of the past?
     
  2. pseudonym

    pseudonym Regular Member

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  3. drumltd

    drumltd Regular Member

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    Thanks, as I read that Seychelles should be inline by 2018, but there are plenty that aren't, could these be viable options? And surely if the account is held by a nominee director it's still fairly well hidden?
     
  4. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    How much income are you talking about? If it is substantial then you need to speak to a specialist (Lawyer/Accountant). If it is a low amount then it probably isn't worth it.
    Tax avoidance is legal, Tax evasion is illegal.
    They are clamping down on both, so a Tax avoidance scheme that is legal today maybe illegal tomorrow.

    https://www.gov.uk/topic/dealing-with-hmrc/tax-compliance
    https://www.gov.uk/topic/dealing-with-hmrc/tax-avoidance
    https://www.gov.uk/government/organisations/hm-revenue-customs/contact/reporting-tax-evasion
    https://en.wikipedia.org/wiki/Tax_evasion
    https://en.wikipedia.org/wiki/Tax_avoidance
     
  5. drumltd

    drumltd Regular Member

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    To be honest it's not so much tax, more a case of someone that is claiming some of my income should be theirs.
     
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  6. Aatrox

    Aatrox Supreme Member

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    The most simple thing you can do, as Wilson said, just go and see an accountant and he will tell you everything you need to know. I'm not from UK, but I did the same thing and I finally can sleep easily without tax guys breathing down my neck. Now I pay tax (low amounts so far due to some young entrepreneurs stuff of my country) and life is good.
     
  7. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    You need specialist advice. Obviously if somebody has a legitimate claim on your money (no pre-nup?) and you are trying to hide it then you could land in more trouble.
     
  8. drumltd

    drumltd Regular Member

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    The problem is finding a "flexible" account rather than one that does everything by the book :-(
     
  9. Tendo

    Tendo Registered Member

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    I doubt that its possible anymore
     
  10. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    It's all possible you just need to speak with some tax or law firm that is big enough and trusted by your local tax authorities. I.e. BDO, PwC, Deliotte and such firms, you need to get in touch with one of their partners not just some employee!
     
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  11. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    If by minimal taxes you mean just on the salary you want and not all of the money the company makes then yes.
     
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  12. MisterF

    MisterF Jr. VIP Jr. VIP

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    You can look at paying yourself a minimal wage through the books and then taking share dividends for the rest, but as mentiioned earlier it depends on the sums of money you are talking about, is it £10k, £100k or £10million ?

    Seek professional advice before jumping into something.
     
  13. pseudonym

    pseudonym Regular Member

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    http://www.oecd.org/tax/exchange-of-tax-information/taxinformationexchangeagreementstieas.htm

    No.

    @op i have a question. does the counterparty already know these funds have existed? is she aware they keep existing? has she ever been aware of their fiscal destination?
     
    Last edited: Jan 26, 2016
  14. Ambitious12

    Ambitious12 Elite Member

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    If you are going overseas then you need to checkout the income tax which is the biggest factor imo coz you of course going for earning well.
    Give a good research
     
  15. copxxx

    copxxx Registered Member

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    Ahh guys, be more open for other solution like this golden structure what we're using eg: Panama Corp. + Panama Foundation (as an owner of the corp.) = rock solid setup
    Of course it's a little pricey setup but if you've got enough income you'll see the reward $$$$$.
     
  16. zoomsixx

    zoomsixx Jr. VIP Jr. VIP Premium Member

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    Just put it in Bitcoin and move it where you want.
     
  17. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    You would be insane to go with a crooked/dodgy accountant.
    There are some around and yes they know the fiddles, unfortunately these are the same guys that end up stealing all your money and disappear leaving you to face the music.
     
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  18. djw1606

    djw1606 Regular Member

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    Speak to Gary Barlow and Jimmy Carr
     
  19. goldman01

    goldman01 Newbie

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    I will mirror the advice previously given to you: get a professional advisor in this topic.
    Laws have been changing quite a bit across the world so information that is a few months old is already out of date.

    From dealing with this topic quite a bit I would also say that whether you need to look overseas depends on your revenue. Overseas is costly so under a certain $$$ it doesn't really make sense.
     
  20. tampanian

    tampanian Newbie

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    this^

    op u don't want to mess this up, get professional advice.