So, under the advice of a tax specialist from a respected firm, I have left the UK within 16 days of the new tax year starting.
A couple of users actually suggested this to me in a previous thread so, thank you to those users too.
I am now in Ireland, where we know the following:
- Corporation tax: 12.5%
- Personal tax: well, it’s a lot, let’s not even go there
My original plan was to get a visa to move to Malta and then benefit from their 5% effective rate of corporation tax and 15% flat rate personal tax.
But now that I’m here in Ireland, I quite like it, and I’m not in a hurry to bounce over to Malta as quickly as I can.
In the back of my mind I’m thinking, you could regret this, due to the personal tax situation. But here’s my rationale, please let me know if you think this is sensible:
12.5% corporation tax is fine, I’m coming from 25%, and I think 12.5% is a fair amount. I don’t have any real objection to that.
The personal tax issue:
- I have brought a 6 figure sum with me into Ireland
- I could theoretically live off of this money and defer my requirements for personal income for at least a year or longer
- I do need some of that money for working capital for my business
I certainly don’t want to waste the money on just living expenses, but at the end of the day, the money I live on has to come from somewhere
I wonder if there would it would be possible to build up the capital of a newly formed Irish company then, hopefully, when it has a significant balance sheet in a couple of years time I could simply move to another country if I wanted to draw large sums of cash for example to buy a home.
Then it would be places like Monaco in play at 0% rather than 15% in Malta
Overall: am I putting myself in a bad position staying in Ireland for a year?
Would be so keen to hear peoples thoughts
I work fully online providing services to businesses who are based in various locations
A couple of users actually suggested this to me in a previous thread so, thank you to those users too.
I am now in Ireland, where we know the following:
- Corporation tax: 12.5%
- Personal tax: well, it’s a lot, let’s not even go there
My original plan was to get a visa to move to Malta and then benefit from their 5% effective rate of corporation tax and 15% flat rate personal tax.
But now that I’m here in Ireland, I quite like it, and I’m not in a hurry to bounce over to Malta as quickly as I can.
In the back of my mind I’m thinking, you could regret this, due to the personal tax situation. But here’s my rationale, please let me know if you think this is sensible:
12.5% corporation tax is fine, I’m coming from 25%, and I think 12.5% is a fair amount. I don’t have any real objection to that.
The personal tax issue:
- I have brought a 6 figure sum with me into Ireland
- I could theoretically live off of this money and defer my requirements for personal income for at least a year or longer
- I do need some of that money for working capital for my business
I certainly don’t want to waste the money on just living expenses, but at the end of the day, the money I live on has to come from somewhere
I wonder if there would it would be possible to build up the capital of a newly formed Irish company then, hopefully, when it has a significant balance sheet in a couple of years time I could simply move to another country if I wanted to draw large sums of cash for example to buy a home.
Then it would be places like Monaco in play at 0% rather than 15% in Malta
Overall: am I putting myself in a bad position staying in Ireland for a year?
Would be so keen to hear peoples thoughts
I work fully online providing services to businesses who are based in various locations
