You are totally right with the information you researched, hayabusa
If you ask me a UK company will be sufficient for your purpose and your situation. The only I can think about is that if you later on want to relocate / Redomicile your UK company it may implicate some sort of tax, please clarify that with a specialist in the UK!
all the banks i checked with so far does not support a online biz to open a business account. And those that do does not support online crowdfunding or adult related biz so i'm a little confused to which bank to apply for now. Anyways i'm talking about regular banks in europe countries. The banks don't even allow crowdfunding /adult biz so definitely not allow me to apply for a merchant account with them. i did find a few payment gateways that allows high risk biz but they have a holding/rolling fees. And still i need a bank and company to be in EU.
Thank you admin, i think for now that would be the best option for me. I still won't have to pay for any tax doing biz outside of the UK. I'll only have to pay for tax from sales done with uk residents (maybe won't have to) which i am willing to pay . if i want to later in the future relocate than i can just do so once my business goes well etc.You are totally right with the information you researched, hayabusa
I don't mind others seeing my personal data, as i'll only be liable for taxes in the UK and i also don't mind paying for personal tax i'll have to pay in my country if i transfer money into my local bank account. So everything will be done legally.
There is a big different in regular banks and Financial institutions and Acquiring banks just so you know. Most often they are not the same bank anyway, Means you can't get a Merchant account directly with the one you bank with. Some Goog example is former Pago (today it's a different Company) they are 100% owned by Deutsche Bank but you had to apply for an account with them even of you have been a long time customer in DB.
ahh okay.. I didn't know I was thinking it was important for most looking into offshore corps.I don't mind others seeing my personal data, as i'll only be liable for taxes in the UK and i also don't mind paying for personal tax i'll have to pay in my country if i transfer money into my local bank account. So everything will be done legally.
For a regular business in your industry it may be the best choice anyway.Thank you admin, i think for now that would be the best option for me. I still won't have to pay for any tax doing biz outside of the UK. I'll only have to pay for tax from sales done with uk residents (maybe won't have to) which i am willing to pay . if i want to later in the future relocate than i can just do so once my business goes well etc.
well it is for me too, but i'll only incorporate in the UK limited company ONLY if i must pay corporation tax if/when sales or income if it's from UK and not worldwide income. So far i have been trying to find out about this and have been getting different answers.
.yeah that's waht they most often want to do otherwise they are not able to charge you their high feesHope this info will help someone out there. Took me about a week to figure this out by calling Tax accountants in the UK, hmrc etc (where even they did not know or have any idea and said they will get a specialist to call me back :doh
Hi no problem, won't you be liable to pay tax in UK if you control and manage the company from inside UK? In that case, the double tax treaty won't be in effect?yeah that's waht they most often want to do otherwise they are not able to charge you their high fees
Thank you very much for taking the time to post your knowledge here it helps to get started in my research. From what I have learned so far is that if you as an non resident move to the UK and do business abroad you can stay there without to have to pay personal nor corporate tax the first 7 years. So it requirs you to move there but if you are doing a great amount of Money it may well be worth it.
Thank you very much for details. I consider something similar to yours and will be following this thread a post as I have something to comment. bookmarket.Ok this is an update to those with the same situation as me(NON RESIDENT), who want to incorporate/register for a UK limited company or something similar and only want to pay for the UK corporation tax from the income that is ONLY derived from your limited company in the UK. Take note,i know that most of my income is going to come out of the UK. Also you will still be liable to pay income tax in your resident country as that's where your permanent establishment is or going to be considered as your place of residence.(In other words... where you control/manage the biz, hold meetings, do all trades/business, have a office or branch etc)
Ok all information is from https://www.gov.uk/tax-foreign-income/residence
It's stated there that:
Your UK residence status affects whether you need to pay tax in the UK on your foreign income.
Non-residents only pay tax on their UK income- they dont pay UK tax on their foreign income.
Residents normally pay UK tax on all their income, whether its from the UK or abroad. But there are special rules for UK residents whose permanent home (domicile) is abroad.
Another good reference is from the HMRC:
More...
it's stated there that:
The charge to Corporation Tax
CTA09/S5(2), S19(1) charges Corporation Tax on non-resident companies trading in the UK through a permanent establishment (previously branch or agency). Where a company trades in the UK, other than through a permanent establishment (see INTM264050), there can be no charge to Corporation Tax. In those unusual circumstances the charge to income tax under ITTOIA05/S6(2) continues to apply. An example that would fit this situation might be a non-resident company with a peripatetic door to door sales operation where the activities were briefly carried out at a succession of customers premises, or a one-off sale.
Ok that being said, now the first thing you need to do is find out your residence status. You can do this be going to the link i provided above or by clicking on :
https://www.gov.uk/government/upload...ted_078500.pdf , by following the diagram and instructions given there,you should be able to find out your residence status.
By now you should have known if you are a UK RESIDENT OR NON RESIDENT.
Also try to find out if your country has any double tax treaty with the UK. What this would mean is, you will have to pay for your income tax in your own country of residence and the UK can't make you pay for your worldwide income using the UK limited company because the treaty countries have made a deal with each other to share on the RESIDENT'S OR NON-RESIDENT'S income and since you are doing all work, trade, meetings, transactions etc outside of the UK , you won't have to.
Hope this info will help someone out there. Took me about a week to figure this out by calling Tax accountants in the UK, hmrc etc (where even they did not know or have any idea and said they will get a specialist to call me back :doh
P.s: Please take note that i might be wrong with the above mentioned details as i'm not a tax accountant . All this is just based on what i have read or understood so far. If i'm wrong , please do let me know as well.
Thanks
