Receiving wages from a US company, any decent banks/money transfer services? Receiving wages from a US company, any decent banks/money transfer services? - Page 2
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  1. #11

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    Quote Originally Posted by swissdt View Post
    Thanks Fred!

    I signed up for transferwise which impressed me at the intuitiveness and ease of it all, i'll keep xe in mind as a backup too
    BTW, I forgot to ask how you organised things. Did you go the DPNI/PAYE route in the end?

  2. #12

    Nervous Newbie


    Join Date
    Jun 2019
    Posts
    18

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    Quote Originally Posted by jamesbrown View Post
    BTW, I forgot to ask how you organised things. Did you go the DPNI/PAYE route in the end?
    Thanks for asking James, DPNI seemed perfect UK end, easy to setup and I found a handful of accountants who do it for a raft of clients already, all who had no experience in the US side. It would have to be feasible for the US company from a logistics, cost, and paperwork standpoint.

    The US company asked their HR and payroll departments, and they've pretty much said no to it and want to pay me as a contractor, be it a ltd or sole trader.

    I did some more work myself to see if I could see an easy way for the US company, speaking to over ten very qualified US tax accountants based in the US, and the IRS a few more times. There was a lot of payroll costs involved, holding back 15% of monies and claiming back through the IRS, compliance, paperwork, the list just went on and on, I wish I would have written it all down, but on the phone it was a mind boggling array of faff, huge amount of hoops to jump through and cost the US company would incur. Every accountant I spoke to advised just to setup my own UK company and bill the US company with the invoice, then they can pay it by bacs/wire/(transferwise now )

    So 3 weeks away yet, but leaning again towards sole trader, for sheer simplicity

  3. #13

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    Quote Originally Posted by swissdt View Post
    Thanks for asking James, DPNI seemed perfect UK end, easy to setup and I found a handful of accountants who do it for a raft of clients already, all who had no experience in the US side. It would have to be feasible for the US company from a logistics, cost, and paperwork standpoint.

    The US company asked their HR and payroll departments, and they've pretty much said no to it and want to pay me as a contractor, be it a ltd or sole trader.

    I did some more work myself to see if I could see an easy way for the US company, speaking to over ten very qualified US tax accountants based in the US, and the IRS a few more times. There was a lot of payroll costs involved, holding back 15% of monies and claiming back through the IRS, compliance, paperwork, the list just went on and on, I wish I would have written it all down, but on the phone it was a mind boggling array of faff, huge amount of hoops to jump through and cost the US company would incur. Every accountant I spoke to advised just to setup my own UK company and bill the US company with the invoice, then they can pay it by bacs/wire/(transferwise now )

    So 3 weeks away yet, but leaning again towards sole trader, for sheer simplicity
    Thanks for taking the time to report back.

    I did wonder whether sole trading would end up being the simplest route for you.

    Glad you're on the right track and good luck with it all.

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