transfer money abroad

[expat]

I need to put some money in my euro account, which is in an EU country in the Eurozone. I can transfer from my UK Ltd Co's HSBC business account more quickly, and more cheaply, than from my UK personal account.

Is there any reason why I should not simply make a salary payment by transfer to a non-UK account? There is no question of doing anything other than declaring it as salary, or otherwise trying to hide anything (in fact Hector can look at my foreign account if he likes, it's these for convenience rather than confidentiality).

[Ruprect]

I don't see why not; if its a legitimate payment from the company account hector shouldn't really care where it goes...

don't rely on what I say tho, I'm not an accountant!

[ASB]

I need to put some money in my euro account, which is in an EU country in the Eurozone. I can transfer from my UK Ltd Co's HSBC business account more quickly, and more cheaply, than from my UK personal account.

Is there any reason why I should not simply make a salary payment by transfer to a non-UK account? There is no question of doing anything other than declaring it as salary, or otherwise trying to hide anything (in fact Hector can look at my foreign account if he likes, it's these for convenience rather than confidentiality).

Mainly depends on the rules in the receiving country - so in the Eurozone you should be OK.

Provided the payment is recorded and visible who cares where it goes? Obviously it will be recorded as salaray and PAYE etc handed over and it'll all go through the forms so nothing to worry about there.

But, there is an issue I had. From experience (and I would not know if this is typical or not). We had a compliance review back in about '95. This quickly expanded to an investigation of me. As part of the disclosure I gave them details of my then Jersey account. Everything was above board, the money transferred to the Jersey account from the UK was properly accounted for, and also the cash going in there from abroad (which was not always taxable UK payments - some of it was from asset sales etc). This did cause some difficulties in going back and establishing with Mr IR that it was all OK.

So, in my view, you will be fine - but ensure you have scrupulous documentation both for the funds going in from your UK limited and any funds going in from elsewhere because if you are still UK resident the man from the IR will get fairly interested in all the details. Seperating the accounts won't work - i.e. one for UK source and one for other - they will just demand disclosure of all accounts anyway.

[XLMonkey]

You're free to do this, provided its declared properly in yourco's accounts.

However, just in case you haven't checked this out - I've found that the best way of transferring money to a foreign euro account is to use XE.com to make the transfer for you. The exchange rate and terms are significantly more competitive than virtually any conventional bank transfer.