I will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?
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getting paid offshore
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Have you read the bn66 threads?
Do you like alot of risk? If yes then try an offshore loan company like Newquay. -
Originally posted by BrilloPad View PostHave you read the bn66 threads?
Do you like alot of risk? If yes then try an offshore loan company like Newquay and prepare to be retrospectively raped.Every Saint has a past, Every Sinner a future"
Originally Posted by Pogle
I wasnt really into men at the time - IYKWIM
HTHComment
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Originally posted by AlphCons View PostI will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?
Certainly your UK earnings should be asessable to UK taxes. A question is also whether that should extend to your worldwide income. I think you may well also have to pay federal taxes in the US on your worldwide income (though the DTA has been overhauled a bit in recent years), but if you do you should get a credit against UK taxes on this.
As ever there is no way you can give enough infomration for an accurate answer and what is approrpiate for you is entirely dependant upon your exact circumstances. If you are working for a multi nations they ought to have somebody in their legal department you can talk to.Comment
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Originally posted by AlphCons View PostAnyone aware of any unintended consequences of getting paid offshore?
You say you are resident in the UK doing work in the UK for a UK company then if they are willing to pay you offshore then may be paying them a visit too. I'd worry more about being paid at all before how much of a cut I bung Hector and Uncle Sam (they'll want their cut too).How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.
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If you can work this gig remotely, go and live in the Isle of Man working for your own IoM Ltd Co. Pay yourself dividends, 0% corporation tax, 100% legal. Boomed!Public Service Posting by the BBC - Bloggs Bulls**t Corp.
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Working in the UK
Originally posted by AlphCons View PostI will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?
You do have legitmate and safe options to consider, you may want to do this.
You tax residency status may be something you would need to take professional advice on.
PhilComment
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Sounds unlikely that there is any legal and relatively risk free way to avoid UK taxes. I can't relocate to an offshore local at this time.
Of course, being an american national, one also needs to declare to the infernal revenue service (as it is unaffectionatally known). They are reaching out far and wide these days with their tax dodge catching net. Just ask UBS. It shouldn't matter where the money is first paid in as long as I declare everything to UK and US. Unless I go the route of the 20,000 GBP suitecase as one poster alluded to (my suitecase itself would cost 100)
Wont do that though. I better seek a bit of professional advice to make sure there isn't a secondary effect or consequence.Comment
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