Owning a UK Company
Nov 15th 2015, 1:57 pm
#1
Just Joined
Thread Starter
Joined: Aug 2008
Posts: 19
Owning a UK Company
Does anyone own a UK company but live in Oz?
If so how does the tax situation work? Do you have to do a tax return in both countries or if your company is classed as being run from Oz then only an Oz tax return?
Also,
Can you offset the costs of flights to the UK against the company?
Thanks in advance for any advice.
Cheers.
If so how does the tax situation work? Do you have to do a tax return in both countries or if your company is classed as being run from Oz then only an Oz tax return?
Also,
Can you offset the costs of flights to the UK against the company?
Thanks in advance for any advice.
Cheers.
Nov 16th 2015, 3:02 am
#2
BE Enthusiast
Joined: Jun 2008
Location: Sydney
Posts: 392
Re: Owning a UK Company
I do.
It's a little complicated. I fill in a CT600 in the UK for the company. I don't fill in anything in Australia for the company information.
If I take dividends out, I add that to my UK income in my UK personal tax form. I also then show it in my Australian tax return and claim credit for any tax paid in the UK (I always use whatever currency conversion regime works best for me, you can use actual daily rate, monthly average or yearly average)
If I travel to the UK solely for company business it is just a normal business expense, however I rarely do it, and I'm selling the business this year anyway. I'll certainly claim the costs when I fly back to finalise the sale.
Cheers
It's a little complicated. I fill in a CT600 in the UK for the company. I don't fill in anything in Australia for the company information.
If I take dividends out, I add that to my UK income in my UK personal tax form. I also then show it in my Australian tax return and claim credit for any tax paid in the UK (I always use whatever currency conversion regime works best for me, you can use actual daily rate, monthly average or yearly average)
If I travel to the UK solely for company business it is just a normal business expense, however I rarely do it, and I'm selling the business this year anyway. I'll certainly claim the costs when I fly back to finalise the sale.
Cheers
