LondonContractor

Hi all,

For a self employed contractor in the UK with a ltd company (with profits) - what is the best way to transfer the profits over to a newly created Canadian company so as not to have to take any money out as income? I am on a spousal visa and already have PR card, looking to move over to Canada next month.

ritchieee

I'd also be interested in hearing anything about this, as my situation is somewhat similar.

Thanks

Aviator

The UK company owns 100% of the shares in the Canadian company.
The money in the UK company is shareholders loan and not retained earnings.
Pay dividends to the shareholders (still taxable).

Otherwise it is taxable when taken out of the UK company. HRMC rules apply. You may be better off paying an accountant in the UK to advise you so you don't fall foul of the law.

Get it wrong and going to HRMC telling them this is what the folks on an internet forum suggested is not going to impress them too much.