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TAX 14:14 rotation

TAX 14:14 rotation

Old Jun 25th 2014, 11:22 am
  #16  
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Default Re: TAX 14:14 rotation

Originally Posted by Welshbahrain
Good info regards the BTL, thank you. The thing is, I will definitely be there for my rotations.

I get the point about the money being offshore or brought into the UK but how would the UK government even know if I earned overseas and kept the money offshore? I don't need the money it could just be invested. I could pay the mortgage, living costs etc from my UK bank account for a couple of years as theres about a 100k in the Barclays account.

What kind of fines are we talking? Ive already got a record so as long as its not jail time.......

I just noticed your link. Interesting. Do you visit Bahrain or Saudi or UK ever?
Banks disclose info to HMRC. That's been publicly documented and they have ways of finding out what you're up to. It' entirely possible to be imprisoned for tax evasion/fraud.

I may have to go to Bahrain some time but nothing fixed, I won't ever go to KSA (not keen on time travel) and rarely get to the UK these days. Don't fancy a trip to the bright lights of Dubai anytime?
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Old Jul 1st 2014, 8:06 am
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Default Re: TAX 14:14 rotation

Even offshore banks like HSBC in Dubai? But I guess they would need to have reason for asking for specific info about me.

I have looked on line and I cant see any cases of someone getting imprisoned for 25k if they repaid it as well as the fine.

If you do come to Bahrain any time before September, Meow, look me up. Otherwise, I will email you to visit in October.

So, does everyone agree that I will have to pay the exact amount of tax and NI on my overseas earnings as I would have to do if I were working full time in the UK? Cant I open a consultancy of something and pay a bit less?

Bloody English.
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Old Jul 1st 2014, 2:15 pm
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Default Re: TAX 14:14 rotation

Originally Posted by Welshbahrain
So, does everyone agree that I will have to pay the exact amount of tax and NI on my overseas earnings as I would have to do if I were working full time in the UK? Cant I open a consultancy of something and pay a bit less?

Bloody English.
Yes and Yes
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Old Jul 1st 2014, 4:25 pm
  #19  
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Default Re: TAX 14:14 rotation

Originally Posted by Welshbahrain

So, does everyone agree that I will have to pay the exact amount of tax and NI on my overseas earnings as I would have to do if I were working full time in the UK? Cant I open a consultancy of something and pay a bit less?

Bloody English.
It seems you are trying to canvass for ideas how to break the law either you are going to be compliant with being a UK tax or you are not. Nobody is going to give you some kind of cast iron method of tax evasion.

However in the spirit of innovative ways of 'minimising' tax there are some options in the Isle of Man. One of them if I recall correctly was to enlist the services of an accountancy service who would bill your current employer for your hours under their company name, almost as a consultancy service. This invoice money would then be transferred to you wherever you like minus a service fee (5% I think it was). The billing invoice and payment invoice were not linked if I recall, and the payment could in fact be split to two separate accounts. One known to be declared and the other up to you to declare.
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Old Jul 2nd 2014, 7:43 am
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Default Re: TAX 14:14 rotation

Originally Posted by gottheTshirt
Yes and Yes
Even the NI payments too? I cant get away with making Class 3 voluntary payments?

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Old Jul 2nd 2014, 7:45 am
  #21  
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Default Re: TAX 14:14 rotation

Originally Posted by weasel decentral
It seems you are trying to canvass for ideas how to break the law either you are going to be compliant with being a UK tax or you are not. Nobody is going to give you some kind of cast iron method of tax evasion.

However in the spirit of innovative ways of 'minimising' tax there are some options in the Isle of Man. One of them if I recall correctly was to enlist the services of an accountancy service who would bill your current employer for your hours under their company name, almost as a consultancy service. This invoice money would then be transferred to you wherever you like minus a service fee (5% I think it was). The billing invoice and payment invoice were not linked if I recall, and the payment could in fact be split to two separate accounts. One known to be declared and the other up to you to declare.
Well, I am assessing my options! I don't think there are any cast iron commitments.

Your point about the Isle of Man is interesting. But, by that same reckoning, could I set up a Limited company in the UK, be paid by my employers offshore into Dubai and then remit 50% of if, declaring it to the UK gov and stashing the rest in Dubai? That way, I am still paying my taxes if anyone looks?
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Old Jul 2nd 2014, 8:03 am
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Default Re: TAX 14:14 rotation

Originally Posted by Welshbahrain
Well, I am assessing my options! I don't think there are any cast iron commitments.

Your point about the Isle of Man is interesting. But, by that same reckoning, could I set up a Limited company in the UK, be paid by my employers offshore into Dubai and then remit 50% of if, declaring it to the UK gov and stashing the rest in Dubai? That way, I am still paying my taxes if anyone looks?
You have to make the salary look reasonable also for the revenue, so if you were going to do this perhaps look at keeping the base salary low but use the company to provide accommodation, car and flights etc. so that the low salary can be explained by the overall package perhaps. You may have to look to see if these are considered benefit in kind by the revenue just to be sure you won't be taxed on them.
It's worth taking out loans for anything you buy in the UK, even if you have the money as it will show that you don't have cash stashed away.

It's like a cheats charter in here

I suggested the Isle of Man just because it's closer and easier to set things up there and close them than Dubai imo. Also it is worth looking into a foreign company or personal bank account that you can get a credit card with, so you can access the other funds more easily. Though this is something that recently has started being investigated by revenue.
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