Hi,
I own a (online) company in the UK that makes between £10,000 and £25,000 profit each month. I have no employees and i do everything myself except when i hire freelancers (Web Development/Web Design). I'm sick of paying that 3 letter word and last year my self assessment (personal) tax bill was £35,000 because i paid myself too much money.
I've been wanting to setup an offshore company, somewhere where i don't have to pay tax or submit accounts (like Seychelles) and also setup an offshore bank account so my clients can pay me direct into that instead of my UK business bank account. 90% of my clients are based in tax haven countries such as BVI, Gibraltar, Alderney/Guernsey/Jersey etc... some of my clients pay direct from their overseas bank account held in the country they are based but a lot of them pay me via third party payment processing sites such as Worldpay and Datacash (now Mastercard Payment Processing).
I worried about getting screwed over and was wondering if anyone could help me or if anyone has any recommendations of companies to use to help setup an offshore company and bank account.
Also id like some advice on how i should go about spending the money from my offshore account without alerting the HMRC, so one thing i was thinking was to just withdraw cash every day from an ATM (using different ATM machines each day) using the offshore account debit card, i understand id get charged a % fee every time but it would still be less than what id pay in UK tax. Then with the cash id just buy anything i needed in Cash. Obviously id still have my UK company and pay myself every now and again from there as not to alert HMRC and would still have small amounts of earnings sent to my UK account but if someone could help and give me some advice please it would be very much appreciated.
Thank you.
I own a (online) company in the UK that makes between £10,000 and £25,000 profit each month. I have no employees and i do everything myself except when i hire freelancers (Web Development/Web Design). I'm sick of paying that 3 letter word and last year my self assessment (personal) tax bill was £35,000 because i paid myself too much money.
I've been wanting to setup an offshore company, somewhere where i don't have to pay tax or submit accounts (like Seychelles) and also setup an offshore bank account so my clients can pay me direct into that instead of my UK business bank account. 90% of my clients are based in tax haven countries such as BVI, Gibraltar, Alderney/Guernsey/Jersey etc... some of my clients pay direct from their overseas bank account held in the country they are based but a lot of them pay me via third party payment processing sites such as Worldpay and Datacash (now Mastercard Payment Processing).
I worried about getting screwed over and was wondering if anyone could help me or if anyone has any recommendations of companies to use to help setup an offshore company and bank account.
Also id like some advice on how i should go about spending the money from my offshore account without alerting the HMRC, so one thing i was thinking was to just withdraw cash every day from an ATM (using different ATM machines each day) using the offshore account debit card, i understand id get charged a % fee every time but it would still be less than what id pay in UK tax. Then with the cash id just buy anything i needed in Cash. Obviously id still have my UK company and pay myself every now and again from there as not to alert HMRC and would still have small amounts of earnings sent to my UK account but if someone could help and give me some advice please it would be very much appreciated.
Thank you.
