UK BN66 / Section 58 / Contractor Offshore Schemes

[Reboot]

Anyone heard about this?
https://www.contractoruk.com/bn66

 

[Martin Everson]

It's an 8 year old article from 2011 but interesting as HMRC don't play around eek¤%&.

P.S HMRC can go back 20 years or so if they suspect deliberate tax evasion.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Reboot]

Yeah, that's why some companies in UK don't want to be invoiced for services from a US LLC... They can be asked to prove the company IS NOT theirs.

 

[Reboot]

BTW, in the end and because of this, I ended up creating also a company in Portugal, it is literally a 5-minute job, 220 eur setup cost.

 

[fluffypanda]

I don't see why creating a company in Portugal changes your personal residency status?

 

[Reboot]

fluffypanda said:
I don't see why creating a company in Portugal changes your personal residency status?
Click to expand...

It doesn't

 

[TurnedToRobot]

Reboot said:
BTW, in the end and because of this, I ended up creating also a company in Portugal, it is literally a 5-minute job, 220 eur setup cost.
Click to expand...

What exactly did you get out of it if you don't mind to tell about?

fluffypanda said:
I don't see why creating a company in Portugal changes your personal residency status?
Click to expand...

As he said, it won't. Generally speaking if you setup a company anywhere it does not change your personal residency status, forget about that!

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[Reboot]

I just figured out that using an off shore wasn't cost worthy, it can use different ways to take money out of the company in Portugal and pay less taxes legally.