As I told you, it will be difficult and it fore sure the first thing the tax audit guys look at. You can expect them to even request those invoice on a regular base, i.e. outside an audit.
Are we completely deluded in thinking this could work ?
- Thread starter Radarjet
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Well several companies are there that provide a master fee agreement,monthly invoicing and crypto back passing for a percentage.They even setup monthly mail trails for any audit possibility.
Yes. Then just try then. Don't come back to me when you have the tax audits in your home. Of course those companies exist and there certainly are case where it works. I just warned you of what will most likely happen in London too. And remember that it is completely illegal, if they ever get the company documents of your service provider, they know exactly which companies to check in better︀ detail.
Illegality of this aside (terrible idea, unless you want to go to jail), there are even multiple practical issues:
1. What will the other company do with the profits? They will have to pay tax on it. Or if they are based in a tax haven - of course, suddenly paying 80% of your profit to a tax haven company surely won't arise suspicion.
2. How will you make sure the︀ other party won't start blackmailing you?
3. How will you cash out the crypto?
It's just a terrible idea. Just pay for proper advice and do it legally.
1. What will the other company do with the profits? They will have to pay tax on it. Or if they are based in a tax haven - of course, suddenly paying 80% of your profit to a tax haven company surely won't arise suspicion.
2. How will you make sure the︀ other party won't start blackmailing you?
3. How will you cash out the crypto?
It's just a terrible idea. Just pay for proper advice and do it legally.
Point 1 obviously a tax haven company,no need for 80% but a decent percentage can go︀ .Also there are multiple legit companies from the offshore parts that provide management consulting and︁ IT consulting services which do normal business- as per your logic no offshore company can︂ provide Consulting services?
Point 2 :When there are Master fee agreements in place how they︃ can blackmail the OP.They themselves will be in trouble.
Point 3 : Cash out via︄ P2P.
Point 2 :When there are Master fee agreements in place how they︃ can blackmail the OP.They themselves will be in trouble.
Point 3 : Cash out via︄ P2P.
Maybe, just forget about the utter nullshit. Trust me, HMRC has been there many times.
If you have receipts for IT from Marshall Islands, HMRC will of course start investigating. There simple aren't that many IT guys there.
If the︁ guys get hacked (Remember Mossack Fonseca) or otherwise leak the data, you can already prepare︂ for the audit. Good luck then.
1 Mio? And then bring it back in a golden suitcase full︄ of cash?
As I told, you this works for some amounts and if you know︅ the guy very well. But in all other cases, please abstain from it. Tax guys︆ regularly reclassify IT expenses as investment to be written off over years to come.
If you have receipts for IT from Marshall Islands, HMRC will of course start investigating. There simple aren't that many IT guys there.
If the︁ guys get hacked (Remember Mossack Fonseca) or otherwise leak the data, you can already prepare︂ for the audit. Good luck then.
1 Mio? And then bring it back in a golden suitcase full︄ of cash?
As I told, you this works for some amounts and if you know︅ the guy very well. But in all other cases, please abstain from it. Tax guys︆ regularly reclassify IT expenses as investment to be written off over years to come.
What would they put into the contract? "You will pay us $500k for consulting services and we will then send $450k of Monero to your secret wallet".
Then one day they just keep all the money and don't send you the crypto. Or they demand a $2M payment or they will tip off the police anonymously.
Then what? You'll show the cops the contract that it was all a sham? Lol.
Then one day they just keep all the money and don't send you the crypto. Or they demand a $2M payment or they will tip off the police anonymously.
Then what? You'll show the cops the contract that it was all a sham? Lol.
Since this ballyhoo is getting out of hand i will not add much apart from the fact Certain jurisdictions are not puppets of the EU .I said IT and Management Consulting with 85% towards Management Consulting.
There can be several heads like trainings
Subscriptions
Online Study materials
Business case development under management Consulting etc.
And everything is made with︀ agreements.However it is for you guys to deliberate on.I am speaking from a practical standpoint︁ what i have seen.Maybe others have their own ideas.Whichever the OP feels comfortable with .Changing︂ everything takes time and a transition this big will take time and during the transition︃ these methods will surely help the OP.
There can be several heads like trainings
Subscriptions
Online Study materials
Business case development under management Consulting etc.
And everything is made with︀ agreements.However it is for you guys to deliberate on.I am speaking from a practical standpoint︁ what i have seen.Maybe others have their own ideas.Whichever the OP feels comfortable with .Changing︂ everything takes time and a transition this big will take time and during the transition︃ these methods will surely help the OP.
Yes, and then you︁ blow out all the profit with such services that you buy from 0% tax countries?︂ How will this ever be believed?
If OP wants to save taxes, he should leave︃ UK. That simple. He can go to Barbados, BVI, etc., manage his company from there︄ and keep the warehouse staff in UK. Thanks to the DTA, he won't have to︅ pay taxes in the UK anymore. All his other staff will certainly come with him︆ and enjoy the beach life or they will be fired and replaced by more beacht︇ characters from LSE or fiverr. It all is just a question of willingness. And if︈ he does personal installations in the UK, well then that's exactly whe you do pay︉ taxes there.
If OP wants to save taxes, he should leave︃ UK. That simple. He can go to Barbados, BVI, etc., manage his company from there︄ and keep the warehouse staff in UK. Thanks to the DTA, he won't have to︅ pay taxes in the UK anymore. All his other staff will certainly come with him︆ and enjoy the beach life or they will be fired and replaced by more beacht︇ characters from LSE or fiverr. It all is just a question of willingness. And if︈ he does personal installations in the UK, well then that's exactly whe you do pay︉ taxes there.
Why all the profit︂ needs to be blown with this.A part of it can be blown while he switches︃ to the other options that you are telling him to or even more options that︄ we have not discussed yet.I have provided a quick fix solution till OP can jump︅ ship.Suck out the profit for this year close the company and then jump to some︆ other jurisdictions
You are not a tax resident in the UK, correct? If true, a Madeira IBIC can be a good option, with 5% CIT and no dividend tax for non-PT tax residents. As you are interested in purchasing real estate in PT, it may be a good option.
Also 100% EU compliant (Madeira is PT = EU).
Also 100% EU compliant (Madeira is PT = EU).
The problem is that he can either build a legitimate case or not. To build a legitimate case, he would have to move staff overseas, in which case he could also move the management overseas and the company with it (close down slowly while ramping up overseas).
I cannot judge personally. But from my experience, there are only two sort of business which you cannot move:
I cannot judge personally. But from my experience, there are only two sort of business which you cannot move:
- Manual work (construction companies, personal services on properties and body)
- Companies relying on access to talent
It is nullshit. You can just skip that part, declare less profits and keep assuming that you don't get a tax audit. That's basically what he was suggesting.
I am suggesting that there are businesses who will create an IT consulting and Management consulting contract with your business take away the extra profits to the extent feasible and pay you back in crypto lets say charging between 10-15% roughly.If you blow a certain good percentage of profits your taxable income from the business nullifies or becomes low.If done in reasonable amounts its fine.What are the amounts that you are looking for to blow from your bottomline?
Ya you can try working with Fortune Speculator they do all this stuff.I needed help to blow some off my couple of clients profits on two separate occasions and they came good.They are very thorough with documentation they even created nice project proposals for non existent projects.Gave monthly reports on statuses with Gantt Charts .Kept meetings in calendar for status calls. smi(&%.Tax Audit go fish.
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