Introduction | Guidance Required

[kave3i]

I'm a new member, and upgraded my account today.
This forum is great and there's a lot of information available which is great!

I'm not looking for freebie information here, and of course am willing to compensate for your time if we come to agreement.

My main problem here is that I have to hold myself down not to make more income because I dont want to go overboard,
or have any ones eyes on me.

Realistically, if a structure is in place, the business that I'm in will allow me to generate roughly around 70k a year - give or take.
Question here is, how and where to setup, to pay the least amount of taxes and take the most amount of money out of the company in the most legit way?

Here's my situation:

*Tax Resident in Ireland ( Taxes are quite high @51 )
*I work a normal 9-5 in Ireland and have started an Internet Based side business ( Email Marketing and Advertising )
*Over the course of 2017 & 2018 I have made decent profits ( Nothing Huge, Maybe 20k-ish )
*I take payments in from my customers ( Mostly US/CA based ) through Pay-Pal exclusively,
*Monthly volume in the range of 5-8k income and some expenses
*Not registered at the moment , and dont have any offshore/onshore company setup but keeping track of all invoices etc...
* Even tho LTD Corp in Ireland might sound good for someone because one would think its 12.5 theres a lot more to the whole thing
when it comes to taking the money out of the Company.

I wanted to reach out to you to ask you what you would think would be good/best possible solution to have myself setup.


Should I go sole trader and up my expenses to decrease the profits?
Should I setup an offshore company for lets say Marketing/Advertising services, get a new Pay-Pal for that and keep on working?
Should I do a mix of above?

I'm open to any suggestions and solutions.

Thank you for your time

 

[kave3i]

Bump

 

[negon]

The less complicated is to setup a Cyprus company with nominees and even a small office so you can get a utility bill.

Total setup costs you are looking at roughly 5 - 6.000 so youwill be able to proof you have an real activity in Cyprus and can make use of double tax treaties which allow you to keep your money in Cyprus and pay only 12,% tax there. Now you can route the money around in different ways, still keeping the amount low to stay under the radar.

 

[KJK]

It depends on things like your risk tolerance, your expected incomes, plans to sell your business some day in the future etc.
Offshore may sound attractive but you may find out that it's actually not the best option for you right now (I don't know your situation, just saying it's possible).

One way is to do everything locally in Ireland with some better optimization of stuff like expenses.
I don't believe you have to pay 51 % and nothing can be done about that.

Another way is as suggested above something like Cyprus which may not be ideal for you because of the costs compared to benefits.

And then there are shades of gray between these two options. Do some research, ask some people and create your informed opinion.

Just don't expect someone to give you magical advice here, you won't find an expert specializing in your situation here.