Online Sales..offshore or pay taxes etc?

[tonybkt]

HI, I am based in the EU and run several websites online selling IPTV and take around 15-20k a month through PayPal.

I originally thought I needed a bank account in a country like Cyprus with nominee and debit cards etc but really aren't sure

Would I be better paying taxes and going self employed in my own country?and declaring as VPS services etc like others do?


Is there any other solutions? I am willing to travel etc to open accounts or listen to any ideas as totally lost with this as it has grown faster than i thought

Thanks!

 

[negon]

tonybkt said:
Would I be better paying taxes and going self employed in my own country?and declaring as VPS services etc like others do?
Click to expand...

Why would that be wrong?

 

[void]

auric said:
Why would that be wrong?
Click to expand...

He may think that paying 30+% effective taxes (which is typical in EU - don't know about his country) is ridiculous and unfair? Sounds like a solid reason for me...

 

[Martin Everson]

I guess you are already paying taxes on the money earned via paypal?

Paypal is a licensed bank in Luxembourg, they should have already reported your account to your tax authorities.

If you want to change your tax situation then move to a tax free or territorial tax country.

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

 

[tonybkt]

HI, at the minute no taxes are been paid as it grew from a hobby type thing to a business very fast and tbh I dont know where to start.

 

[JohnLocke]

Martin Everson said:
If you want to change your tax situation then move to a tax free or territorial tax country.
Click to expand...

I agree to this, you may consider a relocation to a low tax country.

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[GCE]

What is your nationality and fiscal residence?
Where are your customers located? E.g. EU/Asia/USA/etc.
Are you able to travel for company setup and bank account opening?

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Bulgarian Company Formation | Starting at 160 EUR | GCE

 

[tonybkt]

HI,

GCE said:
What is your nationality and fiscal residence?
Where are your customers located? E.g. EU/Asia/USA/etc.
Are you able to travel for company setup and bank account opening?
Click to expand...

yes able to travel
Will PM you now
thanks

 

[tonybkt]

edit.. cant PM you..
I am British living in EU

My customers are mainly based in the EU