Hi,
I am running an influencer marketing agency where we connect brands with influencers & vice versa. We deal with brands/influencers from around the world, 99% of the transactions are through bank transfers.
Company Information:
It would be appreciated if someone can the questions︋ below:
Q1) Is the above tax information accurate?
Q2) What are the best EMI/Traditional banks︌ for my business & are available to non-resident directors?
Q3) Is there any payment processing︍ service like Stripe that allows inward & outward bank transfers?
Q4) I've heard that I︎ can switch to an LLP instead of an LTD, which would result in zero corporate️ taxes. The primary issue is that it can be difficult to find a bank that will open an LLP account for you. Is this accurate?
Q5) Is it safe to merely use Wise considering how frequently we deal with bank transfers?
I am running an influencer marketing agency where we connect brands with influencers & vice versa. We deal with brands/influencers from around the world, 99% of the transactions are through bank transfers.
Company Information:
- 2 Directors & 2 Shareholders (Myself/Brother): Living in a third world middle east country with non-UK nationality
- Company Type: UK LTD
- Business Bank: Wise
- Tax Treaty: Between the UK and my country, there is a tax treaty.
- Brands/Influencers: From around the world (Mostly EU, US, AU & CA)
- Banks in my country don't allow foreign companies in opening business account
- UK Corporate tax: 19%
- VAT: 20% (I need to register if the annual︀ revenue from UK customers exceeds 85k GBP & I only need to charge it to︁ UK clients)
- Dividend Tax: UK dividend tax
- Income Tax: Salary of a non-resident director is︂ liable to income tax in the country in which he resides. If this is true,︃ it implies I am not required to pay UK income tax and that I can︄ increase my annual director salary as much as I want as long as it stays︅ within the range of UK directors' average incomes without running into any issues with HMRC.︆ If I can do this, I can increase the company expenses as much as I︇ want & pay almost 0% corporate tax.
- I am not liable to pay any tax︈ on foreign income I am receiving in the country I am residing in.
It would be appreciated if someone can the questions︋ below:
Q1) Is the above tax information accurate?
Q2) What are the best EMI/Traditional banks︌ for my business & are available to non-resident directors?
Q3) Is there any payment processing︍ service like Stripe that allows inward & outward bank transfers?
Q4) I've heard that I︎ can switch to an LLP instead of an LTD, which would result in zero corporate️ taxes. The primary issue is that it can be difficult to find a bank that will open an LLP account for you. Is this accurate?
Q5) Is it safe to merely use Wise considering how frequently we deal with bank transfers?
