Taxes

[sikishrory]

3 minutes ago, MadMac said:

Just an example, you have under 22k SGD income in SG, paid from anywhere, interest, investment, whatsoever. This is the current threshhold for not being taxed. You could still declare this in SG and pay no tax, even though they tell you not to do it. The Thais now want you to tax on that, because you sent all of it into your Thai bank account. They still could not get a single cent of it as it falls under the double tax agreement. If you would not have declared it in SG, TH may take its stake.

 That is interesting 

[MadMac]

Whereby it is required you are a tax resident in SG, or any other country.

[watcharacters]

On 1/26/2015 at 9:39 AM, Robroona said:

I'd be careful with this now. The agency will be supplying details to HMRC of all their outgoing payments.

 

 

 

 

Some people like to live on the edge as risk takers it seems.

 

I  prefer to sleep soundly at night, myself

 

Good luck to Frank.

 

 

 

 

[sharktooth]

I registered my company in BVI and the bank account is in Mauritius. BVI have 0% tax. Happy days.

[Naam]

4 hours ago, sharktooth said:

I registered my company in BVI and the bank account is in Mauritius. BVI have 0% tax. Happy days.

both no relevance to taxes! relevant is the residence country of the bank account beneficiary to which the proceeds are transferred.

[sharktooth]

2 hours ago, Naam said:

both no relevance to taxes! relevant is the residence country of the bank account beneficiary to which the proceeds are transferred.

You don’t know what you are talking about.

[Naam]

10 hours ago, sharktooth said:

You don’t know what you are talking about.

and you possess a wealth of no idea about tax liabilities.

[simoh1490]

10 hours ago, sharktooth said:

You don’t know what you are talking about.

It's being pointed out to you that being a US citizen for example means that your BVI and Mauritius account status means nothing since US folks are taxed on global income. Ditto UK citizens who are UK resident for tax purposes, your BVI and Mauritius income would be taxable. So yes, the residency issue is key and vital.

[sharktooth]

Yeah right enough... in the past twenty years I have only worked offshore in North Sea, West Aftica, Middle East, S.E Asian (too numerous to mention) and Australia and NEVER had a problem. But obviously you know better than me. 

[simoh1490]

15 minutes ago, sharktooth said:

Yeah right enough... in the past twenty years I have only worked offshore in North Sea, West Aftica, Middle East, S.E Asian (too numerous to mention) and Australia and NEVER had a problem. But obviously you know better than me. 

With a snotty reply like that towards people who are trying to help you, I really don't care about any part of this, or you, byee!

[Naam]

2 hours ago, sharktooth said:

Yeah right enough... in the past twenty years I have only worked offshore in North Sea, West Aftica, Middle East, S.E Asian (too numerous to mention) and Australia and NEVER had a problem. But obviously you know better than me. 

the reason you never had a tax residency problems because you worked offshore Einstein! your BVI construct and the Mauritius bank account were irrelevant.     

[sharktooth]

BS. Working offshore NS these days, unless you are a Ltd Company is PAYE. The agencies will no longer pay you direct into an offshore personal account.

[simoh1490]

9 minutes ago, sharktooth said:

BS. Working offshore NS these days, unless you are a Ltd Company is PAYE. The agencies will no longer pay you direct into an offshore personal account.

You have a very limited definition of working offshore!

 

I've worked offshore (and onshore) for over twenty five years, the companies or clients I've worked for (as a limited company registered in Samoa) deposit funds to the account that appears on my invoice, sometimes that was in Thailand, sometimes it was in Hong Kong - even working using umbrella companies in HK were not a problem for clients.

 

What you've told us is that you are an employee rather than a true limited company per se. Heads up, HMRC has you on their radar, read this: https://www.theguardian.com/uk-news/2018/oct/29/ir35-tax-clampdown-is-budgets-biggest-new-revenue-raiser

[sharktooth]

Ltd Company. Contracts and invoices made out to my Ltd Company. 

[Scottjouro]

23 hours ago, sharktooth said:

Ltd Company. Contracts and invoices made out to my Ltd Company. 

Important legal concept...its not your limited company, that infers ownership, you are an officer eg a managing director of a legal entity, ie a person which is the limited company, and you are employed by said legal entity

[Scottjouro]

On 11/2/2018 at 4:16 AM, simoh1490 said:

You have a very limited definition of working offshore!

 

I've worked offshore (and onshore) for over twenty five years, the companies or clients I've worked for (as a limited company registered in Samoa) deposit funds to the account that appears on my invoice, sometimes that was in Thailand, sometimes it was in Hong Kong - even working using umbrella companies in HK were not a problem for clients.

 

What you've told us is that you are an employee rather than a true limited company per se. Heads up, HMRC has you on their radar, read this: https://www.theguardian.com/uk-news/2018/oct/29/ir35-tax-clampdown-is-budgets-biggest-new-revenue-raiser

One can only every be an employee of a proper Limited Company, as a Ltd Company is a legal entity, ie its legally " a person",

 

"You" as person can never be a true limited liability company, further invoicing through a Ltd Company does not "absolve" someone of personal tax (ie based on tax residency) 

 

 

[Naam]

6 hours ago, Scottjouro said:

Important legal concept...its not your limited company, that infers ownership, you are an officer eg a managing director of a legal entity, ie a person which is the limited company, and you are employed by said legal entity

incorrect information. nowadays not only BVI companies but virtually all jurisdictions which offer offshore constructs insist on laying open the individual beneficiaries irrespective whether nominee directors are appointed or not. we established two BVI constructs and have to update every two years the beneficiaries, i.e. my wife and myself including proof of our tax residence. that also applies for trusts, setup as last will,  in which "future" beneficiaries can be named.

 

 

[Naam]

6 hours ago, Scottjouro said:

invoicing through a Ltd Company does not "absolve" someone of personal tax (ie based on tax residency) 

correct!

[manarak]

4 hours ago, Naam said:

incorrect information. nowadays not only BVI companies but virtually all jurisdictions which offer offshore constructs insist on laying open the individual beneficiaries irrespective whether nominee directors are appointed or not. we established two BVI constructs and have to update every two years the beneficiaries, i.e. my wife and myself including proof of our tax residence. that also applies for trusts, setup as last will,  in which "future" beneficiaries can be named.

"laying open" is a bit misleading.

AFAIK, but maybe I'm wrong, the identity of the true beneficiaries of the company is only known to the BVI registrar, maybe to the BVI government due to new reporting duties, and to your bank.

[Naam]

1 hour ago, manarak said:

"laying open" is a bit misleading.

AFAIK, but maybe I'm wrong, the identity of the true beneficiaries of the company is only known to the BVI registrar, maybe to the BVI government due to new reporting duties, and to your bank.

there's no need to report it to the bank. i'd like to know which bank still keeps accounts without a natural person listed as beneficiary in violation of CRS.

 

my "laying open" means no more nominees as beneficiaries (as in the good ol' times).