Company's money in an offshore account

[sli_gryn]

Hello All, have got a question about offshore accounts from an investment perspective.

If I have access to an offshore savings account that earns a nice amount of interest (say 6%+), and this account is not in the company's name but in the director's name, can I transfer money to it for the sake of investing/holding? The scenario I'm thinking of is;
- income to company
- % of company funds are transfered to overseas account & interest earned
- when needed by the company, money is transfered back to the company controlled onshore account

If this is doable, can the company claim Telegraphic Transfer expenses? Can the directors draw their dividends/fees from the foreign account? Does the foreign account need to be in the company name? Can the company keep its VAT there for onshoring later before payment?

Any opinions greatly appreciated!

[ASB]

As far as I am aware:-

If this is doable, can the company claim Telegraphic Transfer expenses?

Yes

Can the directors draw their dividends/fees from the foreign account?

Yes

Does the foreign account need to be in the company name?

Yes

Can the company keep its VAT there for onshoring later before payment?

Yes

But:-

In the event of investigation HMRC can get quite excited abut anything offshore. They like to assume somthing iffy is going on.

Of course any interest reveived will normally be taxable in the UK (whether remitted or not). Also the offshore regime where it is held may also have an interest.

your current bankers should be able to make an introduction to their IOM or CI operations.