Isle of Man

[ladymuck]

I'm musing over moving to IoM and taking my Ltd Co with me. Having had a good rummage through their gov't site, it might be potentially straightforward. Has anyone done this, or thought about it and decided against? I'd like to know of any experiences good or bad before I take the plunge and actually do something other than think about it!!

[Mailman]

Why dont you just create a new company once you get there. That way you are guaranteed to have no interference from her majesties government. After all, its only fair we pay a disproportionate amount of our income as tax!

Mailman

[white-anglo-reactionary]

Quality of life

Norman Wisdom lives there because it reminds him of Britain in the nineteen fifties. Perhaps there's more to life than a low-tax regime.

[ladymuck]

Good point, mailman, I think I'll look into that angle a bit closer. They seem to have their own company register so I might be able to get away with something very similar to what I already have.

Norman Wisdom? I thought he was dead!

[malvolio]

I suspect you'll trip over the residency laws though. From memory, if you weren't born there or married to someone who was, and haven't got a spare million or two lying around, you're stuffed.

[ladymuck]

No, that's Jersey and Guernsey (was trying them first coz the weather's better!).

If you're a British Citizen you can live there, but have to apply for a work permit. That's where I need to get some proper advice to make sure my line of work is 'suitable'.

[malvolio]

True, but you can't buy property and I'm not sure you can't create a company. But I'm no expert...And I suspect UK HMG might still consider you as UK-resident for tax purposes anyway, since they have no sense of humour.

[ASB]

True, but you can't buy property and I'm not sure you can't create a company. But I'm no expert...And I suspect UK HMG might still consider you as UK-resident for tax purposes anyway, since they have no sense of humour.

In the case of the CI you can buy property. It's open market property in Jersey (if my memory is right) and something else in Guernsey. It costs a fair bit though....

Also the residency gets iffy. A friend of mine is jersey resident (his family have been for generations). He ends up paying UK taxes on the portion of his income generated in the UK. He ended up setting up a UK ltd. Agencys are relectant to take invoices from CI companies anyway.

Things might have improved now though (i've lost touch so don't know. If working from home on the IOM or whatever providing offshore services you *might* just keep it out of the clutches of HMG (but I doub't it).

[Mailman]

Doesnt IR look at it from a "if there is money made in England from any business related activities then regardless of where the company is based there is tax due to Her Majesty" point of view?

Then again, if you are already paying tax on IoM then wasnt there a recent EU ruling saying you cannot be taxed twice?

Mailman

[VectraMan]

Doesnt IR look at it from a "if there is money made in England from any business related activities then regardless of where the company is based there is tax due to Her Majesty" point of view?

Then again, if you are already paying tax on IoM then wasnt there a recent EU ruling saying you cannot be taxed twice?

Mailman

IoM isn't in the EU IIRC.

This was in the news recently regarding the internet CD/DVD people setting up a registered office in Jersey and paying a lot less tax as a result. From now on, only Play (who really are based in Jersey) are going to be able to do this.

Assuming the OP is a contractor, then presumably she's going to be mostly working and staying on the mainland, which I would imagine makes things awkward.