getting paid offshore

[AlphCons]

Sounds unlikely that there is any legal and relatively risk free way to avoid UK taxes. I can't relocate to an offshore local at this time.

Of course, being an american national, one also needs to declare to the infernal revenue service (as it is unaffectionatally known). They are reaching out far and wide these days with their tax dodge catching net. Just ask UBS. It shouldn't matter where the money is first paid in as long as I declare everything to UK and US. Unless I go the route of the 20,000 GBP suitecase as one poster alluded to (my suitecase itself would cost 100)

Wont do that though. I better seek a bit of professional advice to make sure there isn't a secondary effect or consequence.

[PhilAtBFCA]

Working in the UK

I will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?

Sounds like you could get yourself in a load of trouble with this if you do not do it right.

You do have legitmate and safe options to consider, you may want to do this.

You tax residency status may be something you would need to take professional advice on.

Phil

[mailric]

heres what your after...

http://www.forbes.com/2004/11/09/cz_af_1109hot.html

[Fred Bloggs]

If you can work this gig remotely, go and live in the Isle of Man working for your own IoM Ltd Co. Pay yourself dividends, 0% corporation tax, 100% legal. Boomed!

[HairyArsedBloke]

Anyone aware of any unintended consequences of getting paid offshore?

Yeah:

You say you are resident in the UK doing work in the UK for a UK company then if they are willing to pay you offshore then may be paying them a visit too. I'd worry more about being paid at all before how much of a cut I bung Hector and Uncle Sam (they'll want their cut too).

[ASB]

I will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?

If you are a US national it does potentially make quite a lot of difference. This will depend upon your state of whether you are resident, ordinarily resident and domiciled. It is just possible you may be able to be taxed on a remittance basis. However if you are being paid from a UK entity for work done here (which appears to be the case) then it is likely you can't be.

Certainly your UK earnings should be asessable to UK taxes. A question is also whether that should extend to your worldwide income. I think you may well also have to pay federal taxes in the US on your worldwide income (though the DTA has been overhauled a bit in recent years), but if you do you should get a credit against UK taxes on this.

As ever there is no way you can give enough infomration for an accurate answer and what is approrpiate for you is entirely dependant upon your exact circumstances. If you are working for a multi nations they ought to have somebody in their legal department you can talk to.

[tino]

Have you read the bn66 threads?

Do you like alot of risk? If yes then try an offshore loan company like Newquay and prepare to be retrospectively raped.

[BrilloPad]

Have you read the bn66 threads?

Do you like alot of risk? If yes then try an offshore loan company like Newquay.

[AlphCons]

I will be starting a contract for which I will be getting paid offshore. I am resident in the UK and will be performing my work here for a UK company. I am assuming that I will have to pay UK tax on my earnings wether they are brought into the UK or not. However, I am open to any non-dodgy suggestions/loopholes. I am a U.S. national so I don't know if that makes any difference. Anyone aware of any unintended consequences of getting paid offshore?