Isle of Man Relocation

[wozza]

Anyone?

[wozza]

Hello,
I'm wondering if MrTom or anyone else can provide me with some advice.
I've been contracting with my limited company in London for the past 5+ years. I now want to close it down and move to IOM and just work for wages from say an umbrella company. I would even consider opening another limited company there if need be.
I'm from NZ with an ancestry visa so I don't know if that will complicate things. I have posed some questions to the IOM Govt and am waiting for an answer ..
I will appreciate any advice, traps to avoid and things to consider ... thanks.
Woz

[meridian]

Barclays Wealth used to do an account that was based in the IoM that looked no different from any other UK-based account - sort code, account number, no problem transferring money in or out. Not sure if they still do this, but it's a potential option for agencies that need a "UK" bank account.

[BlasterBates]

You should tax everything in the IOM, lucky you , just deregister from the UK. You can still use a UK Ltd and as you say bill from the IOM. It won't raise any flags as there are no flags to raise. HMRC aren't going to start sending letters to your Isle of Man address.

[MrTom]

It’s certainly not my intention to evade / avoid tax. I’m looking to relocate my family due to a job offer my partner has received on the island. I’ve always worked remotely and it’s my intention to at least retain some previous clients after the move.

I’m not looking for advice on how to avoid tax by using the IOM as a base whilst remaining in mainland Britain!

[SimonMac]

Can you not make your IOM LtdCo the 100% owner of your UK LtdCo, so that any dividends goes to IOM after paying all appropriate UK taxes, anything else and you are asking for advice to evade/avoid tax so you won't get very far asking here.

[Lance]

You need a local accountancy/tax specialist. Using an IOM LTD is gonna cause issues with agencies.
Paying a UK ltd and then sending the money to IoM will ring alarm bells (rightly or wrongly).

Choose your adviser carefully. Avoid anyone that promises 85% or more take home.

[MrTom]

Hi,

I’m a long term contractor that works remotely. I’ve been doing this for about 15 years now in the UK (ltd company).

I’m looking to permanently relocate to the IOM (family reasons, change of scenery etc).

What would be the best way forward? Company in the IOM? Retain UK ltd to invoice clients and invoice from IOM ltd as consultancy fees?

Thanks in advance!