Close Company - Avoid Tax

[foritisme]

Should have got yourself a premier youp0rn account and offset your profits against that.

[Billy Pilgrim]

You could always empty the cash into an exec pension and then set up a QROPS pension in Oz to transfer the money to - problem is you won't get accesss to the $ until you are 55? - or probably 90 the way things are going!

Is there not a 5 year rule for QROPS pensions - i.e. after 5 years of living abroad then you are able to make a grab at your pot ?

Or will this not apply in this instance?

[facboy]

seems pretty stupid to me...do you really want to be looking over your shoulder for the rest of your life to save an admittedly big chunk of money? and as said, even if they don't hunt you down, the uk (and possibly the eu?) would be closed to you forever - you that sure you never want to come back?

[EchoSierra]

Don't forget to leave some money behind for your VAT as well

[fadanoid]

Seems more and more people every day looking for ways to avoid paying their fair share of Tax, and people wonder why HMRC takes a dim view of us contractors

Indeed. Jacqui needs a new £1000 fireplace and a third washing machine for her family home.... sorry, I mean 'second' home.

Now pay your taxes like a good drone and move along. No corruption to see here.

[dang65]

I believe HMRC has an office in Oz.

Staffed by Aussies? I bet that job's as in demand as the one looking after a paradise island that was in the news the other day. Hunting down tax dodging Pommie scum for a living. Bonzer. (Do they still say "bonzer"? Did they ever say "bonzer"? Well, they should anyway.)

[Ravello]

Bit harsh, Brillo - it's his homeland after all.

[Captain Kangaroo]

Take it as a pension

You could always empty the cash into an exec pension and then set up a QROPS pension in Oz to transfer the money to - problem is you won't get accesss to the $ until you are 55? - or probably 90 the way things are going!

[Solidec]

Seems more and more people every day looking for ways to avoid paying their fair share of Tax, and people wonder why HMRC takes a dim view of us contractors

[Gonzo]

In the last few years the UK government has been busy updating the double taxation agreements with other countries. These revised agreements increase the capacity for these countries to share information.

The UK/Autralian DTA updates were agreed in 2003.

Obviously you would burn your bridges in the UK so you would need to be sure that you would never need to visit the country again, so it is just a question of how much risk you want to live with for the rest of your life.

[TheFaQQer]

Unless you are desperate dont go there......

Bit harsh, Brillo - it's his homeland after all.

[BrilloPad]

I believe HMRC has an office in Oz.

Do you really need the money that badly? Unless you are desperate dont go there......

[NotAllThere]

There used to be a loop-hole that if you took out all the cash from your company and left the country on the same day, you'd have no tax to pay.

I believe this has now been closed. If you were to try this, they would hunt you down. And, hopefully, extradite you to serve time for tax evasion.

[offhome]

Hi all
Just wondering what is the process of closing down a company and leaving the country. Im am returning back home to Australia in 3 weeks. I have traded through my Ltd company for 10 months and obviously no longer need it. I have not had anybody administer the accounts for me. I have left 21% of all invoices behind in my company account for tax purposes. What would be the likely outcome if I were to close the company and all related bank accounts and take with me the 21% tax money I have left behind in the company account?

Would the tax man be hunting me down?

Thanks for any advice