Reply to: CT for non resident company

[meridian]

You do realise we don't have a ******* clue don't you?

I beg your pardon, my advice is worth twice what he paid for it!

;-)

[Scruff]

UK Corporate Tax return for UK Company.

UK Personal Tax return for income paid to you by UK Company.

Cyprus Tax return for your Cypriot income.

Turkish prison for your Midnight Express activity.

[Zigenare]

You do realise we don't have a ******* clue don't you?

He does now!

[northernladuk]

Thanks, it is not difficult. I was confused by the local adviser who said we must paid CT here. But you answer make sense.
I will do as you suggested with paying CT in UK and offset that in Cyprus. Thanks a lot

You do realise we don't have a ******* clue don't you?

[Martin Boober]

1. Furnish a U.K. corporate tax return and pay full U.K. CT to HMRC on U.K. earnings.

2. Furnish a Cyprus tax return to pay tax on worldwide earnings and seek any offset of U.K. tax paid under the DTT (if applicable).

It’s not difficult.

Thanks, it is not difficult. I was confused by the local adviser who said we must paid CT here. But you answer make sense.
I will do as you suggested with paying CT in UK and offset that in Cyprus. Thanks a lot

[meridian]

All trade is with the UK client only. That is what I am trying to answer. How the DTT works in my case, who my company should pay CT. I know that my Company should pay CT on a worldwide income to Cyprus because it is managed from there. But in case when UK company trading in UK I believe the Company will be also liable to pay CT in UK on the profit made there. I would surprised if this is not true.

1. Furnish a U.K. corporate tax return and pay full U.K. CT to HMRC on U.K. earnings.

2. Furnish a Cyprus tax return to pay tax on worldwide earnings and seek any offset of U.K. tax paid under the DTT (if applicable).

It’s not difficult.

[WTFH]

Sounds like the remoaners in the B****t sub forum.

He's decided that leaving is better than staying, convinced himself he will save money, and is now discovering that it's maybe not such a good idea after he's left and is having to work through the implications of his decision.

[northernladuk]

I am not getting your point, what would be different in terms of paying CT with Malta? If you replace Cyprus with Malta in this thread do you have an answer then?

Yes. It's the same as the answer for Cyprus.

[DimPrawn]

Don't bother replying, this is one of these guys we see on here every once in a while, who will only accept answers he likes and will dismiss any advice, that doesn't fit his plans or stupid ideas

Sounds like the remoaners in the B****t sub forum.

[Eirikur]

Don't bother replying, this is one of these guys we see on here every once in a while, who will only accept answers he likes and will dismiss any advice, that doesn't fit his plans or stupid ideas

OP: try this Google

[Martin Boober]

I may be getting this FrontToBack, but shouldn't you have thought about all these issues before relocating your family to Cyprus and then relocating your business there too?

It sounds like you're trying to find the cheapest place to run your company and not considering the bigger picture of how to run your company and whether your company or your family are more important.
Maybe Malta would have been a better place to move to?

I am not getting your point, what would be different in terms of paying CT with Malta? If you replace Cyprus with Malta in this thread do you have an answer then?

[WTFH]

I may be getting this FrontToBack, but shouldn't you have thought about all these issues before relocating your family to Cyprus and then relocating your business there too?

It sounds like you're trying to find the cheapest place to run your company and not considering the bigger picture of how to run your company and whether your company or your family are more important.
Maybe Malta would have been a better place to move to?

[Martin Boober]

So from your own link, does your company carry on business or trade outside of the U.K.? To what extent? And for those activities that are carried on within the U.K., why do you believe that you don’t need to pay U.K. CT on those? (To clarify - your original post said you were paying Cyprus tax and you were wondering about topping up to U.K. rates, why do you not think it should be the other way around and you pay UK CT and get a refund from Cyprus?)



What else aren’t you telling us, that needs to be drawn out in a game of “20 questions”?

What does your accountant say?

All trade is with the UK client only. That is what I am trying to answer. How the DTT works in my case, who my company should pay CT. I know that my Company should pay CT on a worldwide income to Cyprus because it is managed from there. But in case when UK company trading in UK I believe the Company will be also liable to pay CT in UK on the profit made there. I would surprised if this is not true.

[Martin Boober]

OK, you need to find a good accountant in Cyprus and a good one in the UK. I doubt if you will be able to get free advice from anyone on here about how best to organise your company and personal taxes while you live in Cyprus.

You mentioned that you have "opened a branch" of your UK company in Cyprus. How did you do that without getting advice on it first of all?

Are there any other parts of the story that might be relevant that you haven't told yet?
Do you actually live in Cyprus or are you only declaring that you live there?
Do you invoice your UK client from your UK company or from some other company?
Are you working direct with the UK company or through an agency?

I think I need an international tax adviser but I do not know anyone.
The branch were needed in order to pay CT in Cyprus.
We spoken with tax adviser here and that is what he told us to do.
I don't think there is anything else relevant to the story.
Yes, we are genuine residents of Cyprus
Yes, invoicing is from UK company that why I believe it is liable on CT in the UK.
Working directly at the moment.

[WTFH]

Of course he will! I don't see why he wouldn't.

Maybe I should have said "good free advice".

I'm waiting for the rest of the story to come out. There's so much missing here I almost spilled my linguini, which is quite difficult to do in an inverted F35B.