I own a (online) company in the UK that makes between £10,000 and £25,000 profit each month. I have no employees and i do everything myself except when i hire freelancers (Web Development/Web Design). I'm sick of paying that 3 letter word and last year my self assessment (personal) tax bill was £35,000 because i paid myself too much money.
I've been wanting to setup an offshore company, somewhere where i don't have to pay tax or submit accounts (like Seychelles) and also setup an offshore bank account so my clients can pay me direct into that instead of my UK business bank account. 90% of my clients are based in tax haven countries such as BVI, Gibraltar, Alderney/Guernsey/Jersey etc... some of my clients pay direct from their overseas bank account held in the country they are based but a lot of them pay me via third party payment processing sites such as Worldpay and Datacash (now Mastercard Payment Processing).
I worried about getting screwed over and was wondering if anyone could help me or if anyone has any recommendations of companies to use to help setup an offshore company and bank account.
Also id like some advice on how i should go about spending the money from my offshore account without alerting the HMRC, so one thing i was thinking was to just withdraw cash every day from an ATM (using different ATM machines each day) using the offshore account debit card, i understand id get charged a % fee every time but it would still be less than what id pay in UK tax. Then with the cash id just buy anything i needed in Cash. Obviously id still have my UK company and pay myself every now and again from there as not to alert HMRC and would still have small amounts of earnings sent to my UK account but if someone could help and give me some advice please it would be very much appreciated.
I own a (online) company in the UK that makes between £10,000 and £25,000 profit each month. I have no employees and i do everything myself except when i hire freelancers (Web Development/Web Design). I'm sick of paying that 3 letter word and last year my self assessment (personal) tax bill was £35,000 because i paid myself too much money.
I've been wanting to setup an offshore company, somewhere where i don't have to pay tax or submit accounts (like Seychelles) and also setup an offshore bank account so my clients can pay me direct into that instead of my UK business bank account. 90% of my clients are based in tax haven countries such as BVI, Gibraltar, Alderney/Guernsey/Jersey etc... some of my clients pay direct from their overseas bank account held in the country they are based but a lot of them pay me via third party payment processing sites such as Worldpay and Datacash (now Mastercard Payment Processing).
I worried about getting screwed over and was wondering if anyone could help me or if anyone has any recommendations of companies to use to help setup an offshore company and bank account.
Also id like some advice on how i should go about spending the money from my offshore account without alerting the HMRC, so one thing i was thinking was to just withdraw cash every day from an ATM (using different ATM machines each day) using the offshore account debit card, i understand id get charged a % fee every time but it would still be less than what id pay in UK tax. Then with the cash id just buy anything i needed in Cash. Obviously id still have my UK company and pay myself every now and again from there as not to alert HMRC and would still have small amounts of earnings sent to my UK account but if someone could help and give me some advice please it would be very much appreciated.
I do Online Marketing for a number of gambling companies, i know most banks dont accept payments from gambling companies (Including the UK) yet iv never had a problem with my UK Business Bank Account and have had an account with Royal Bank of Scotland for years now.
I THINK im getting away with this because most of my clients pay me via third party payment processing sites such as Worldpay and Mastcard Gateway which shows the payment coming from them and not the name of the client. So would that be ok for an overseas bank account since it doesnt show the actual company sending the funds?
I do Online Marketing for a number of gambling companies, i know most banks dont accept payments from gambling companies (Including the UK) yet iv never had a problem with my UK Business Bank Account and have had an account with Royal Bank of Scotland for years now.
I THINK im getting away with this because most of my clients pay me via third party payment processing sites such as Worldpay and Mastcard Gateway which shows the payment coming from them and not the name of the client. So would that be ok for an overseas bank account since it doesnt show the actual company sending the funds?
Not a business one no but i can get one setup if its a requirement for anything. I do have my other sites that i use to advertise my clients on but id rather not display that information as i dont see how that would be relevant.
Not a business one no but i can get one setup if its a requirement for anything. I do have my other sites that i use to advertise my clients on but id rather not display that information as i dont see how that would be relevant.
Is your business similar to advertising/consulting/internet marketing?
You can use an offshore company with offshore bank account + Leupay businees.
All this with advertising and/or internet marketing as business on business plan. thu&¤#
Thanks for your advice so far, can you explain to me what the point of an offshore bank account would be for is i was to use Leupay Business, wouldnt i just get my clients to pay me directly to my Leupay business account? or do i need an offshore bank account in order to use Leupay.
If you could explain to me how it all works that would be great.
Also i have a few questions:
do you know what the maximum amount i can withdraw from an ATM using a Leupay Business debit card each day?
Would i be better to setup everything using a nominee director/sharholder including for the Leupay Business account?
The offshore bank account, is that a business one or personal one?
Am i better getting my clients to pay me directly to the offshore bank account or via my Leupay account?
Am i right in thinking the best way to get the cash out is by going to a different ATM everyday and withdrawing the money in cash?
Do you know any reputable agencies/companies that can help setup an offshore company/bank account etc...?
Thanks for your advice so far, can you explain to me what the point of an offshore bank account would be for is i was to use Leupay Business, wouldnt i just get my clients to pay me directly to my Leupay business account? or do i need an offshore bank account in order to use Leupay.
If you could explain to me how it all works that would be great.
Also i have a few questions:
do you know what the maximum amount i can withdraw from an ATM using a Leupay Business debit card each day?
Would i be better to setup everything using a nominee director/sharholder including for the Leupay Business account?
The offshore bank account, is that a business one or personal one?
Am i better getting my clients to pay me directly to the offshore bank account or via my Leupay account?
Am i right in thinking the best way to get the cash out is by going to a different ATM everyday and withdrawing the money in cash?
Do you know any reputable agencies/companies that can help setup an offshore company/bank account etc...?
Thanks again for the help.
You can open an account with an offshore bank or leupay or both. The offshore account is not mandatory to use leupay.
Issuer Limits for LeuPay card (ATM): 1,000 (single); 2,000 (daily); 10,000 (weekly); 25,000 (monthly).
The offshore account will be corporate with a Mastercard Contactless.
Where are your customers based? If in EU it's better to receive payment by Leupay.
My clients are based in other tax haven countries such as BVI, Gibraltar, Alderney/Guernsey/Jersey and some of them are based in Malta and the UK (only 1 of my clients actually sends funds from a UK bank account).
But most (probably all) of the payments that come from the tax haven countries come from third party payment processing companies such as Worldpay and Mastercard Gateway.
I cant see anything on Leupays website but does Laupay not accept bank transfers from certain countries or have any of your clients had any issues receiving payments to their Leupay account?
After i hear from you i think we will continue this chat via PM.
LeuPay will only Work for small amounts as it is now! I have switched to WorldCore and use AdvCash for almost any of the Financial FIAT transactions I do! Also I used to Exchange bitcoins to FIAT using AdvCahs I switched to another provider which actually had a lower Exchange rate!
