Best way in general to minimise tax for a business
20 June 2006, 11:35 AM
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Best way in general to minimise tax for a business
Hi peeps,
At the moment, this is purely a theoretical question and I also realise that I will need to take proper advice before I do anything.
If I had a company that dealt in the US for its business activities (ie thats where the transactions took place) and made approx $40,000 PROFIT what would be the most tax efficient way to get that cash into my pocket, whilst not peeing off the tax man too much at the same time ? This would technically be a second job but a significant one.
Any experience/advice welcome
Cheers
Stuart
At the moment, this is purely a theoretical question and I also realise that I will need to take proper advice before I do anything.
If I had a company that dealt in the US for its business activities (ie thats where the transactions took place) and made approx $40,000 PROFIT what would be the most tax efficient way to get that cash into my pocket, whilst not peeing off the tax man too much at the same time ? This would technically be a second job but a significant one.
Any experience/advice welcome
Cheers
Stuart
20 June 2006, 11:47 AM
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Originally Posted by Reality
Move to America.
You say you are only 'dealing' in the US, not based? Sales would be in dollars and not pounds?
How would you be taking the money?
Surely you'd just convert dollars to pounds and pay income tax as anybody would on self assessment.
Tell me more.
20 June 2006, 11:53 AM
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Basically all the money would be via cheques (several large cheques a month) written in USD, so would have to go to negotiation.. Basically its US affiliate scheme, i already have severalcheques to cash, but im a little paranoid about bunking in relatively large amounts of cash into my personal account as somone may notice, esp as its all USD
20 June 2006, 11:58 AM
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You only need to be paranoid if you are trying to hide something. Business cheques into a personal account will only rightly so, stand a greater chance of arousing suspicion.
20 June 2006, 12:14 PM
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Originally Posted by Diablo
Open up an offshore account in, say Jersey or the Isle of Man and spend the money offshore (ie holidays).
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20 June 2006, 12:21 PM
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Originally Posted by Spoon
That's only the same as opening a new account anywhere now.
20 June 2006, 12:30 PM
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Originally Posted by DCI Gene Hunt
Not quite, there are still genuine 'offshore accounts' to be had that remain outside the prying eyes of taxman, but maybe not the security services......
... or safety deposit boxes. Keep gold not cash though
20 June 2006, 01:54 PM
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get paid in travellers cheques or,
Set up quite a few different paypal accounts, and a few basic bank accounts, get money paid into one paypal and then split it into smaller portions and transfer to the other paypal accounts, then transfer from each paypal account into your bank accounts and draw money out that way and hide under the mattress.
whats your address by the way?
Set up quite a few different paypal accounts, and a few basic bank accounts, get money paid into one paypal and then split it into smaller portions and transfer to the other paypal accounts, then transfer from each paypal account into your bank accounts and draw money out that way and hide under the mattress.
whats your address by the way?
20 June 2006, 02:44 PM
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Originally Posted by Scooby Soon!
How would you spend the money from the offshore account?
Mastercard? Visa, Maestro?
Inland revenue have access to all account holder details worldwide!
Mastercard? Visa, Maestro?
Inland revenue have access to all account holder details worldwide!
20 June 2006, 02:58 PM
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Originally Posted by DCI Gene Hunt
Not quite, there are still genuine 'offshore accounts' to be had that remain outside the prying eyes of taxman, but maybe not the security services......
not in the IOM and jersey.
20 June 2006, 04:07 PM
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Originally Posted by DCI Gene Hunt
Yep, they're there, I've got two............
As I said, and Rhino has agreed, accounts in the IOM and Jersey are no longer of no interest to the taxman.
20 June 2006, 07:51 PM
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Originally Posted by Stueyb
Basically all the money would be via cheques (several large cheques a month) written in USD, so would have to go to negotiation.. Basically its US affiliate scheme, i already have severalcheques to cash, but im a little paranoid about bunking in relatively large amounts of cash into my personal account as somone may notice, esp as its all USD
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