Sample Q&A's continued
- Article Dates:
- 2014
- All Months
Displaying Matches 1 thru 5 of 5 Found.
Tax Question: Hello, I am planning on making an e-business [selling online advertisement on my website] and my goal is to avoid CGT and corporation tax in the UK [after I eventually move out of the UK]. I want to stay in the UK to get my business started, and move out if it becomes successful. I have considered several options and I might be choosing to do this: 1] I want to create a holding in Malta, it will be Malta-domiciled [so I assume I wouldn't need to reside there if I own a house there, is that correct?]. This holding will receive the entire revenue from the advertisement I sold. 2] Then, I create a UK subsidiary of this Maltese holding. This subsidiary will be used to receive a small deposit from my UK clients as a guarantee. This deposit will be refunded to the client after 10 days. Therefore, there will be NO profit in this UK subsidiary. Also, I might want to reward my clients with some bonus money so I would want to wire transfer some money from my Malta bank accoun...
Tax Question: Hi, My wife and I have two Buy-to-Let [B2L] properties and our own house, but we are 40% tx payers. All three properties are mortgaged. We are considering another B2L, and wondered about the benefits of purchasing via an LLP or company [either of which would need to be set up]. An LLP looks quite attractive as we are looking to the longer term as retirement income in c.10 years' time. However, it also seemed interesting to see whether the B2L income could be used for paying university fees/living expenses [i.e. two children that would become partners on reaching 18 years of age] as the income could be diverted to them and fall within their tax allowance. Finally, we would be looking in the much longer term as a means of minimising inheritance tax. Questions: 1] Should we be looking to set up an LLP in the short term? 2] What happens to STLD on purchasing a property? 3] What would be the implications of transferring the existing B2L properties to the LLP? 4] Can we e...
Tax Question: Re: LLPs with Corporate Members Hi Lee Thanks for your previous answer, much appreciated. If you have an LLP as a trading entity and its partners are 2 people [husband and wife] plus a Ltd Co, we now have to take care not to allocate a disproportionate profit to the Ltd Co - at least as I understand the new rules. So if the LLP makes say ?120k and allocates ?40k to each partner, then that is near perfect use of personal allowances etc. Question 1: If the profits rise to ?160k and this is allocated ?40k to each individual and ?80k to the Ltd Co, I assume this could be targeted as disproportionate? Or does disproportionate not kick in until it gets very extreme like 10%, 0% ad 80% alocations? Question 2: If this example is disproportionate, then couldnt the LLP take on a 4th partner - another Ltd Co and again allocate profits equally between the 4 to achieve the desired outcome? Question 3: Indeed couldnt the number of Ltd Co's not increase in line with profit gr...
Tax Question: Hi French person [non-dom] has become UK resident from 31 Dec 2013 and will be taxed on remittance basis. He has Panama company - of which he is a majority shareholder BUT NOT director. The above company has cash, etc. Can the CFC rule apply and if so how? Thank you for your advise....
Tax Question: Dear, I would be grateful if you could answer the following 4 queries. Assume I loan my two working age children capital to buy a house as joint tenants; in which both they and my wife and I will all live together. The capital interest being repayable when the property is sold. On subsequent sale: 1) Will I need to pay tax on the interest? 2) If so at what rate? 3) Any way the interest can be reduced? 4) OR Cannot the children simply give the house back to me so I can then sell it under PER seeing as I initially funded the whole purchase? Thanks in advance for your reply....
Displaying Matches 1 thru 5 of 5 Found