Shall be joining you all before too long..

[Conachair]

New year & big things afoot, In process of buying an Ebbtide 33 steel cutter, plan is to head south, France, Spain, Med or Atlantic, who can tell. This does of course raise a million & one questions, finance being quite high up the list. So here we go, I'm drawn towards being non resident status in UK, I can get freelance work quite easily if I run out of cash or want a new toy, question is how do I invoice this without getting stung for tax. Working in europe rather than UK would be possible but I would need to invoice a UK company. Brief googling suggests that you can have a Jersey based company with fixed tax @ £600 PA ( I think) as long as you don't live in Jersey. Anyone know about the ins & outs of this or a way round the tax issue?
Also, renting out property does seem to get great press among the cruising mob but does look to make a lot of financial sense to me, how do I fing out more about that?
Thanks in advance,

Paddy B

 

[Sea Devil]

If you are going to earn monies out of the UK it does make a lot of sense to become non-resident - You can have that dosh paid into your UK bank account but you will not pay income tax on it - provided you have earned it outside the UK...

If you get into renting property then even if you are non resident then you will pay tax on the moneies earned from the property (provided it/they are in the UK) The only plus is that you will not pay tax on the interest gained in your UK bank accounts....
There are some real accountants on the forum who will put you straight if I am wrong but I have been operating like this for over a decade.