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Taxes Intl Chat

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kyujsec3mo
Hi :) I'm planning on doing slow travel around Europe and stop renting a house in uk. Do you know how i can keep paying taxes/ bank account /etc in the uk without an address? Or you know any accountants that can help?
jjteuhpyk3mo
eehebyxn Taxes will be due depending on your tax residence status, regardless of whether you have a current UK address or not. Check the Statutory Residence Test to find out.
nviekigeg3mo
Separately, HMRC requires you to inform them of any new address, whether within the UK or overseas. If you'll have no fixed address for a long period, you can register a virtual mail service or an accountant's office as a separate _correspondence address_ to make sure you keep receiving tax notices etc.
zbuakreyy3mo
If you think you'll be UK non-resident for tax purposes, read HMRC's guidance here www.gov.uk/tax-right-retire-abroad-return-to-uk|https://www.gov.uk/tax-right-retire-abroad-return-to-uk
isylesyxv3mo
If you'll still be UK tax resident, tax is reported and paid exactly as before, and you can do everything online from overseas.
wlslcyswd3mo
For bank accounts, most people change their registered address to a friend or relative's house before they start travelling. If your account is completely paperless, you might not need to even do that.
bxztcdumo3mo
Technically you're supposed to inform your bank of any change in residence, but in practice they rarely check up on this proactively.
bdzmwmq3mo
Thanks for the information and i just read that page.
I think i will be a non resident with uk income.
The best i can do is going to an accountant and make sure everything is filled properly. Im scared i put something wrong is those reports abd then pay massive fines or worse
yrgt3mo
my experience with UK tax...living abroad, working remotely and paying UK tax, returning to UK to do an eye test, had to pay for it because NHS requires you to live in UK for free tests. Why am I paying tax then?!
oailnqogu3mo
Yea Canada is the same. If you live outside Ontario, your national health coverage will expire even if youโ€™re still paying income tax
hfcdsbhdq3mo
Itโ€™s totally ridiculous
uyqkfwofv3mo
That rule was put in place for snowbirds, pensioners who donโ€™t spend their pensions in Canada
rgakloxol3mo
ptmpk IIRC, eye tests aren't universally free on the NHS for residents anyway, it's limited to under 18s in full time education, over 60s and people on certain benefits.
tpee3mo
you are entitled to a free eye test every 2 years as a resident
jgok3mo
I had two free eye tests while living in UK and I was over 18 with no benefits
zgjgtyvlsjns3mo
Anyone here use PayPal with a Labuan company?
dghg3mo
well, then my opticians were generous ๐Ÿ˜„
pgytqtnsj3mo
Haha, I got a free eye test last time I was in the UK too, but the optician was just hoping I'd sign up for their contact lens subscription service afterwards
ddkt3mo
I did mine at SpecSavers, but they actually told me that I can have it for free because it's an NHS free eye test. They also mentioned that I can do that for free every two years, hence the info above. Not sure how this works ๐Ÿ˜„ maybe NHS has some deals with 3rd party companies
fqvmsskrhij3mo
Cross-posting from taxes-us, bc itโ€™s that much of a puzzle:
Trying to wrap my head around my expected tax obligations for this next tax year - maybe someone here can point me in the right direction? I have somewhat of a unique situation I believe.
1. I am a US citizen and have paid taxes there my entire life
2. I am now director of a UK LTD company
3. So far, I have taken 0 salary from this company but expect to begin soon and once I do it will be my sole source of income
4. On January 4th I left the country for Thailand on a tourist visa. I expect to spend ~9 months out of this year in Thailand and the rest of the year hopping around to other countries in SEA. I anticipate meeting the requirements for FEIC in the US as I understand them (outside of the country for >330 days)
5. Up until the day before I left I was employed by a company in the US. I will collect a couple paychecks from them this month.

Who gets my 2020 tax money? Genuinely trying to understand my tax obligations and not trying to be shady/evade taxes.
iwsxzhshgyt3mo
I also donโ€™t anticipate spending much, if any, time in the UK this year
wggowryn3mo
jmnavklotoii Are you a resident of the UK or US?
ebsjjovl3mo
If you are out of the US for >330 days you can pass the Physical Presence Test for FEIE
znhtgnhllkp3mo
US
dpjxbmoiknwfuam3mo
The safe option is to get personal tax residency elsewhere and pay tax there
cyguvnrmxojqxqh3mo
E.g. Panama
tizfcvmtoksuzuh3mo
Potentially can not pay anywhere but information on whether that works is controversial. I'm trying it now, but am not American..
qtcivqgtwbnwatg3mo
Actually, since the US doesn't have the concept of tax residency, you might not need a tax residency at all
fhhznsmyuutxbxn3mo
iirc the FEIE just saves you from paying tax on the first 100k of income per year. So you're still paying taxes to the US, just with a discount applied
hvnlrrkur3mo
I am
qawewndse3mo
Been stable in the UK for 3yrs, but that will change Jan. 27
omkgszizf3mo
When I left Canada to live in the UK after an acquisition, I went through a list of 15 accounting firms recommended by the CRA. 3 (literally 3) even responded to my inquiry. One advised me based on a deprecated version of the Canada-UK treaty and said I would be double taxed on the acquisition of my company. One didnโ€™t know what a deemed disposal was and advised that I would be taxed as having earned the cash value of the acquisition as regular income, and another wouldnโ€™t advise me when they learned my acquisition was less than $10m.
eoxdfbb3mo
I had a great accountant firm for a while, until they nicely fired me for being too small as they are โ€œfocusing on startupsโ€ and โ€œcompanies with revenue over $500kโ€. They were all remote too, most of the time in Canada though, but some travelled.
wtpakvv3mo
rfnwoms whatโ€™s your actual question?
yyxjji3mo
Thanks for the info UJEPJL5GQ.br />
<@U04CD3CGH> my question is if anyone here is able to recommend an experienced Canadian tax consultant who is familiar with the nomad lifestyle and tax implications.
ooewdff3mo
Iโ€™m not a tax consultant nor a lawyer.

But my understanding is that unless you become a โ€œnon resident for tax purposesโ€, you must file taxes as if you are physically present in Canada.

Once you become a โ€œnon resident for tax purposesโ€ you are no longer obligated to file taxes in Canada.

To become โ€œnon resident for tax purposesโ€ you first must become a tax resident somewhere else and sever ties with Canada.

There isnโ€™t a hard rule as to what that means to sever ties unfortunately. CRA is probably intentionally keeping it vague. But itโ€™s things like bank accounts, property, close relatives (spouse, kids), cars, memberships, etc.

You can read more here:


jkmtoeh3mo
xbbdvn3mo
Thanks vjsmlady I appreciate the help. I'm aware of all of the implications and requirements to become a non-resident.

I will still be filing my Canadian taxes. For now I just need someone who can provide the best advise in terms of what province to choose to establish my Canadian residency (I don't even have an address in Canada any longer), which expenses I can deduct, if it's better to be incorporated due to my current situation (and in which country), etc.
lthjcvwl3mo
rrsrnkp please stop starting new threads when there's no other topics going on.. so basically to answer the question you asked in the last thread, you might be interested in ontario because there's a "remote worker" provision with OHIP which lets you keep healthcare while travelling.. but i think it takes 2-3 months to establish residency in any province
cxgbeq3mo
What happened U03FHDBMD?
ibtisofibnam3mo
Are you pro or anti threads then?
aunjpwrh3mo
Iโ€™m not anti threads, I start threads too, but not on the most recent messages in a channel, itโ€™s better to keep convo in channel and visible.. threads are good for going off topic though
myzkhsgs3mo
But itโ€™s also okay to go off topic in the channel too
ygszqyvdifih3mo
Thatโ€™s an entirely new thread-osiphy (for me) ๐Ÿค“
ypwvvvurqled3mo
Iโ€™m pro threads along with a few other behaviors to keep communication effective... I find it super difficult to follow multiple, intertwined discussions
ujezdcor3mo
But not on the most recent messages in a channel, unless they are wildly disparate topic wise.. and still not on the very most recent message anyways..
zeklhecg3mo
Forcing everyone else to click through to view the thread is annoying
xxxolhsm3mo
So less readers and participants in a thread chat vs the channel chat
dphjiarf3mo
Another thing I donโ€™t like is ppl starting threads on their own messages, thatโ€™s laziness ๐Ÿ˜‚
vqrhtqdu3mo
Not many ppl do that
gqdynjxitkwu3mo
Thatโ€™s specifically how I encourage others to use threads... by starting it myself ๐Ÿ˜†
igzjcfwmkqsuqn3mo
Setup a secondary home base
fqicicrbwg2mo
rjylxmltfhbvkdv i'm curious. which passport, 1st base, 2nd base, how long for each ?
whirpbcgnbzrno2mo
fi passport, primary residency in th for the past 4 years, rented a place in fi as 2nd base, why it got complicated is another question which too complicated to answer here
wcuiocmgodmf2mo
~ls~
loblqzntwpj2mo
Does anyone have a recommendation for a German tax accountant? Even though I am from Berlin I don't know any.
znmdrmre2mo
Does anyone have any experience with Thai taxes? my gf was offered a Thai contract with a 80k baht/month salary. Trying to figure out her annual tax rate but getting inconclusive results from online calculators. Getting a result of 15% which seems too low
vitsqkwc2mo
i think 15% sounds about right, but perhaps xmzkljyxshmgmzyp would know
qswoiztu2mo
fcmjxlxma my understanding thai tax is pretty low, 15-25% anyways
ondlhdbz2mo
That's good to know, thanks! Didn't want to blindly trust it because I don't know anything about Thai taxes
nzvmqlkg2mo
aquaeoqco IGLU has a minimum of $2500/mo income requirement and charges $700/mo for that, which includes the taxes and their overhead, I heard their overhead is about $200 of that, so the remaining $500 goes to taxes perhaps.. so that's like $500/$2500 = 20% .. it does seem a bit low for sure
vaefbyko2mo
hopefully i'm not completely wrong ๐Ÿ˜‰
xovsxggu2mo
so basically it's an umbrella corp to pay yourself in thailand so you have employement visa.. you funnel $2500/mo towards that corp, and then get $1,800/mo deposited to your thai bank account I assume
hxxbnhztjmuppwt2mo
Thai income tax is bracketed
qmusicmiopmh2mo
Anybody familiar with what's involved in moving my tax residency from Germany back to the US? (I'm a US citizen who's been living in Germany for the past 8 years...). Any points / tips would be super appreciated! ๐Ÿ™‚
gvokmnmjksea2mo
I would take a look here if you know German www.facebook.com/groups/906274769393425 Very useful group
jzvricgbbcfu2mo
This is probably going to cost you in terms of "exit taxes"
vupqhjdmzyqh2mo
I've asked about experiences of foreigners with US LLCs here some time ago. Getting started went super smooth for me.
bsuxkxtftmek2mo
Got TransferWise, real bank account with Mercury all in a couple of days ๐Ÿ‘Œ
fxkugtenuvci2mo
All without even a proof of my personal address ๐Ÿคฏ
dxwpxhxndz2mo
How did you do it?
bbhhzolwxp2mo
Some service or by yourself?
khmbiorghfjh2mo
With the registered agent I'm using. It's so cheap DIY is not even worth it.
mfpqdx2mo
Stripe Atlas?
nwdujd2mo
or by agent you mean an actual person ๐Ÿ˜›
yicaworkxtui2mo
Doesn't have to be a person, usually a business. I've used them www.northwestregisteredagent.com/
vieenswmhg2mo
Very decent prices
gynctdki2mo
yqxamiulybrku so you got an LLC instead of an S corp?
wwpioqpkgwha2mo
yes, for the 0% taxes
ptygcntw2mo
suhkcrqpbtvel what state?
pfludfia2mo
i guess wyoming or delware are good ones
nslxcjbijpne2mo
I've used Florida, easy to go there in person if I want, cheap per year.
gnqbytujkgko2mo
New Mexico was interesting too. Even cheaper and can be anonymous, which isn't really an advantage for my freelancing LLC.
qjayzoyvheedxlb2mo
Florida was trending last year I heard, maybe still is
bspdcdbymoolyro2mo
Good LLC states apparently change quite often. Although that's of course also a notion that a newsletter with such information would like to create, so maybe things don't actually change much at all
liyifjcfmppu2mo
Yes, it's a popular choice at the moment. Based on my research the differences between the most common states aren't much for my use case (non-resident founder, no business in the US...).
okjsgwizcift2mo
0% taxes on LLC, meaning electing s-Corp taxation on LLC? ofhczybmjujfj
ajbbsn1mo
gqzlnoocwgnao I was reading about the "no business in the US" bit and it's a bit confusing, some state that no business means not having any employees there nor contractinng any agencies etc there, but others also include selling there, as in end customers. So, if you have a product selling to US customers do you interpret you "have business in the US" ? I guess I'll need to get in touch with a professional on this one!
ctrowifhxlvm1mo
Not sure if that would work with S-Corp onlinetaxman.com/us-llc-tax-haven-for-foreigners/
massbltghcvn1mo
czerebr Selling to US customers should be fine too. But I don't have any anyway.
hdpuqrecahzaefu1mo
For US citizens who have set up residency/taxation elsewhere, where is a good place to look up the broad rules around keeping the IRS from considering you taxable? For example, limits on the number of days you can visit the US, assets you can have in the US, etc.?
dvdgrfskxgfl1mo
Awesome, thanks
rezlwcji1mo
hhaqafeucjccdzlq you may have more answers in #_taxes-us
naramfm6d
hey everyone, does anyone have a contact for a reliable UK accountant?
yaepdg5d
Try looking in contractor uk website . They have lists for accountants that are used to a freelance lifestyle
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