Hi everyone! I’m looking into moving to Cyprus as a sole trader with non-dom status and I’m currently working out the details. My sources of income are webdesign and trading cryptocurrency and I’m thinking about using an UK Ltd to receive my profits in dividends.
Since I have no experience with an Ltd, many questions arise! I hope you can answer some of them:
- When I have a UK Ltd but live in Cyprus (non resident in UK) I don’t have to pay social security or corporate tax in the UK, correct?
- When I have UK customers, I do have to pay tax on those profits, correct?
- Can I pay ALL profits from the UK Ltd to myself in dividends or do I need to pay myself a wage too?
- The full accounting for the Ltd would happen in the UK, correct?
- I will also need an accountant in Cyprus for the amount I invoice the Ltd as a sole trader, correct?
- The UK does not impose taxes on outgoing dividends, correct?
Thanks in advance!