What are some good options for a UK resident running a UK limited company, but with no real need to live or work in the UK? In terms of moving, tax residency etc.
50% owner of UK Ltd Company. Just me and business partner.
No huge ties to UK other than being a tax resident. Not property owner, no kids, etc. So I can travel pretty freely.
Would only need to return a few days a year for family stuff.
Should I look into becoming a tax resident somewhere other than the UK? Ltd company needs to be kept as business partner will be staying in the UK.
Ideally I want mainland europe where I can have a base, but travel freely.
Same question!
I’ve done quite a lot of reseach, and it looks like it’s possible to “send yourself abroad” to work abroad - e.g. to do “market research” - for up to 2 years and continue to pay salary from your own company in the UK; but apply for an NT or “Non-Taxed” status. Then, if not staying in any one country long enough for them to start taxing you (usually that means fewer than 183 days), you should be able to go tax free for 2 or even up to 3 years.
BUT - it’s been incredibly hard to validate all the details / or find any pitfalls, as no expert in the UK dares to give “advice”… they just warn against it, quoting the same HMRC guidance that I’ve already read carefully and found it doesn’t actually go against it!
In fact, moving into the UK 20 years ago, the tax offices in both the country I moved from and in the UK accepted without any hassle that neither would tax me for the year I moved, as I hadn’t been in either one for the 183 days! So I know for sure this is / or at least was perfectly doable.
The trouble is just putting together the exact steps to make sure that everything is waterproof.