Comments on: My Afternoon With the Taxman http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/ Backpacking around the world on my income from the internet. Tue, 06 Jan 2009 13:26:07 +0000 http://wordpress.org/?v=2.0.7 by: Kirsty http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1359 Tue, 04 Dec 2007 15:53:16 +0000 http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1359 Thanks Lissie, some food for thought there. I'd be more likely to return to London than Canada. Thanks for mentioning the freelance writer thing... it makes a lot of sense to hunt down an accountant who deals with that sort of thing. Trouble is that I haven't left myself much time. I might try to arrange a meeting the day before I leave but if I can't then I'll have to try to sort something out without a face to face meeting and I've got no idea how that would go over. IM I hear what you're saying but wouldn't I have to pay taxes somewhere? I don't intend on living in a tax haven... or is the idea to just have an account in one and live anywhere but the UK? I don't mind paying taxes anyways, I'm a socialist at heart! The Philip Greens of the world can kiss my Commie arse! ;-) Thanks Lissie, some food for thought there. I’d be more likely to return to London than Canada. Thanks for mentioning the freelance writer thing… it makes a lot of sense to hunt down an accountant who deals with that sort of thing. Trouble is that I haven’t left myself much time. I might try to arrange a meeting the day before I leave but if I can’t then I’ll have to try to sort something out without a face to face meeting and I’ve got no idea how that would go over.

IM I hear what you’re saying but wouldn’t I have to pay taxes somewhere? I don’t intend on living in a tax haven… or is the idea to just have an account in one and live anywhere but the UK? I don’t mind paying taxes anyways, I’m a socialist at heart! The Philip Greens of the world can kiss my Commie arse! ;-)

]]> by: Internet Mama http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1334 Sun, 02 Dec 2007 14:00:07 +0000 http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1334 I'm pretty sure that if you are resident in the UK for 90 days or less per year you DON'T have to pay tax. Even if all your income is paid into a UK bank account. Let's take Philip Green (Retail Magnet of Top Shop, Dorothy Perkins etc.) as an example. His business is based in the UK, yet he lives in Monaco. Do you think he pays UK tax whilst living it up in his tax free haven. I think not! And I have to say, I like his style...;-) I’m pretty sure that if you are resident in the UK for 90 days or less per year you DON’T have to pay tax. Even if all your income is paid into a UK bank account.

Let’s take Philip Green (Retail Magnet of Top Shop, Dorothy Perkins etc.) as an example. His business is based in the UK, yet he lives in Monaco. Do you think he pays UK tax whilst living it up in his tax free haven. I think not!

And I have to say, I like his style…;-)

]]> by: Lissie http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1297 Fri, 30 Nov 2007 08:52:46 +0000 http://www.nerdynomad.com/2007/11/29/my-afternoon-with-the-taxman/#comment-1297 Sounds like a better setup than Australia - the whole sole-trader thing here makes be glad to be a NZ tax resident. Are you going to return to the UK after your trip to China? Or are you going home to Canada? Tax residency rules typically have nothing to do with actual residency too. How long do you have to keep paying UK tax - I have a vague memory that it lapses after a while? Re currency - I don't think you have to convert the currency to STG - if you do then you use the STG rate - otherwise I think you're find the tax dept will issue an "official" rate to convert foreign currencies based on an average exchange rate over the year - thats what NZ does anyway. If you think you are going to have a decent income I think you probably need to take the plunge and get a competant accountant. I suspect the travel expenses are going to be your problem -you are really behaving like a freelance writer or journalist - try to find an accountant who have clients like that. I suspect having a professionally lodged return will lower the risk of being done in a tax audit too Sounds like a better setup than Australia - the whole sole-trader thing here makes be glad to be a NZ tax resident. Are you going to return to the UK after your trip to China? Or are you going home to Canada? Tax residency rules typically have nothing to do with actual residency too. How long do you have to keep paying UK tax - I have a vague memory that it lapses after a while? Re currency - I don’t think you have to convert the currency to STG - if you do then you use the STG rate - otherwise I think you’re find the tax dept will issue an “official” rate to convert foreign currencies based on an average exchange rate over the year - thats what NZ does anyway. If you think you are going to have a decent income I think you probably need to take the plunge and get a competant accountant. I suspect the travel expenses are going to be your problem -you are really behaving like a freelance writer or journalist - try to find an accountant who have clients like that. I suspect having a professionally lodged return will lower the risk of being done in a tax audit too

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