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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13915
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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hi i have client has company in the uk but wants to settle

Customer Question

hi i have client has company in the uk but wants to settle in malta could you exlain the tax implication in terms of tax charge in the uk and malta?
Submitted: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.

Hi

 

Thanks for your question


The company would continue to be liable to corporation tax on its profits, and dividends would continue to be liable to the 110% tax credi that the company with holds, but for salary, the client can apply for a NT (No Tax) coding, by completing a form P85 after he leaves the UK, and as long as he will spend at least a full tax year out of the UK, and has no remianing ties in the UK, and meets all the statutory residence tests now in force (since 06/04/2013) then HMRC will honour the issue of this tax code to operate against his salary, allowing him to receive his pay tax free (National Insurance continues to be deducted for the first 52 weeks)

 

See link here re the new statutory tests.

http://www.hmrc.gov.uk/international/rdr3.pdf

 

Thanks

 

Sam