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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have got a business in Mozambique and I would like to

Customer Question

Hi
I have got a business in Mozambique and I would like to set an online payment linked to my uk personal bank account
I am regularly paying taxes in Mozambique so I would like to know if I have would have to pay taxes also in the uk for receiving money there
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. The UK has no exchange controls so sending moneys to here causes no problems. You should warn your UK bank of incoming funds and their source to preclude any money laundering inquiries a large transfer might attract. Unless you are resident for tax purposes in the UK you will be most unlikely to be liable for any UK taxes on these transfers. However, if you earn interest on these deposits then they will be subject to UK taxation, but most deposit takers deduct tax at the basic rate at source. If you are not liable to UK taxation you can give your bank a Form R85 and they will not deduct tax from interest credited. The UK is a big financial centre as you probably know. I do hope that I have been able to set your mind at rest on this matter.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.
Customer: replied 1 year ago.
HiCustomerThanks for your answer
Just one more thing. Sums I would send are from a few hundred dollars to a couple of thousands each time and up to say a maximum of 10-15 thousand USD a month.
What amount would you consider a large transfer?
Expert:  bigduckontax replied 1 year ago.
I would not worry, what constitutes a large transfer is as long as the proverbial piece of string! Once your UK bank has been warned off of transfers they will be able to pacify any money laundering inquiries. You need only tell them once, not every time a transfer is made. Let's face it, a money launderer would not use the same route repeatedly.
Customer: replied 1 year ago.
Perfect! Thank you very much!!
Expert:  bigduckontax replied 1 year ago.
Delighted to have been of assistance.

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