How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4937
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I recently moved to Gibraltar and I am setting up and

Customer Question

Hi there - I recently moved to Gibraltar and I am setting up and registering my company to be self employed. I am due to start work for an international not for profit that will pay me on an international consulting contract and I will need to sort out my own local tax contributions to gibraltar. They prefer to pay me into a UK account as they are not set up for Gibraltar. If they pay me into my bank account in the UK - Cooperative Bank - and I transfer the funds each month to my Gibraltar business bank account, is that legal? Is that considered transferring funds illegally and will I have to pay additional fees/costs for transferring the funds? - Kemi
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your question..

Transferring funds from one bank account into another held by the same person albeit in different countries is legal.

Your bank may require information to support that the movement of funds is in compliance with money laundering regulations.

What you are doing is in effect transferring your disposable earnings.

There should not be additional fees costs other than admin charges levied by the banks.

I hope this is helpful and answers your question.

If you have any other questions ,please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 10 months ago.
Thank you - and so I can tell my client that they can pay me into my UK account under my name and I can transfer funds each month into my business account in Gibraltar and declare those funds my earnings and pay tax on that? What if I was to only transfer part of the money I am paid in my UK account, into my Gibraltar business account? Does that mean that I would only be paying tax on the amount of money that I have transfered and not be paying income tax on the part I have left in the UK? Is that legal? Thanks
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your prompt reply.

Let's separate the issues..

You would be taxed on your income/profit from your business as per local tax rules.

The fact that there is a payment made into your UK bank account and only funds on a needs basis are transferred into the account in Gibraltor is irrelevant.

Non disclosure of income for tax purposes is an offence and subject to fines and penalties if established through enquiries.

I hope this is helpful.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4937
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 10 months ago.
Thank you - that is very helpful - that's all I need.
Expert:  taxadvisor.uk replied 10 months ago.

I thank you for accepting my answer.

Best wishes

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions