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Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
Did you originally live in the UK?
Yes it does, but you have not answered my original request for information.
Right, when you left the UK for HK did you complete a Form P85 and send it to the Inland Revenue as it was then.
Belt and braces, do so immediately quoting your original departure date. Fortunately there is no time limit as to its submission, it is available on the web and can be filed on line. You will find dealing with HMRC much easier if you comply. You advise HMRC of your return by letter post the P85.
If the company is going to pay you then such emoluments must be through PAYE channels with tax and NI contributions deducted. That will clear the a) hurdle.
b) If you are paid through payroll income Tax and National Insurance are deducted at source and you are paid net. The salary plus deductions are allowable against the company in the Corporation Tax computation. If you are paid through dividends these do not count against the company. You can earn up to 2K per tax year tax free through dividends.
c) You would, but as HK has no Income Tax regime there ia no need to invoke the Double Taxation Treaty between the two countries.
I do hope that you have found my reply of assistance.
It is always a good idea to go through the P85 process otherwise HMRC may try to tax your HK earnings.
You can set up a company through one of the numerous company formation agents, just shop around on the web.
It is always a good idea to get the P85 out of the way.
The basic rate in the OL is at 20%. You dod have a oersonal allowance of 11850 to offset that. You would be resident from the date of arrival in the UK.
For starters, yes.
Yes that is how it would start.
Thank you. It is presence, not what you are doing which is relevant to residency.
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You complete a P85 every time you leave the UK to be on the safe side..
Please don't forget my rating.
Post to clear my question list on;e.
Easier to re-activate the dormant company.
My answer assumed that the dormant company was an UK company.
Why not just start an UK company, makes it easy for everybody.
No, to run an UK company you can do it yourself, lots of people do.
Companies are taxed at a flat rate of 19% tax.
At the outside half an hour. Most company formation companies offer a Registered Office facility too.
Please don't forget to rate me before you begin thinking!
Thank you for your support.