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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 139
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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I have just secured a contracting role based on the Isle of

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I have just secured a contracting role based on the Isle of Man. Though I am currently resident in the UK I will be moving to the Isle of Man to undertake the role when Covid 19 restrictions are lifted. Until then I am home based on the UK mainland. My question is: am I able to open a limited company in the Isle of Man in order to be paid for this role, and be paid via this Limited Company and be subject to Isle of Man taxation only? The revenue of the Limited company will be generated exclusively from working on an Isle of Man- based project and I will be resident on the Island for over 50% of the Company's tax year, I anticipate

Hi,

I am an advisor at Just Answer and I am happy to assist you.

Yes, you can register a Limited Company in Isle Of Man but you need to discuss this with an accountant in Isle of Man to register the Limited Company in Isle Of Man. You'll be liable to pay Income tax on dividends received from the Income but you can claim relief because of DTR between UK & IOM.

I hope this answers the query.

Regards

HM Accountax

Customer: replied 4 days ago.
The role is a technical/IT role working on behalf of the IoM Health Service
Customer: replied 4 days ago.
Thank you. Lastly, is this still the case if I am a full time resident of the Isle of Man with no main residence elsewhere?

That's another question. Normally, i would request you to raise another question but as goodwill gesture, I'll answer it here.

You’re automatically UK resident if either:

  • you spent 183 or more days in the UK in the tax year
  • your only home was in the UK - you must have owned, rented or lived in it for at least 91 days in total - and you spent at least 30 days there in the tax year.

If you fulfil these either criteria you'll be considered as UK resident.

HM Accountax Ltd and other Tax Specialists are ready to help you