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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Expert Lu Your Own Question
Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 236
Experience:  ACCA Diploma
109074415
Type Your Tax Question Here...
Expert Lu is online now

I have a non residential company in UK and I have a

Customer Question

Hello I have a non residential company in UK and I have a transferwise bank account
JA: Have you talked to a tax professional about this?
Customer: so if I receive a payment from a British bank account, do I have to pay tax for this payment?
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 16 days ago.
Category: Tax
Expert:  Expert Lu replied 16 days ago.
Hello
I am an expert with Just Answer and I am happy to assist you with your question.
I am currently reviewing your question and I will get back to you.
Thank you in advance
Customer: replied 15 days ago.
Okay when can you get me an answer?
Expert:  Expert Lu replied 15 days ago.

Hello , thank  you for your response  , was this payment for the trading of the non residential company? If yes then you would need to pay tax when you are doing your corporation tax return .

I hope that answers your  question.

All the best

Customer: replied 15 days ago.
Okay, and if I receive a payment from outside UK ?
So I don’t pay tax either if the payment from a business in UK?
Expert:  Expert Lu replied 15 days ago.

Please kindly clarify  for me if these payments are for the non resident  company so that I can properly guide you.

Thank you in advance

Customer: replied 15 days ago.
I mean if I am doing a business outside the UK, like if am doing a job for a business in Australia and I receive a payment from this job to this non residential limited company ?
Customer: replied 15 days ago.
I need to know clearly:
When does the UK tax non-resident companies?
Customer: replied 15 days ago.
I am not a resident in UK and my company is non residential company and I don’t have any clients inside UK, all my business is outside UK.
Just I am using my UK trade license to open a transferwise bank account and receive payments on it from outside UK!
So I want to pay tax or no?
Expert:  Expert Lu replied 15 days ago.

OK thank you for the clarification,  if that is the case no you do not pay any tax in the UK .

Customer: replied 15 days ago.
Okay so I pay tax just if I received a payment from a business in the UK?
Expert:  Expert Lu replied 15 days ago.

Yes , you would need to pay tax and due to the double taxation treaty you claim this back as a tax credit in your country of residence.

Customer: replied 15 days ago.
I didn’t understand this point, can you explain more please?
Expert:  Expert Lu replied 15 days ago.

OK,  wanted to explain but seems like your country of residence is Lebanon? There is no double taxation treaty with the UK,  so you will be taxed .

Customer: replied 15 days ago.
I am from Lebanon.
As long as all my income is from outside the UK and no source of income is from UK.
Do I have to send the detailed annual clarification to the government (tax return), or no need as long as all the income is from abroad?
Expert:  Expert Lu replied 15 days ago.

No need to send to send anything .