I have an interesting question I was hoping someone could help with...
I run a small company that is newly registered in Singapore.
Revenue (processed through Stripe) is currently deposited in a UK bank account before being transferred out again to Singapore. Due to development requirements, it is a significant time investment for me to change this arrangement (though it is possible).
To help me decide whether to make the investment, I'm wondering... Is there a tax liability, given that this money is essentially 'in transit'?
For clarity, most of the revenue is sourced from the US, where the majority of the customer base is. Therefore, the revenues are not earned in the UK and are not spent in the UK, just sent from a US company to a UK bank account, and then forwarded to Singapore via TransferWise (or a similar service).
Sums are <£10k/m.
Thanks to the community in advance for any thoughts you can provide!
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Where is the company tax resident is probably the question?
You state it is a Singapore registered company ( a place about which I know nothing), where are the directors/shareholders resident? Where does it conduct its activities and how does it make its sales, are there goods involved or services?
Here is an interesting PWC article re the corporation tax considerations vis a vis the UK.
http://www.pwc.com/jg/en/media-article/corporate-tax-residence-article.html
You will of course also need to consider what, if any, requirements re tax will exist in Singapore and possibly the USA.
Vat or similar will also possibly need considered.