Overseas Company....UK Directors

Overseas Company....UK Directors

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The Directors are UK domiciled...

Any business to its UK customers are banked in UK bank account and accounted for in Singapore.

No vat is charged to its UK customers.

Directors will pay UK tax on thier income from Company

Any thing wrong in the above..your comments are appreciated

Thanks

SG

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Euan's picture
By Euan MacLennan
06th Mar 2008 13:28

UK branch?
This is an oversea company as defined by s.690A CA 1985, until it becomes an overseas company under s.1044 CA 2006 in 2009. Presumably, it has complied with the requirements set out in the Act to register at Companies House, etc.

If the non-resident company has a fixed place of business in the UK through which its UK business is conducted, it is subject to UK corporation tax on its UK trading profits and must register with the Revenue.

Again, if there is a business establishment in the UK, it will need to register for VAT and charge VAT at the appropriate rate on its supplies in the UK.

If the directors work in the UK, regardless of whether they are resident here for tax purposes, they are certainly subject to UK income tax on their UK salaries. If there is a business establishment in the UK, it must operate PAYE.

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