if im living abroad.(not uk)..can i use an offshore account for monthly income?

Question

can anyone living abroad (not in uk)..use an offshore account to provide a regular monthly income without problems with the uk inland revenue???

thanks in advance

Answer 1

You will still need to declare your income to the inland revenue otherwise it will be considered as tax avoidance. They would consider it as hiding the money from them and you can be fined and/or imprisoned. If in doubt- ask the inland revenue- if they say all is fine then you can do it, but if you don't want to ask them because you think they *might* be interested in taxing your income, then you have to consider your motives here. You have a personal tax allowance anyway...

Answer 2

You should know that offshore accounts are not longer as secret as they have been. Barclays Bank on Isle of Man had to hand over details of all UK citizens who were account holders. The UK authorities cooperate with other tax authorities within the EU so you should not consider offshore accounts beyond the reach of the UK tax man.

Its just a matter of time before other tax authorities and offshore banks do the same.

Answer 3

Yes, as long as you are not resident for tax purposes within the UK, you will not be reported to HMRC for income tax purposes. However, you must be able to prove where the money comes from to comply with Money Laundering Regulations. I live in Spain and am resident for tax purposes there, but have an HSBC International Bank Account in the Isle of Man to which I have funds paid into.

Answer 4

That depends on your employment contract. If your employers will pay into an offshore account, or you transfer to an offshore account, OK
Or if you mean you want to withdraw monthly, then yes, definitely. You can get a cashcard which will work in pretty well any country. Visa is everywhere.

Answer 5

Usually, as long as you do not remit the money back into the UK.

Answer 6

yeah