overseas work. Limited Vs Sole T

[craiglb]

Hi, I'm to this Forum and have read through pages of previous posts with no real answers to my questions, So here goes;

I am currently in talks with a new company regarding a new job. This new job will be based from UK but involves world wide travel.

I have options to go on a self employed or PAYE. Self employed is more attractive due to the increased hourly rate and over seas rate.

So, If I go self employed I have 2 options.. Sole trader under the umbrella scheme which is 20% deductions on all monies paid to me by the new company or form a limited company.

The question I'm really asking is what will be most beneficial? I will only be working for one company so one weekly payment. I will be using my own car and be making regular trips of 600 mile when in the UK.

I will more then probably be working overseas and offshore in various locations for more then 6 months of the year? Does that mean I wont have to pay UK tax or do I have to spend longer out of the UK?

Could I set up a Limited company in a offshore account to lower tax bills?

Due to the nature of the job I will have no fixed address, How would this work as far as tax and the company is set up?

I have an address which I can use as a contact address but that is my girlfriends property and she is a single parent claiming tax credits etc. I would not want to put her under any scrutiny by the tax office.

Apologies for being vague and asking lots of questions.
I am currently online searching for a local accountant but with so many to choose from its difficult. Plus I would like one who has knowledge of the working overseas procedure.

Regards

Craig

[MrPAYE]

That's a lot of questions :eek:

You need proper advice on this. But, just a couple of random thought from me:

1) It doesn't appear that you would break UK residence for tax purposes so you will remain liable to UK taxes.

2) IR35 could well bite if you are operating via a Ltd co, regardless of where the work is done given that you are only working for one company and you even describe it as "a new job".

[craiglb]

Many Thanks for your reply.

Its a new job in terms of I will be leaving a permanent job on PAYE and starting self employed to work for a new company.

I will look into IR35 and understand exactly what it is.

Thankyou.

[craiglb]

After a bit research on IR35 I can see why you termed it as a Bite, A big BITE at that!

Looking at that I would be better going self employed and using the umbrella scheme to pay 20% each month.