How to locate the best accountant for me.

[Michaeldon]

I'm in Panama and I'm looking for someone to set up a UK company In order to use stripe to take payments from an app in the Android store.

As far as I can see, because I'm living abroad, there would be no tax payable in the UK. but I also understand that I need an accountant who knows how to write my general meetings And resolutions properly so that I don't shoot myself in the foot and end up paying UK tax.

If I understand it right, I should be looking for a chartered accountant? There must be tens of thousands of those in the UK. How would I go about finding someone who's going to do me the minimum effective job for a decent price?

I'm not really looking for tax advice. I understand my position fairly well. I just need someone to do the job without making a mistake.

I'm not sure of the rules of the forum here. I guess I'm probably not allowed to ask for a personal recommendation?

Are there any websites where I can compare accountants like I could compare apps or doctors and see what people think of them? Apart from Google Maps, of course. I don't think Google Maps is very useful because it's limited to one area. And I don't really care where the accountant lives because I don't live in the UK.

 

[Frank the Insurance guy]

How much are you budgeting for this? You need an experience international accounting firm - someone who is used to this sort of thing - take a look at https://www.vistra.com/finance-accounting-administration

They won't be cheap!

 

[fisicx]

If the company is registered in the UK you will be paying corporation tax in the UK plus the accountants fees and all other dues. Unless your android app is going to make a lot of money it’s not going to be worth all the effort.

 

[MyAccountantOnline]

I'm in Panama and I'm looking for someone to set up a UK company In order to use stripe to take payments from an app in the Android store.

As far as I can see, because I'm living abroad, there would be no tax payable in the UK. but I also understand that I need an accountant who knows how to write my general meetings And resolutions properly so that I don't shoot myself in the foot and end up paying UK tax.

If I understand it right, I should be looking for a chartered accountant? There must be tens of thousands of those in the UK. How would I go about finding someone who's going to do me the minimum effective job for a decent price?

I'm not really looking for tax advice. I understand my position fairly well. I just need someone to do the job without making a mistake.

I'm not sure of the rules of the forum here. I guess I'm probably not allowed to ask for a personal recommendation?

Are there any websites where I can compare accountants like I could compare apps or doctors and see what people think of them? Apart from Google Maps, of course. I don't think Google Maps is very useful because it's limited to one area. And I don't really care where the accountant lives because I don't live in the UK.

You can ask for recommendations here.

I dont know of any specific firms who can help (and I'm not recommending myself as I dont specialise in acting for overseas clients) but hopefully someone here can help.

I'm not aware of any specific websites which will help you. Most of the professional bodies have lists of members but I believe you search based on location.

 

[Michaeldon]

If the company is registered in the UK you will be paying corporation tax in the UK plus the accountants fees and all other dues. Unless your android app is going to make a lot of money it’s not going to be worth all the effort.

Thanks for replying. As far as I understand it, there is something called a place of effective management rule. Because I live in Panama, the effective place of management would be Panama. And this means that the company would be a non-resident corporation.

 

[fisicx]

You need to get proper financial advice about this. Accountants that can help with this will likely cost more than you will make from your app.

And don’t forget, you will need a UK address to where important documents can be sent and have a company representative present to accept these documents.

And you may struggle to get a UK business bank account without being resident.

 

[Michaeldon]

You need to get proper financial advice about this. Accountants that can help with this will likely cost more than you will make from your app.

And don’t forget, you will need a UK address to where important documents can be sent and have a company representative present to accept these documents.

And you may struggle to get a UK business bank account without being resident.

that's exactly why I'm here I'm trying to work out what it will cost to get that advice. In Panama, I'm going to pay 10% just in merchant fees before I even start paying the local tax here. If I can do it right in the UK, I shouldn't pay any tax there. And I can work with a wise bank account and I will pay about 3%.

 

[fisicx]

Maybe so, but your accountancy fees could be £1000+ each year plus the costs of running the business (eg banks fees).

These a specialist services so unlikely to be anything most members here could help with.

 

[Michaeldon]

Maybe so, but your accountancy fees could be £1000+ each year plus the costs of running the business (eg banks fees).

These a specialist services so unlikely to be anything most members here could help with.

Okay, I thought you were implying accounting costs of tens of thousands when you were telling me the accountant would cost more than I can earn from my app. The truth is the app could flop completely, but it may well earn hundreds of thousands.

I don't want to spend 10,000 on advice. But on the other hand, I could potentially be leaving a lot of money on the table if I don't set up a company.

 

[fisicx]

Why do you need to set up a company in the UK?

Getting everything set up could cost thousands.

And whilst the app could earn thousands it probably won’t. Why not just launch the freebie and see if it gets any traction.

 

[Paul Kelly ICHYB]

I'm going to pay 10% just in merchant fees before I even start paying the local tax here

If you set the business up in the UK, you set up a UK Stripe account that will be under 2%

 

[Michaeldon]

Why do you need to set up a company in the UK?

Getting everything set up could cost thousands.

And whilst the app could earn thousands it probably won’t. Why not just launch the freebie and see if it gets any traction.

The primary reason for setting up the company in the UK is to get access to Stripe.

Yes, I was thinking about just launching the app and taking the money directly to my personal account, but that has its own risks. I would probably end up with a 35% tax bill in Panama and then I might even have to fight a 30% withholding tax from the US on any US sales. There would be nothing left for me.

 

[Banksbroo]

And when Stripe work out you aren't actually based in the UK and freeze your account, and the UK accountant stops acting for you due to to AML concerns, will you also be looking for a UK solicitor to help you out?

 

[Michaeldon]

And when Stripe work out you aren't actually based in the UK and freeze your account, and the UK accountant stops acting for you due to to AML concerns, will you also be looking for a UK solicitor to help you out?

I'm pretty sure I would have to declare the UBO at the beginning, when I set up the account so they would know that from the outset.

I only know what I've read, but as I understand it, I can set up an account with Wise, with a UK company and a Mail Service, based in the UK So long as I can provide notorised proof of my address in Panama.

The other option is to set up a US LLC.

 

[fisicx]

I think you will find it’s a little more complicated than that. The rules have changed to prevent the sort of arrangement you describe.

The key is to have a proper uk address not just a mailing address. And wise will expect a proper uk address.

This means you may need your UK accountant to be a director of the company, pay them dividends and corporation tax.

A US LLC may be a better option.

 

[Michaeldon]

I think you will find it’s a little more complicated than that. The rules have changed to prevent the sort of arrangement you describe.

The key is to have a proper uk address not just a mailing address. And wise will expect a proper uk address.

This means you may need your UK accountant to be a director of the company, pay them dividends and corporation tax.

A US LLC may be a better option.

Right, thanks for all your feedback. You probably saved me a lot of headaches. Thank you very much.

 

[Paul Kelly ICHYB]

I have a couple companies registered with these people. The offer a setup service for non UK resident.

MYCO Formations | Fast & Easy UK Company Formation Online

Start your UK company with MYCO Formations. Choose from 4 affordable packages for fast, reliable, and hassle-free company formations.

www.mycoformations.co.uk

It isn't cheap (compared to a standard set up) but might work for you.

 

[syedsheraz]

I'm in Panama and I'm looking for someone to set up a UK company In order to use stripe to take payments from an app in the Android store.

As far as I can see, because I'm living abroad, there would be no tax payable in the UK. but I also understand that I need an accountant who knows how to write my general meetings And resolutions properly so that I don't shoot myself in the foot and end up paying UK tax.

If I understand it right, I should be looking for a chartered accountant? There must be tens of thousands of those in the UK. How would I go about finding someone who's going to do me the minimum effective job for a decent price?

I'm not really looking for tax advice. I understand my position fairly well. I just need someone to do the job without making a mistake.

I'm not sure of the rules of the forum here. I guess I'm probably not allowed to ask for a personal recommendation?

Are there any websites where I can compare accountants like I could compare apps or doctors and see what people think of them? Apart from Google Maps, of course. I don't think Google Maps is very useful because it's limited to one area. And I don't really care where the accountant lives because I don't live in the UK.

You’re right that, as a non-resident, you generally wouldn’t have UK personal tax liability, but it’s important that the company is set up correctly. A UK chartered accountant (ACA/ACCA qualified) with experience in non-resident directors can handle company formation, general meetings, and resolutions properly.
You can find qualified accountants through ICAEW or ACCA directories, or via specialist firms that manage non-resident UK companies. Make sure they offer transparent fees and can ensure compliance without mistakes.