UK Affiliates - How do you handle your finances? CCs etc...

xiceni said:
so you're cool with 40% income tax rates?
Click to expand...
Not the point.

However, I don't pay anything close to that. Difference being it's legal.

I would be surprised if the combined total income of everyone spouting nonsense in here is anywhere near $1MM. But hey, go for it.
 


gopher what's your set-up? do you do everything through uk bank accounts or do you have $us accounts set up. also what about credit cards?
 
gopher said:
Not the point.

However, I don't pay anything close to that. Difference being it's legal.

I would be surprised if the combined total income of everyone spouting nonsense in here is anywhere near $1MM. But hey, go for it.
Click to expand...

i'm all for ideas and i'm sure you have a much better knowledge of these things than me, do you have great accountants or what? i'm all for being legit btw
 
Unless you are a non-domiciled resident in the UK or an UK ex-pat living in tax friendly country/territory, forget legit. And even then, you have to have a substantial income for it to actually make sense.
 
I've just opened a USD deposit account with Citibank in the UK- You can post cheques to them and I don't think there's a fee just commisiion, although I've only just opened it and not deposited anything yet. Tried to deposit my first two cheques for 210$ combined with Alliance and Leicester and they wanted £15 per cheque plus commision!!
 
Wow! didnt realise Alliance and Leicester were as bad! What happens when you transfer money say between a Citibank dollar account and an Alliance and Leicester account? do they rape you as bad then?
 
gopher said:
Unless you are a non-domiciled resident in the UK or an UK ex-pat living in tax friendly country/territory, forget legit. And even then, you have to have a substantial income for it to actually make sense.
Click to expand...
so if you aren't non-domiciled but have a substantial income (are we talking over £100k or more?), then its worth doing? or are there other ways?
 
From my previous convos with knowledgable people (year+ ago) it was advised that £200k+ is a good income to have before looking at offshore tax avoidance.
 
EllssD said:
Wow! didnt realise Alliance and Leicester were as bad! What happens when you transfer money say between a Citibank dollar account and an Alliance and Leicester account? do they rape you as bad then?
Click to expand...

I'm not sure TBH, if they do I think I could open another ££ account with Citibank, and transfer funds from the $$ to the ££ account without a fee, and then transfer to A&L. Bit of a ball-ache though. Don't think any charges would be as bad as banking foreign cheques tho.
 
be careful with transferring from $ to £ accounts. None of the banks are observing the forex exchange rate, they charge what the fuck they want even if both of the accounts are with them

I just transferred some cash from my HSBC $ to HSBC £ and they exchanged at 1.67 when the forex is way lower 1.64. I guess they will pocket the difference despite the fact it was an internal transfer within their bank the thieving mother fuckers.
 
If you have a UK Card in £ and pay for things in $ with it, your probably getting a 2.75% fee on top of everything too.
 
Offshore accounts always sound great until you actually have the money to look into one like I did and it scares the shit out of me that they could legally take my money and run. It is not like you can report them when they do because they aren't regulated at all, even if they go under and collapse like many banks then they are not insured up to 250k by FDIC like they are here in the states. It always sounds great to move everything offshore but there are many cons that come along with it too.
 
You must log in or register to reply here.
Top Bottom
Back