Offshore Banks

HI
You can have my bank account 😉

Try this one

http://www.abbeyinternational.com/

Based in Jersey Channel islands

Currently 5.4% on the instant access account gross

I know there must be a good reason re tax, etc, but why do you go for an offshore bank account? What are the rules – is it not taking money into the UK or something that you don’t pay tax on? Where do you pay the tax in the end? Is this really only appropriate for people living ex-patria?

I read a heap of stuff on the bbc and times regarding the HMRC kicking and fining people "up the waaazooo" for tax unpaid from offshore bank accounts. The armistice ended in the last 4 weeks – I try to live life without disturbing the taxmen as I find it costs me shed loads.

Is there any benefit? PM me please as I am really interested in doing this.

http://www.angloirishbank.co.im/

Based in the Isle of Man, they also have a branch in Dubai.

Currently 5.95% on Sterling instant access accounts and 5.25% on dollars.

So how hard is to actually get some cash in your hand in the UK etc. from the above accounts. Do their current accounts allow you to withdraw cash from high street ATM’s or do you transfer funds into a secondary account?

Cheers guys……

Ok Guys,

Pay your full wages into your off shore account, you have two options A pay the uk taxman on what is actually them or B the bank pays the uk taxman a TOKEN amount to the tax man without revealing your details/amount in the said account, therefore the bank keeps it’s customers and is happy as is the tax many. If I can upload the application form I filled out fr HSBC you will see the to options.

The other way is to pay your wages to off shore account, pay youself enough to cover the bills etc and issue yourself a payslip with tax and ni deductions pay to the revenue. You use your ATM card for all other cash you need. This is also legal by the way.
I just hope it makes sense 😆

Can you quote any references or pointers towards your statement "this is also legal".

As far as I was aware as an employee under UK law you have to pay tax on any earnings, it doesnt matter where in the world you earn them (unless of course you are paying tax on it in another country, i.e. you cannot not pay any tax).

The only advantage in having an offshore account is that the interest is paid gross each month, meaning you have more in your account to earn interest on. At the end of the tax year, you then have to pay the taxman the tax you owe.

The fact the money is not in the UK does not make it tax free. There are few legal tax avoidance schemes but still a few illegal tax evasion ones.

Info on Offshore Banks can be found at http://en.wikipedia.org/wiki/Offshore_bank and http://www.shelteroffshore.com/index.php/offshore/more/offshore_banking_advantage/

Ray,

What about the tax laws for the UK citizens holding a seamans book, working out of the country for 180 days, and for guys not working on rigs as well as divers??