Answereda year ago
What are the best recommendations for accountants experienced with digital nomads?
Hey looking for recommendations for a decent Accountant that has experience with Digital Nomads.
I’m a UK registered sole trader working 100% online, but also looking to register my business in another country with better tax rates/benefits if anybody has any knowledge on the matter. Thanks!
I’m a UK registered sole trader working 100% online, but also looking to register my business in another country with better tax rates/benefits if anybody has any knowledge on the matter. Thanks!
Answer summary
A UK-based sole trader seeks recommendations for an accountant familiar with the needs of digital nomads and advice on registering their business in a country with favorable tax benefits. Comments include suggestions of firms like JHPCA and Wanderers Wealth, discussions about setting up a US LLC in Wyoming due to its 0% tax rate, and the importance of finding tax and legal restructuring experts. Several contributors also share insights on where and how taxes are applicable based on business operations.
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Anonymous ******************
Set up the business in Wyoming is a good idea, personal income tax would be payable in the country where you reside for 180 days, if you’re living in Thailand, as long as you don’t repatriate the money here you will not pay tax on it.
The only hard thing I found about setting up a company in USA is getting the ITIN number as a foreigner which you will require for payment processors
The only hard thing I found about setting up a company in USA is getting the ITIN number as a foreigner which you will require for payment processors
Anonymous ******************
Check out
@Wanderers *******
Craig *********
You’ll need to file a P85 . JHPCA.co.uk (say I sent you)
Danny *******
You need someone who understands tax and legal restructuring not an accountant. If you need someone introducing in Thailand I have a few people in my network who have helped me
Dom ********
Isle of Man 🇮🇲
Don *******
US setup. LLC. Wyoming. $1500 a year to do the paperwork. 0% tax
Eren **********
@Don ******
1500$ ? lol, it is a bit too much.Don *******
@Eren *********
a year.Don *******
@Eren *********
they act as comp sec and accountant. Mail forwarding / scanned included. 1500 is all in a year. It wouldn’t make sense if you make 10K a year of course. The more you make the more it makes sense 🙂↕️Eren **********
@Don ******
what's included in the price ?John **********
@Don ******
as I understand the way LLCs work is that they operate on a pass through tax system. So tax responsibility remains personally with the partners in any LLCDon *******
@John *********
how I understood it, is that if you’re a foreigner and not located in the US (residency) it’s a tax free system. Setting mine up next month - already paid the consultancy fee for the 30 min chat.John **********
Anonymous participant sorry about that. The thing about pass through income just means the LLC doesn't pay tax, the partners in the LLC pay personal tax as per whatever tax rules apply to them
Anonymous *************
OP@John *********
you’ve just confused me even more. Anyone currently doing this able to discuss or give a bit more info? I know many lads doing it and have no issues with ‘pass through income’ otherwise nobody would do it.John **********
@Don ******
I just used the UK as an example to be honest. The point I was trying to make was that it would be highly unusual for someone not to be tax resident somewhere and the rules of that somewhere would apply along with rules of country of origin. I've been trying to keep it general, perhaps unsuccessfully, as without detailed information its impossible to be specific. The only established point seems to be that LLCs allow pass through income which then becomes the responsibility of the partner(s) in the LLCDon *******
@John *********
never said you should bring it into an UK bank account; now that HMRC is chasing down everyone. I know of someone who has residency in PH but haven’t been back for years. Wise and revolut setup. Hasn’t paid taxes on the X figs a year income and the person has done it all by the books. There are many ways to reduce income tax. I was merely answering the OP without the assumption that they’re in the UK.
People can either research and do the job themselves or pay the dude on YouTube 6000 GBP for a setup.
John **********
@Don ******
the UK is kind of similar with some additional hoops to jump through. But not being a tax resident does not mean not paying tax on earned income brought into the UKDon *******
@John *********
I have no clue on the legal process for the UK as I didn’t get any “divorce bill” from the country in which I’m no longer a tax paying resident at. As far as I’m aware, only the US will chase you down to the end of the world for unpaid taxes. All I had to do was inform them (the eu country) that I’m leaving and will no longer be spending an excess of 180 days within, which is the right course of action. I get my VAT back when I fly out of the EU 😎John **********
@Don ******
do you know how much it costs to be non-dom in the UK lol. If you move it to Revolut/Wise it would depend where these accounts are based. I'm no longer tax resident in the UK but even so income brought into the UK is still taxable in the UK, even as a Non-dom this holds true. As to making payments again it would depend where made. Its a murky scenario at bestDon *******
@John *********
you become non-dom in the UK. I hold an EU passport; not tax resident in that country. I am however a tax resident in another Asian country. The funds come to your US fintech bank account. Where you move it to can be a tax liability. Many move it to their revolut/wise account. You can also make the bigger payments from your US account.
John **********
@Don ******
it might be tax free as far as the US is concerned but it won't be tax free anywhere else. I don't know where you are from but just say for example you run your business through the LLC but the funds generated by it come to your bank account in the UK. As far as the UK is concerned that is income and therefore tax is due.Anonymous ******************
Following… as we move to true global economics… I’m keen to consult someone who is already navigating taxes/duties.. I’m a patent owner and though I know I could license design and rid of much responsibility , I’m interested in being involved in as much as process to maintain quality and vision … my product will have a fixed production cost, variable depending on materials and added with collaborations with various artisans for techniques… where would one be taxed, where you register business, where you produce or where sold.. or all of the above? TIA
Kool *******
Anonymous participant 825 usually you pay taxes in your passport country, or the country the product is actually sold in, and in some situations in both.
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