Offshore bank account, yachting work, and tax question

jonoble

I am a British citizen but basically nomadic. I live, work and travel in loads of different places with different employers and jobs. I rarely spend more than 2 months every year in the UK.

I am about to accept a very well paid job on a boat which is constantly on the move and never in the UK. The salary is paid in euros without tax deducted. I only have a UK HSBC bank account at the moment. Does anyone know if I need to pay tax in the UK in my current situation, and what I need to do about it.

The simplest thing would be to get my salary paid into my UK bank account, but if I could avoid tax liabilities by having an offshore bank account I guess I should do that.

I'm not used to being paid lots of money so don't know how to manage this! Help!

NFH

In your situation, I'd open a EUR account in the Channel Islands, but make sure they adhere to the principles of SEPA, particularly for incoming payments, otherwise you'll pay to receive your own money.

jonoble

Hi! Thanks for your reply. I'll investigate the SEPA thingy.