Child support and a new business

Cypruseast

Hi I am looking some advice and thoughts. Can anyone advise if I open a new business in a different country in the EU whether any profits or salary that I take from this business are taken into consideration when it comes to child support payments in the UK. I am not trying to dodge any payments, I pay handsomely already from my current UK salary but just trying to understand if any Euro earnings are taken into consideration as well when it comes to child support payments. 

Many thanks in advance.

sheramber

Will you b living in the other country or still living in UK . 

Cypruseast

sheramber said:

Will you b living in the other country or still living in UK . 

I will still be living in the UK.

thorsoak

So it will be income that you have to declare to HMRC, and therefore may well be taken into account for child maintenance, I would imagine.

onwards&upwards

Don't you want your child to benefit from any success you have in this new venture?

Cypruseast

onwards&upwards said:

Don't you want your child to benefit from any success you have in this new venture?

Yes. I do ensure she benefits by paying my monthly support payment without fail and by contributing every month to a Child Trust Fund that I set up for her 10 years ago. Maybe this will allow me to contribute even more. 

As I said I didn’t say I wasn’t not going to contribute more in terms of child support. I’m just trying to get my head around many things such as income tax in two jurisdictions and child support payments to ensure I make the right decisions and understand the implications of what is not an insignificant investment in money and time.  

thorsoak

Instead of asking on an internet forum, I would advise that you look at the HMRC website - and possibly consult a tax accountant.    

Cypruseast

thorsoak said:

Instead of asking on an internet forum, I would advise that you look at the HMRC website - and possibly consult a tax accountant.    

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