Advice for Brit living overseas
Options
CheltKat
Posts: 3 Newbie
Hi everyone! I am a British citizen but have been living and working overseas (in the UAE) for the last 6.5 years.
I am thinking about setting up as a sole trader in the UK for a small business idea that I have had. It’s a business consulting (CV’s, interview coaching etc) and transactions would be no more than the 140GBP mark. I anticipate this will be no more than 1- 4 transactions a month but I guess you never know!
I understand that I would need to pay tax on earnings over a certain amount and that’s fine, I would be delighted in fact!
I just wanted to check on expenses, UK liabilities and tax deductibles as this part is a little hazy for me.
- I currently don’t own any property or any assets at all in the UK. But would this affect my non resident status at all and would there be any other costs (other than income tax) that I might be liable for
- if I pay for website set up and other costs (logo design, domain hosting, trade mark in UK) for my UK business from my overseas bank can this be claimed back against the business?
-I do expect to market the business to brits that are here in the UAE. Would I be able to claim back costs for networking events, BNI membership etc that take place outside of the uk even though my sales will be taken through UK PayPal (and corresponding bank business bank account)
- Are there any other considerations I might not have taken into account that might hinder or help me in this journey?
Thanks in advance!
I am thinking about setting up as a sole trader in the UK for a small business idea that I have had. It’s a business consulting (CV’s, interview coaching etc) and transactions would be no more than the 140GBP mark. I anticipate this will be no more than 1- 4 transactions a month but I guess you never know!
I understand that I would need to pay tax on earnings over a certain amount and that’s fine, I would be delighted in fact!
I just wanted to check on expenses, UK liabilities and tax deductibles as this part is a little hazy for me.
- I currently don’t own any property or any assets at all in the UK. But would this affect my non resident status at all and would there be any other costs (other than income tax) that I might be liable for
- if I pay for website set up and other costs (logo design, domain hosting, trade mark in UK) for my UK business from my overseas bank can this be claimed back against the business?
-I do expect to market the business to brits that are here in the UAE. Would I be able to claim back costs for networking events, BNI membership etc that take place outside of the uk even though my sales will be taken through UK PayPal (and corresponding bank business bank account)
- Are there any other considerations I might not have taken into account that might hinder or help me in this journey?
Thanks in advance!
0
Comments
-
....
- Are there any other considerations I might not have taken into account that might hinder or help me in this journey? ...
The fact that you are living in the UAE.
Choosing a UK based host for the website doesn't change your residence. I imagine that the UAE tax authorities would regard your business as being based in the UAE.
I'd say you would be running a UAE business exporting its services to the UK. There would be no UK tax liability.
Oh, hang on. Your target market is "brits that are here in the UAE". Nothing to do with the UK at all, then.
0 -
Hi everyone! I am a British citizen but have been living and working overseas (in the UAE) for the last 6.5 years.
I am thinking about setting up as a sole trader in the UK for a small business idea that I have had. It’s a business consulting (CV’s, interview coaching etc) and transactions would be no more than the 140GBP mark. I anticipate this will be no more than 1- 4 transactions a month but I guess you never know!
I understand that I would need to pay tax on earnings over a certain amount and that’s fine, I would be delighted in fact!
I just wanted to check on expenses, UK liabilities and tax deductibles as this part is a little hazy for me.
- I currently don’t own any property or any assets at all in the UK. But would this affect my non resident status at all and would there be any other costs (other than income tax) that I might be liable for
- if I pay for website set up and other costs (logo design, domain hosting, trade mark in UK) for my UK business from my overseas bank can this be claimed back against the business?
-I do expect to market the business to brits that are here in the UAE. Would I be able to claim back costs for networking events, BNI membership etc that take place outside of the uk even though my sales will be taken through UK PayPal (and corresponding bank business bank account)
- Are there any other considerations I might not have taken into account that might hinder or help me in this journey?
Thanks in advance!
First of all, may I wish you the very berst of luck in your new business venture. SAS obvioulsy thinks there is a market here ...and I'm sure he's wanting to ensure that the business he's invested £0.25mil in will be earning more than £480 per month, let alone £140 pm.
But he was concerned it was a very competitive market already, but he thought the business he invested in had a USP. What's yours?
I'm also confused as to your plans exacyly. Are you planning to return to the UK? In which case you will then be a resident here again
Or are you planning on remaining in the UAE? In which case, how are you planning to set up and run a business in the UK???
Assuming you are returning to the UK, then you can certainly offset your set up costs against profit, either as capital expenditure or expenses depending on the type of expense you incur. Make sure you have receipts.
I see you are planning on marketing in the UAE. Is that your USP? Are there really that many ex-pats in the UAE who are planning on returning to the UK and need your services? I think that would be a very limited market indeed, and you would be lucky to get even 1 per month.
But what do I know???
Anyway, As I said, the best of British luck in your business venture (I think you'll need it
)
Act fast, as the festive season is almost coming to an end for another year.
:xmastree::xmastree::xmastree:0 -
I'd be interested to know how this worked out for you, as I'm planning something similar myself and haven't managed to find any answers!0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards