From: "Alec" 
Newsgroups: uk.finance
Subject: Re: UK Residents, Business abroad
Date: Thu, 21 Dec 2006 20:54:00 -0000


"tim....."  wrote in message 
news:4uvu66F1a1l9sU1@mid.individual.net...
>
>  wrote in message 
> news:1166627375.840214.41730@n67g2000cwd.googlegroups.com...
>> Hello,
>>
>> I am a university student and have an issue I can not get around,
>> please can someone help me?
>> =>
>> Imagine this scenario:
>> Jack and Jill are of Spanish Nationality but reside in the UK, where
>> they work in a post office.
>> They both come up with a new idea for selling sunglasses online so they
>>
>> incorporate a Limited Liability Company (LLC) in USA (say Texas for
>> example).
>> What will be the taxes involved in this setup?
>> Jack and Jill already pay Income tax and National Insurance to the UK
>> government for their jobs in the post office.
>> Since the LLC they want to form is in USA, they do not have to pay
>> CORPORATE TAX (which is stipulated in US law for foreign owners). They
>> also do not have to pay income tax to the US government for the same
>> reason.
>> So my question is => will they both have to pay income tax on their
>> earnings from the LLC to the UK government?
>
> If they remit the money back to the UK yes.
>
>
If they are non-UK domiciled, any foreign assets or income not remitted to 
UK are outside the tax net.
They still need to check their tax position carefully in US and in Spain.

Alec