Locum with a company registered in tax haven?

[philly]

Will it be acceptable by multiples and/or agencies to co-operate with a locum who would act on behalf of a company registered in a tax haven? He would not be employed by this company but would act as its owner/director/shareholder.

[lamzee]

You would need to check out the whole "tax residency" thing. Ask your accountant.

[philly]

Thanks. I thought that maybe someone in this forum set up such a company or knows someone who did. Unless there's no escape from the Inland Revenue

[lamzee]

You may have to be resident there 188 days or more. Your accountant will tell you. I work in 2 countries myself--UK and R of I --neither of which are tax havens!

[admin]

Will it be acceptable by multiples and/or agencies to co-operate with a locum who would act on behalf of a company registered in a tax haven? He would not be employed by this company but would act as its owner/director/shareholder.

The best person to ask is Abdul - his ad is at the bottom of the page. Refresh the page if it doesn't come up straight away. He also offers forum members a discount if you use him.

I have a Ltd company that he started for me and can personally vouch for him.

His details are: -

M Abdul Ghani
Chartered Tax Adviser
Principal

Shipleys Tax Consulting
Email mag@shipleystax.com
Tel +44 (0)114 243 6566
Fax +44 (0)114 249 9183

[Panacea]

Will it be acceptable by multiples and/or agencies to co-operate with a locum who would act on behalf of a company registered in a tax haven?

Well, according to personal experience, the answer is "it depends"!

• The agency I have been with for 20 years has been fine with the arrangement. However, they have changed the way they work, and i have other issues with them now, so I cannot recommend them.
• Most of the other agencies I have contacted seem to find this a big problem. As soon as I mention 'offshore', they assume tax-evasion, and the deal fails to be struck.
• Source all your work privately, as I do, and it doesn't seem to be a problem (hospital or retail).

He would not be employed by this company but would act as its owner/director/shareholder.

You need to see a pro. This is one of the most important decisions you will make. Personally, I'm employed by the company. Otherwise, what would the relationship be between the company and the Pharmacy, other than acting as an agency (which attract other regulatory issues).

The thing you will also find is that no-one will agree on the best course of action. 2 years ago, I wished to expand, and form a partnership with a few other pharmacists to offer enhanced clinical services. The incentive for them was an established company, with "offshore benefits". After talking to a *lot* of people (lawyers, chartered tax advisers and accountants), I reached a point where the costs involved in administering the system would be more than the benefit obtained. The plan is currently on hold, though not forgotten...

There are a number of ways forward. It will depend on where you want your company, why you want it there, and what relationship you want. And you need to get used to the idea that people will assume that you are evading tax, even if you're not!

[Panacea]

Oh , and I forgot...
There are very few *tax havens* left, thanks to the OECD.
Jersey/Guernsey/Isle of Man/Eire are not on the list...

Just being pedantic (it matters!)

[Tony Schofield]

Accountants are obliged to inform the IR of anyone working in the UK but claiming they are registered in a "tax haven". If it is at all dodgy they will make your life miserable. The rules are complex and I would imagine that the accountancy fees would not render it worthwhile.

Good luck but expect a lot of hassle with no guarantee you will achieve your aim. (presumably of paying no tax)