UK Tax for an Ex-pat in Cambodia

Ask us anything. Cambodia Expat's Online has a huge community of long term expats that can answer any question you may have about life in Cambodia. Have some questions you want to ask before you move to Cambodia? Ask them here. Our community can also answer any questions you have about how to find a job or what kind of work is available for expats in Cambodia, whether you're looking for info about Phnom Penh, Siem Reap or anywhere else in the Kingdom. Don't be shy, ask CEO's members anything!
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Thu Jun 12, 2014 4:19 pm

UK Tax for an Ex-pat in Cambodia.

How do you best reduce to a legal minimum your tax while living in Cambodia.

Specific Areas

Tax earned from:

UK property rental
Scenario: Renting property in the UK as a long term investment, with short term rental income. How best reduce/avoid tax on that income

UK Business interests
Scenario: Acting as a consultant to a UK based company, while living in Cambodia. How yo pull over the income in the best way

Savings, including shares
Scenario: Leaving money in savings plans here but is tax still payable if someone lives in SEA

Moving money from UK into Cambodia, the best routes?
Scenario: Having earned money through dealings with UK based companies, what is the best way to get it into my pocket in SEA (Cambodia)

I know these will be very general replies and for detailed information, I shall need a good accountant but I do value the breadth and depth of knowledge poster on CEO have, from both a professional and experiential perspective.
Remember your Karma helps a Wet Child In Wigan !
User avatar
vladimir
The Pun-isher
Posts: 6077
Joined: Mon May 12, 2014 6:51 pm
Reputation: 185
Location: The Kremlin
Russia

Re: UK Tax for an Ex-pat in Cambodia

Post by vladimir » Thu Jun 12, 2014 5:18 pm

Ed, I don't know how much dosh you have, but at a certain point, would it not be better to pay for Cambodian (or other) citizenship if it worked out cheaper?

The only loyalty UK citizens seem to get from the government is the right to be taxed more...
Jesus loves you...Mexico is great, right? ;)
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

Re: UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Thu Jun 12, 2014 5:42 pm

vladimir wrote:Ed, I don't know how much dosh you have, but at a certain point, would it not be better to pay for Cambodian (or other) citizenship if it worked out cheaper?

The only loyalty UK citizens seem to get from the government is the right to be taxed more...
Not for me Vlad, I am returning here in later life ( I hope)
Remember your Karma helps a Wet Child In Wigan !
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

Re: UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Thu Jun 12, 2014 7:55 pm

Not much traffic on here atm, I hope your all OK and not suffering power cuts, Civil Unrest or such like
Remember your Karma helps a Wet Child In Wigan !
User avatar
GMJS-CEO
Expatriate
Posts: 686
Joined: Wed May 21, 2014 10:34 pm
Reputation: 323
United States of America

Re: UK Tax for an Ex-pat in Cambodia

Post by GMJS-CEO » Thu Jun 12, 2014 8:42 pm

I am a CPA but can't speak on the laws of the UK and it seems many of your enquiries require an accountant from the UK or someone who has previously used the services of a UK accountant and lives in Cambodia.
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

Re: UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Thu Jun 12, 2014 8:51 pm

GMJS-CEO wrote:I am a CPA but can't speak on the laws of the UK and it seems many of your enquiries require an accountant from the UK or someone who has previously used the services of a UK accountant and lives in Cambodia.
Yes, that was what I was hoping for. Either an accountant with knowledge of this area or someone who has used and benefited from such a persons advice.
Remember your Karma helps a Wet Child In Wigan !
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

Re: UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Fri Jun 13, 2014 2:21 pm

Come on posties, some of you must have some knowledge of this ?
Remember your Karma helps a Wet Child In Wigan !
User avatar
GMJS-CEO
Expatriate
Posts: 686
Joined: Wed May 21, 2014 10:34 pm
Reputation: 323
United States of America

Re: UK Tax for an Ex-pat in Cambodia

Post by GMJS-CEO » Fri Jun 13, 2014 3:21 pm

For rental and consultancy income which is earned from UK and paid to UK citizen there is likely no legal way to avoid the taxes. For example flowing the money through a Cambodian entity may help you hide the income but is tax evasion and the taxes on payment to foreigners (non UK) may be higher than the personal tax rate.

The money earned from shares in SEA is taxable income as you are taxed on worldwide income.

Transferring money? I have it wired into my ABA account however I am certain cheaper options are available like perhaps WING. To me it doesn't seem worth it to save a few dollars.

I am certain someone else has better info as I know little of UK tax law.
EdinWigan
Expatriate
Posts: 910
Joined: Sat May 17, 2014 6:13 am
Reputation: 1
Great Britain

Re: UK Tax for an Ex-pat in Cambodia

Post by EdinWigan » Fri Jun 13, 2014 3:26 pm

GMJS-CEO wrote:For rental and consultancy income which is earned from UK and paid to UK citizen there is likely no legal way to avoid the taxes. For example flowing the money through a Cambodian entity may help you hide the income but is tax evasion and the taxes on payment to foreigners (non UK) may be higher than the personal tax rate.

The money earned from shares in SEA is taxable income as you are taxed on worldwide income.

Transferring money? I have it wired into my ABA account however I am certain cheaper options are available like perhaps WING. To me it doesn't seem worth it to save a few dollars.

I am certain someone else has better info as I know little of UK tax law.
GMJS, Thanks for this input. I was hoping I could set up a Cambodian based company and, when I am living there do consultancy work for companies worldwide (including the UK) then invoice in the normal ways. The consultancy work would be done from Cambodia and not involve any ( well not many) UK visits. but it seems that might not be a workable option
Remember your Karma helps a Wet Child In Wigan !
User avatar
GMJS-CEO
Expatriate
Posts: 686
Joined: Wed May 21, 2014 10:34 pm
Reputation: 323
United States of America

Re: UK Tax for an Ex-pat in Cambodia

Post by GMJS-CEO » Fri Jun 13, 2014 5:31 pm

I am sure that the UK charges you on worldwide income so at the end of the day you should pay tax on anything that flows into the Cambodian entity to you. Unless of course you illegally do not report it.
Post Reply Previous topicNext topic

Who is online

Users browsing this forum: MarlaMitelman, Whatsupdoc and 134 guests