UK Residents, Business abroad

[cloutsaris]

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?


Thank you very much in advance, I really appreciate it.
Tracy

 

[tim.....]

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.

tim

 

[Alec]

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