Hello,
I am thinking of starting a business in Gibraltar. Let's call this company MYCOMPANY.
The setup would the following:
MYCOMPANY would be registered in Gibraltar as well as the bank account of MYCOMPANY.
I (the director) would still live in the UK having a full time job for another company.
MYCOMPANY would sell goods from Gibraltar that are virtual goods: like ebooks, online video games etc ...
MYCOMPANY would be paid via paypal who would be linked to MYCOMPANY gibraltar bank account.
MYCOMPANY do sell internationally and do not target any particular country.
Now let's assume that MYCOMPANY is at profit at the end of year 1, with a £20k profit.
As the revenues is being generated from Gibraltar but me (the director) is living in the UK, I wonder if I will have to pay tax on those £20k in the UK ??? Will I have to declare anything to HMRC?
PS: Please note that I have no intention of getting a salary out of MYCOMPANY, neither any dividend... the money generated by MYCOMPANY would stay in gibraltar in MYCOMPANY bank account.
As a secondary question, what if the company is very successful and was selling so much goods to the UK (or any EU country) that the amount being sold was above the VAT threshold. Will the company has to pay VAT on those? (I would think yes)
Thanks all for your help on this question
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