Offshore banking advice

[jordan99b4]

Hi,

I've currently changed to contracting for a UK based company that I used to work full time for before. Due to the nature of my work I can work from anywhere with an internet connection so I am planning and indeed practicing being out of the UK for over 9 months of the year (changing country every couple of months or so) to claim non-residency and tax free status.

However I currently only have a UK bank account and if I have my money is paid into this I believe it will be liable for tax? I'm desperately trying to find out how to quickly open an offshore account but all the information I have googled for and read hasn't really been that helpful.

Also initially I don't have a large sum of money to deposit although I could get a loan but really I would rather not. I'm not a big financial institution (We are talking about ~£74k a year) so lots of the options I have seen don't suit me.

There must be some people out there in a similar situation that have found a workable solution?

[MrSwirl]

You'd be better asking this in a contractors forum, rather than a crafting one!

Try http://www.contractoruk.com and see if they can help you over there.

Wherever you are resident, you will pay tax on your income, whether you earned it there or not - for example, living in the UK (for tax purposes), working in Germany will incur UK taxes, although there may be a reciprocal arrangement with the UK to offset some of the tax paid overseas.

As I said - try a contractors forum, where someone may be able to help you out.