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Set Up business in UK or Ireland

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  • 23-12-2013 2:22pm
    #1
    pavb2
    Registered Users Posts: 2,993 ✭✭✭


    Hi all I'm UK PAYE and living in the in UK for the past 7 months travelling back home to Ireland whenever I get a chance. I want to continue in my line of work Mechanical Engineering Consultancy but become a sub contractor to my current employer. So I'm basically selling my time and experience, no employees or materials etc.

    This would give me more flexibility and I think I can increase income by being more efficient also I'm paying about £650 rent on an apartment in the UK which I intend to keep on and have a UK bank account.

    I want to put this proposal to my company and want to make things as easy as possible for them to agree. So things such as invoicing would be in £ not € I can appoint another UK director to comply with legislation if I set up a UK company.

    I'm clear in that I want to set up a limited company but should I set this company up in UK or Ireland. What are the advantages,disadvantages and relative merits of either option?

    Any advice much appreciated.


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    #2
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    In the uk you can get tax efficiency via dividends.

    Note that you are personally tax resident in the uk, so will pay uk income tax either way.

    Regarding foreign exchange:
    It helps to agree a fixed rate with the customer. Say £1 : e1.15. Then you can bill them in euros, and include a note mentioning the agreed sterling amount. This removes fx risk from the customer, but transfers it to you. However the rate could move in your favour, as well as against you.

    Also note: www.midpoint.com - best broker, no spread.

    Regarding other efficiencies:
    You can claim more taxfree expenses if you are doing business trips abroad, however this is not the case if you are already resident in the UK.


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