Tax return for T1 Entrepreneurs living on independent means

[Alyabdo]

Dear all,
I have a few questions regarding how T1E who bring money from overseas are being treated in relation to tax in the UK. Me and wife are a team and we already invested the 200K by joining an existing limited company business a month ago. We live on our savings earned from overseas before we got the visa. Part of our savings in the UK and part outside. Up till now we have not earned any money in the UK, what is our tax position, do we need to file tax returns and state that income is 0?
One more thing, we have a property which we intend to let in around two months time to get some income which would help us. For paying tax on this income, but do we need to set a different bank account other than our saving (from overseas) to receive the rent on it, and would it be better if we do the letting through establishing a limited company or not?


I would appreciate input and guidance on these issues.
Many thanks.
Aly

[marcnath]

Dear all,
I have a few questions regarding how T1E who bring money from overseas are being treated in relation to tax in the UK. Me and wife are a team and we already invested the 200K by joining an existing limited company business a month ago. We live on our savings earned from overseas before we got the visa. Part of our savings in the UK and part outside. Up till now we have not earned any money in the UK, what is our tax position, do we need to file tax returns and state that income is 0?
One more thing, we have a property which we intend to let in around two months time to get some income which would help us. For paying tax on this income, but do we need to set a different bank account other than our saving (from overseas) to receive the rent on it, and would it be better if we do the letting through establishing a limited company or not?


I would appreciate input and guidance on these issues.
Many thanks.
Aly

None of these are immigration related issues and you should go to a personal tax consultant for the same.

There are a number of issues involved in this that revolve around your domicile status, earnings overseas, etc.

So, it would vary from individual to individual and a general forum advice is not the best place for this discussion.

[Alyabdo]

Thanks.