jen-c
Joined: 8/5/2023
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RE: Self Employed Income From My Co-Owned Overseas Company
Hi HMRC, thanks for the reply So to confirm: - I am a co-owner of NZ company, (let’s say) J - I have no employment contract with J - In my 2022/23 bank statement, I have income from J and my co-owner, X - Despite holding shares in J, and X marked as a co-owner of J, I can treat this as self-employed income? Just wanted to double check. Thanks! -
RE: Self Employed Income From My Co-Owned Overseas Company
* I have since done some reading on this and will proceed to treat this as a dividend or loan (and look into setting up a PAYE system in the future). -
Self Employed Income From My Co-Owned Overseas Company
Hello, My scenario: - I live in the UK - I co-own a NZ-based company which I hold shares for - I do not have an employment contract with my company (not an employee) - I am billing my company for the work I am doing (software development) as a self-employed entity - Similar to this post - https://community.hmrc.gov.uk/customerforums/sa/8fd68558-2ced-ed11-913a-00155d974e5f - my income has been paid by my company to me via bank transfers in GBP - Similar to that linked post, I assumed I would treat my income as self employed income - My accountant is telling me if I was not employed, it is necessary to submit this information as a foreign dividend - I have not been classing those payments as dividends because: a. my company has not paid out shares to shareholders b. this money is for my software development work c. this money is not payment because of company-profits Am I right to say this should be self-employed income and not foreign dividends?