Moving business to Ireland

KarmaGarda

I'm looking for advice on a particular situation I am in. I am currently contracting in London through my own LTD company (sole director). I am most likely going to be moving back to Ireland within the next couple of months. But here's the twist... the company I currently have a contract with want to keep it running until the end of the year and allow me to work from Dublin.

So my thoughts are that I keep the UK company open as that's who the contract is with. It also makes it easier admin wise as I don't know how doing UK business with an Irish based company would work. I think I'd just need to maintain an English bank account, but if I ran it through an Irish company I'd have to redo the contract based on a new company and I don't know how they'd feel about it.

If I keep the UK company open I am thinking I can open an Irish "sister/subsidiary" company and somehow move the money over and back or something? And one of the advantages of opening an Irish based company is I get myself on the tax radar, and start getting a credit rating going over here again ASAP (it's been about 10 years since I was in Ireland!)

I guess my question is what are my options? And what's the most tax efficient way to do this? If there's tax benefits to be had from opening up an Irish business and working it that way I'd like to hear about it.

Or is the best option to just leave it all over in the UK until this contract completes? If I start transferring money over to my personal Irish account would this suffice for a credit rating?

Thanks,
Conor.

pedronomix

The primary issue here is your personal tax domicile, if you move here to live then you become liable for tax under the Irish taxation regime. You will need professional advice as to the most efficient corporate setup for your specific case, as the precise detail of your situation renders general advice worthless.

KarmaGarda

Thank you. I'll get in contact with an Irish accountant.

KarmaGarda

So... I spoke to an accountant. Oh my sweet goodness gracious me, the amount of tax I have to pay as contractor over here is nuts!

pedronomix

hence my advice!! Look before you leap!

KarmaGarda

I don't have a choice but Leap as I'm committed... but this will definitely cut my contracting career short.

Maybe I can convince the wife to move to Northern Ireland instead!