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We have a villa rental company in Greece, we are registered…

We have a villa rental...
We have a villa rental company in Greece, we are registered there, submit all our accounts and pay tax there, but many of our clients don't like to transfer their rental money to Greece, and would prefer to pay into a uk bank account. If I let people pay their rentals into my uk bank account, and continue to submit rental income and pay tax in Greece, do I have to pay tax in uk on whatever is paid in the uk also?
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Answered in 1 minute by:
4/1/2013
TaxVince
TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 972
Experience: Chartered Accountant >20 years + Qualified IFA
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MamaTax :

Hi Its MamaTax Here!

MamaTax :

Thanks for the question.

MamaTax :

Does the Greece Villa company have a UK bank account ? or you are planning to use one of the related company bank account in UK

Customer: No the greek company does not have official bank Acc it is my personal account .
MamaTax :

Just to clarify then, the customers will be depositing money in your personal account and you then transfer to Greece bank account?

Customer: Yes if necessary for expenses in Greece, or it just stays in uk as savings. We have clients from all over Europe and russia and the Europeans pay into Greece with no problem but many of the uk clients are not happy with Greece and prefer to pay in £ in a uk account.
MamaTax :

Ok. Thats fine as you properly account for the funds as client monies and you maintain the transactions in the accounts as such. There are no tax implications in UK as long as you have proper paper trail. However as already know, its easier and cleaner to put business money in business bank accounts rather than mixing them up with personal transactions. It might be worthy for the company to open a UK bank account and that way you are not likely to have any issues.

Customer: Thanks for that, so we don't need to register for tax in uk, open company, submit accounts etc. as we already do that in Greece - all guests are registered in 'door' book on arrival, they pay in advance, they get official receipts, its just that some of the income is paid in uk, although. It is contained in our greek accounts. If we opened a company account here wouldn't that mean submitting effectively dupicate accounting for full ds already accounted in Greece?
Customer: Sorry typo. For . Full ds read funds
MamaTax :

As long as there is no trade going on UK there shouldnt be any issues with UK tax here. You dont have to open a bank account for the company if the personal account is working ok. Just as a clarification you can open an offshore company bank account without registering the company here in UK.

Customer: I have one in jersey with rbs but they told me I should not use it to receive rental payments, but then did not say what I was supposed to use it for.
MamaTax :

Is the account in the name of the Greece company? or personal

MamaTax :

i mean the Jersey account?

Customer: Personal
MamaTax :

ok - i see. If its personal then I would understand why Jersey is not interested in banking rental funds there as there a number of implications if you are using an offshore bank account that is in personal name. What i meants is to open an account in the name of the Greece company. But again its not worth the effort if the personal account is working..

MamaTax :

It would also be worth chatting with you bank in advance as they may raise some flags once they see drastic increase in volume of transactions & amounts.

MamaTax :

This is just for bank regulations on say - money laundering, etc

Customer: No, I think you are correct, and it seems we are ok as we are. Thank you for your opinion, I was checking as we advertise with a couple of rental websites who now offer secure card payments which are then remitted to a uk bank account, which means that rather more money could potentially be paid in the uk, even though as always the income will be declared in Greece, and tax paid there.
MamaTax :

Agreed.

Let me know if you have any further comments. If sorted could you please rate the question.

Thanks

Customer: Ok will,do many thanks
TaxVince
TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 972
Experience: Chartered Accountant >20 years + Qualified IFA
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