Sep
What Documents Do You Need On The Road?
Living as a LIP and not having a cosy little home office complete with filing cabinets or in some cases piles of paperwork strewn across your desk, requires you to carry all your important documents with you.
Some of the key, one-off documents we leave at ‘home’ with relatives or locked away in our storage room. The following ones however, come with us, both as hard documents & scanned copies on our laptops…
Travel-related documents - passports, tickets, boarding passes, a print-out of all our itineraries, a print-out of our travel insurance, driving licences and photocopies of everything.
Business-related documents - such as the bearer shares for our corporation and a copy of the certificate of incorporation.
Property & Possessions-related documents - like receipts for our laptops, Camcorder, Ipod, Camera and anything else of value so we can prove we don’t need to pay duty on anything whenever we return to the UK for a visit.
I’ll be listing a whole lot more in the Facebook group, Lip Living, so join me there for the full list…
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I have a question about the Corporation status. We incorporated early last year in anticipation of developing our business. I know that there are many tax advantages and leagal advantages to incorporating.
What advatages are there in incorporating and traveling, or is it just beneficial to the business?
Coach Kip
Hi Coach Kip - thanks for the question.
We incorporated “offshore” which means that as we’re now also non-residents of the UK, we don’t pay UK tax for any income earned through our corporation. Because of the location we also incorporated in, as long as we’re also not earning money from within that country (even if we stay there), we don’t pay tax there either.
However, I’m not a tax expert (and esp. not about US tax matters - altho I do know you pay tax on worldwide earnings), so you’d be better speaking to a professional about this - an international tax expert should be able to help with questions about travel etc. or even just ask your accountant in the first instance…
Lea