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As a British citizen I admire his interest to operate the business domestically within the UK (and thus create UK tax nexus), but given the nature of the busine

by dotBen 13y ago

As a British citizen I admire his interest to operate the business domestically within the UK (and thus create UK tax nexus), but given the nature of the business and the run-around he's unsurprisingly receiving, I'm surprised he doesn't/didn't incorporate the business off-shore in the Caymens/Luxembourg/etc. You can still operate it from within the UK, especially if you have the proof from HMRC (UK IRS) that it's not illegal practice, etc.

TomGullen 13y ago
I did consider it. But my first exercise was to attempt to do things in what I consider to be the right way, open and upfront. For example the business name was "bitcoin anchor ltd" when I was repeatedly advised to name it something else to subvert bank flags. I wanted to see what resistance I would run into and I could see no compelling reason why I shouldn't be able to do this. As events unfolded (slowly) I've become more interested In working to level the playing field instead rather than running a second business that would require far more investment in time than it would if I was as to operate wholly in the uk. Don't mistake this for lack of drive, I have obligations to my current business which take priority.
- yapcguy 13y ago
  The banks are committed to fighting fraud? What a joke. Any letter to the banks should inculde a list of all their recent scams and fraud, from interest rate rigging, to mis-selling of products, along with the penalties they've paid.
  - madaxe 13y ago
    Fighting fraud which loses them money. Fraud which makes them money is fine, because it's not fraud, it's "for your convenience".
- madaxe 13y ago
  The UK is sadly becoming increasingly like defective ex-soviet states, where doing things in the "right, open and upfront" way is no longer possible, as one is actively punished for honesty. Had a fascinating chat with a Latvian chap who was telling me how literally every business in the country keeps two sets of books.
- seabee 13y ago
  > when I was repeatedly advised to name it something else to subvert bank flags I presume it wasn't the banks who advised you about this - I wonder how many people know about the situation with Bitcoin? Regardless, good on you for trying to level the playing field. Judging by nearly every issue of Private Eye recently we need a bit of help cleaning up financial services here.
GigabyteCoin 13y ago
I think thi post is meant to serve as more of a warning to to the U.K. government than a venting of frustration. If the OP does indeed have a valid business plan I am sure that he will implement it in other regions if he hasn't dont so already.
- TomGullen 13y ago
  Yes exactly. My opening point to Dr Cable is that the UK stands to lose a lot in the future if they don't position themselves early on and support startups in this space.

by dotBen 13y ago

TomGullen 13y ago

I did consider it. But my first exercise was to attempt to do things in what I consider to be the right way, open and upfront. For example the business name was "bitcoin anchor ltd" when I was repeatedly advised to name it something else to subvert bank flags. I wanted to see what resistance I would run into and I could see no compelling reason why I shouldn't be able to do this. As events unfolded (slowly) I've become more interested In working to level the playing field instead rather than running a second business that would require far more investment in time than it would if I was as to operate wholly in the uk. Don't mistake this for lack of drive, I have obligations to my current business which take priority.

yapcguy 13y ago
The banks are committed to fighting fraud? What a joke. Any letter to the banks should inculde a list of all their recent scams and fraud, from interest rate rigging, to mis-selling of products, along with the penalties they've paid.
- madaxe 13y ago
  Fighting fraud which loses them money. Fraud which makes them money is fine, because it's not fraud, it's "for your convenience".
madaxe 13y ago
The UK is sadly becoming increasingly like defective ex-soviet states, where doing things in the "right, open and upfront" way is no longer possible, as one is actively punished for honesty. Had a fascinating chat with a Latvian chap who was telling me how literally every business in the country keeps two sets of books.
seabee 13y ago
> when I was repeatedly advised to name it something else to subvert bank flags I presume it wasn't the banks who advised you about this - I wonder how many people know about the situation with Bitcoin? Regardless, good on you for trying to level the playing field. Judging by nearly every issue of Private Eye recently we need a bit of help cleaning up financial services here.

GigabyteCoin 13y ago

I think thi post is meant to serve as more of a warning to to the U.K. government than a venting of frustration. If the OP does indeed have a valid business plan I am sure that he will implement it in other regions if he hasn't dont so already.

TomGullen 13y ago
Yes exactly. My opening point to Dr Cable is that the UK stands to lose a lot in the future if they don't position themselves early on and support startups in this space.