Tax In British Virgin Islands
A Contractor’s Guide to Taxes :
One of the most consistently challenging aspects of contracting in the British Virgin Islands is complying with the country’s tax system. As well as paying tax in the British Virgin Islands, you might also still be eligible to pay some tax in your home country, and understanding the legislation behind this can be a challenge.
If you’re working in the British Virgin Islands under a permanent contract, many employers will handle your tax under the PAYE (pay-as-you-earn) system. This means that they calculate and process your taxes in the British Virgin Islands for you and then send you a net wage. Your income tax, public health insurance, social security and other deductions will all be covered by this payment. This is the easiest way to handle your income tax in the British Virgin Islands, but contractors may not be offered this service because of their short stay with each employer.
Anybody who can’t pay their tax in the British Virgin Islands through PAYE is left with the prospect doing everything themselves.
Do you know much about British Virgin Islander Tax Law? Do the British Virgin Islands have a tax treaty with your home country? You will need to find out or find someone who can help!
If you are a contractor and want a calculation on your tax and net retention in the British Virgin Islands, we can supply it to you free of charge.
Using an Umbrella Company for Income Tax :
Contractors in the British Virgin Islands are faced with masses of paperwork and numerous wasted hours filing a tax return unless they find an alternative option. A British Virgin Islander umbrella company can act as your employer during your stay in the country whilst still allowing you the freedom of a contractor. The only difference is that you submit your timesheets to them; they’ll calculate and pay your taxes as you earn, and then you receive a net wage (as well as documentation for your records).
The companies are experts in British Virgin Islander taxation, and they’ll ensure that you keep the largest proportion of your earnings whilst complying with local laws. They can deal with any issues with the British Virgin Islands tax office or tax department directly including processing your tax refund if you are eligible.
We work with numerous umbrella companies in the British Virgin Islands, many of whom are experts in tax and immigration laws. If you have any questions about tax in the British Virgin Islands, we’ll get the answers from them directly so you can rest assured you’ll be getting accurate information. We have comprehensive knowledge of the different services they provide, and can help you find the right company to handle your income tax. We help oil and gas workers, software developers, IT project managers, testers, business analysts and telecommunications contractors get tax efficient payments and sponsorship for their British Virgin Islander work permit.
Our advice is 100 percent free, and comes with no obligations. You will be paying taxes in the British Virgin Islands but without the overhead of directly dealing with the British Virgin Islander tax authorities. Get in touch with us today for some reliable advice on tax in the British Virgin Islands!
Individuals receiving employment income in the British Virgin Islands are not required to file taxes.
You become a tax resident in the British Virgin Islands when you are domiciled there.
You are not taxed on your global income in the British Virgin Islands.