Remittance Business Plan

Remittance Business Plan-47
To date, World Remit has mainly grown organically, and that is what it plans to do here.

To date, World Remit has mainly grown organically, and that is what it plans to do here.But there is a big opportunity to expand World Remit’s footprint by way of acquisition.

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We can identify what has been remitted and how much is liable for tax.

However, if such an overseas bank account is in frequent use, the administrative and professional cost of undertaking such an analysis on each transaction can often surpass the UK tax on a remittance itself.

Please contact us for further advice if you are likely to become UK tax resident in the future, need guidance on setting up segregated bank accounts appropriate for your specific financial circumstances or you need an analysis of mixed funds already brought to the UK.

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Therefore, we can offer to arrange your financial affairs prior to remitting funds in the future.

We can help you separate the different strands of your income into segregated bank accounts and ensure that the least tax need be paid when you bring money into the UK.However, Mark Davies & Associates are on hand to ensure that sources are segregated so that funds least liable to tax are remitted solely or at least first, before more heavily taxed remittances.Money held in bank accounts can originate from a mixture of sources such as salaries, dividends or proceeds of property sales.Specifically with this round, that functionality will get turned on in Africa.“Half of our transactions today go to Africa, and those are mostly digital transactions going into mobile money accounts in services like M-Pesa.This represents a decent leap for the startup, which was valued at 0 million when it last raised money — million in February 2016.Ismail Ahmed, who co-founded World Remit with Catherine Wines and is its CEO, said in an interview that the idea will be to use the funding in three key areas.Clean capital can be remitted first followed by funds from a gains account if necessary which is taxed at 28%.Only when these resources have been exhausted need you remit foreign income taxed at the highest rate.The first of these is to increase the number of countries where payments will be able to originate.Currently, the company lets people 148 countries, and Ahmed wants to bring complete parity to those figures, so that people can transfer money from any country to any country where World Remit operates.

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