Keep legal ownership clear
A limited company’s money belongs to the company. Do not route customer revenue through a personal account merely because an overseas payment provider is easier to access.
Record director loans, reimbursements, salary and dividends in the company books when they arise. A later transfer to Thailand should reconcile to the original transaction rather than being described generically as ‘savings’.
A practical account structure
| Account or ledger | Purpose | Control |
|---|---|---|
| UK company operating account | Customer receipts and company expenses. | No personal spending; reconcile to company books. |
| Personal current-income account | Salary, dividends and other current receipts. | Keep payment documents and tax withheld. |
| Historic capital or savings account | Identifiable pre-existing funds where relevant. | Avoid mixing with new income where tracing matters. |
| Thai personal account | Living costs and personal remittances. | Reference transfers and match them to the source ledger. |
| Thai company account | Thai company receipts, payroll and expenses. | Never treat it as the owner’s personal wallet. |
Build a remittance ledger
For every transfer into Thailand, record the sending and receiving accounts, date, currency, amount, exchange rate, fees and the underlying source. Attach the relevant payslip, dividend voucher, sale record, loan documentation or earlier bank statement.
Where an account contains mixed funds, do not invent a tracing rule. Ask a Thai tax adviser what evidence and method are accepted for the year concerned.
Exchange rates
Tax returns may require income and foreign tax to be converted using an accepted exchange-rate basis. Record the source and apply it consistently to like transactions.
The payment provider’s converted amount is commercially useful but may not be the required tax-reporting rate. Retain both the transaction statement and the reporting calculation.
Provider residency checks
Tell banks, brokers and payment providers your genuine address and tax residence where required. A provider can restrict products or services for overseas residents even where the underlying account remains legal to hold.
Do not maintain a false UK address to preserve access. Prepare alternative banking and authentication routes before a provider review disrupts payroll or company payments.
Records to retain
- Full statements from sending and receiving accounts
- Transfer confirmations and fees
- Payslips and payroll reports
- Dividend minutes and vouchers
- Director’s loan account
- Investment and asset disposal statements
- Foreign tax returns, assessments and receipts
- Exchange-rate source
- Travel and residence calendar
Frequently asked questions
Does using a UK bank account keep income outside Thai tax?
Not automatically. Residence, source, the character of income and remittance rules must be considered.
Account location is evidence, not the governing tax rule.
Can I pay company expenses from my personal Thai account?
Occasional properly documented reimbursements may be possible, but routine mixing weakens company records and can create director-loan and tax problems. Keep company and personal money separate.
What should a remittance ledger show?
Record the date, accounts, currencies, gross amount, exchange rate, fees, purpose and source document for every transfer into Thailand.