The UK oil and gas market continues to be stagnant and UK companies are increasingly looking overseas for work opportunities and tendering for potentially lucrative contracts.
It has recently been reported in the UK media that the government has delayed its response to the two independent reviews into raising the State Pension Age. The Secretary of State was due to publish the report by 7th May 2017 however, as this deadline has been missed and with the fast approaching general election on June 8th, nothing will happen now until after the dust has settled on the political landscape.
Over many years working with various clients, our experience is that companies are often unaware of, or ignore, the tax obligations that they, and/or their employees, may have when working overseas. Failing to properly understand the tax consequences of working internationally can prove costly for companies. Problems arising can include unexpected tax liabilities; interest and penalties for failure to comply with in-country legislation; and expensive professional fees and management time to rectify the position, all of which erodes hard-earned profits.
Since it’s grand unveiling in the Summer Budget 2015, much publicity has been given to the generous new £1m Residence Nil Rate Band (RNRB) which came into being on 6 April 2017. However, is the new allowance all that it appears?
The signing of the VAT Treaty by the Gulf Cooperation Council (“GCC”) brings us a step nearer to understanding how VAT will affect businesses trading in the GCC from 1 January 2018. Whilst not all GCC states may go live on 1 January 2018, prudent businesses should be planning now to ensure they can meet the requirements of the new tax.
Many deals are completed, conversations had, risks assessed but then there is very often a lack of follow up action taken with regards business protection. In many instances, this will come down to short-term cost (premium affordability) versus the long-term cost (business sustainability, financial protection) and an understanding as to the importance of the protection.
Most of us agree that implementing a whistleblowing hotline solution is a good thing. As a counter-fraud specialist for over 25 years I know the importance of allowing employees to report fraud and other types of wrongdoing at the earliest opportunity to help businesses suffer less financial harm.
An integrated advisory service will pay off when the time comes to sell your practice.
Businesses operating within Norway will pay Norwegian VAT on in-country costs. With the standard VAT rate in Norway at 25%, even relatively small amounts can result in a significant VAT cost accruing over a year. There is a mechanism which enables non-Norwegian businesses to reclaim this VAT thereby delivering a boost to profits.
The drive for increased efficiency
Currently non UK residents working overseas can pay Class 2 National Insurance Contributions of £2.85 per week, or an annual cost of £148, to maintain the minimum qualifying years required to be eligible for UK State Pension. These contributions additionally allows those individuals access to certain other allowances such as bereavement benefits.
As we move into May, the effect of the changes to the Flat Rate Scheme introduced from 1 April 2017 are beginning to bite. Introduced to combat perceived misuse of the scheme, like any widely drawn anti-avoidance measure, other taxpayers will be caught by the measures.
Whether you are part of a finance team or a company owner, the introduction of cloud based accounting software can revolutionise the way you do business. It can transform the platforms on which you record your business’s financial information as well as the way in which you can collaborate with your customers/clients, employees, suppliers and accountant. Not only can you make your finance function more efficient, you can also improve cashflow at the same time.
I love to sing, and am a member of a barbershop chorus. That means that I often pay more attention to the lyrics of songs than my friends and colleagues, and I find areas of my life being represented in the lyrics of songs that I’ve heard.
We live in a fast-paced, mobile and data driven world where geography is no longer a barrier to prompt and effective service delivery, social media has heightened user expectations of instant communication and collaboration, and data is fuelling business insight. Nowhere are these changes more apparent than in the world of global mobility, where by definition instant global access to data and service via mobile platforms is critical.