As if Brexit was not a significant enough event for British businesses to have to deal with in April 2019, HMRC are introducing Making Tax Digital for VAT (MTD for VAT). With effect from 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will have to:
For many businesses, it is tough to reduce costs. A high proportion are "fixed" and in many an even higher proportion are committed or would cost money to avoid/reduce.
Under auto-enrolment law, minimum contributions to both (group) personal pension schemes and trust-based occupational defined contribution (DC) schemes will increase from 6 April 2018 and again from 6 April 2019, with the aim of improving long term saving and financial stability for peoples retirement.
When Theresa May and Jean-Claude Juncker signed up to the Joint Report of the negotiators for the EU and the UK Government on 8th December 2017, this signalled the conclusion to Phase 1 of the Brexit process allowing the negotiations to move on to phase 2.
Norway has an exciting and prosperous outlook for 2018 and beyond with an increase in activity expected in the oil and gas sector. Statoil have announced it is looking at drilling 25 to 30 wells in Norway in 2018. Norway is also looking at diversification from the oil and gas sector growing the renewables, e-commerce, healthcare, aluminum industries and fisheries.
HMRC are encouraging all customers to make payments electronically if not already doing so.
Since the collapse of Lehman’s and the other financial scandals of the noughties; regulators across Europe have been increasing the pressure on regulated firms to do a better job of protecting client money and assets.
AAB’s Training Team have developed a course providing an overview of the direct and indirect tax considerations when trading overseas. The course will highlight opportunities and value adding actions as well as identify any traps and pitfalls when operating overseas. The course will cover the undernoted matters:
With increased globalisation, and information sharing agreements in place between countries, Governments are aggressively attacking companies using tax audits and assessments. They focus upon direct taxes, such as personal taxes of globally mobile employees or corporation taxes on intercompany transactions. Attention is also paid to indirect taxes, ensuring companies have correct processes dealing with customs duties, VAT invoices, payments and returns.
Quoting Clint Eastwood in “Heartbreak Ridge”, this is the unofficial slogan of the US Marines. It could be a good slogan to adopt in the Oil & Gas industry – or perhaps we can take it one-step further by saying if we adapted, changed and innovated in 2017, in the right market conditions, we can grow in 2018.