We often come across companies who have tight reporting deadlines for group audit clearance but leave the preparation of subsidiary statutory accounts until a quieter period later in the year. As time passes and filing deadlines loom closer; finance departments often find that the anticipated “quiet period” never materialises. We also see examples of the finance team finding the time to start preparing the statutory accounts only to discover that their knowledge of disclosure requirements, etc. is out of date.
From November 2017, the Norwegian tax authorities (Skatteetaten) introduced mandatory electronic filling of form RF-1199 via a dedicated web portal and in-turn ceased acceptance of paper RF-1199 filings. This form is used to report information about contracts that involve non-Norwegian resident companies and to report the employees working in Norway used by the contractor.
From April 2019, HMRC have proposed that new Capital Gains Tax provisions will apply to the disposal of all UK land and buildings for all non-UK resident individuals, companies, personal representatives and trusts. This is an extension of the existing provisions which currently only apply to disposals of UK residential property.
There is currently a significant project ongoing between global tax authorities and governments to seek the introduction of a more uniform approach to taxing what is defined as the ‘digital economy.’
I recently read a great short post on LinkedIn by Chip Cutter. In it, he simply restated the absolutely killer question posed by the Wall Street Journal’s Nikki Waller during a conversation piece with Hamdi Ulukaya - CEO of one of the fastest growing food companies in the world, Chobani.
We see many businesses who boast a global workforce taking advantage of the expertise of those based overseas by mobilising them to the UK for short periods of time to undertake specific pieces of work or to attend meetings. By doing so, it is vital that the Company ensures they are meeting the reporting obligations as an employer in the UK for these individuals.
Following on from our blog in October 2017 we have been approached by many seafarers (both UK and EEA resident) who have had disputes with HMRC regarding their Seafarers Earnings Deduction (SED) claims. HMRC are arguing that many claims have been completed using Discharge books alone with no consideration has been given to the other qualifying conditions.
Anderson Anderson & Brown LLP (AAB) were delighted this week to co-host their Spring “Exploration & Production C-Suite Dinner” in London in collaboration with their event partner, EPI Group.
Increasingly in every part of our lives we trust our data to the cloud. In the workplace, cloud-based smart software is replacing manual office-based processes, empowering business owners and managers. These apps can be accessed from anywhere on any device – invaluable in the busy lives we all lead. So over the last few years the accounting profession has seen huge changes, in what we do, how we engage with our clients – and in what clients expect.
For some years now, the OECD have been on a drive to tackle what they call “Base Erosion and Profit Shifting”, or “BEPS.” This refers to strategies adopted by multinationals that exploit gaps or mismatches in tax rules to artificially shift profits to low or no-tax jurisdictions. BEPS Action 15, the final of the OECD’s action plan, introduced the concept of a Multilateral Instrument (“MLI”).
Internationally mobile employees (IME’s) play an increasingly important role in a globalised world. As technology develops and businesses expand into new markets, complex employment arrangements are in place to move directors, executives and employees between different geographical locations.
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.
Why do I need to prepare management accounts for my business?
Following the announcement in early April that EU approval for Enterprise Management incentives (“EMI”) tax reliefs had been delayed, it was good to hear that the EU commission have finally confirmed the renewal of EU State Aid on 15th May 2018. This is positive news for small and medium sized businesses (“SMEs”) and this announcement will be welcomed by the UK’s SMEs to help attract and retain talented and skilled staff.
This blog post highlights some common misconceptions regarding R&D tax relief.
Following the success of Talent Across Borders last year, Anderson Anderson & Brown LLP (AAB) are running this interactive, cross industry event for the second year in Aberdeen in May and London in June.
Picture the scene; you have carefully invested your money purchasing shares in a listed company with the hope of one day making significant returns on your investment. However, what do you do when the company folds and your shares become worthless?
The Corporate Interest Restriction (CIR) is the UK’s legislation implementing the Organisation for Economic Cooperation and Development best practice recommendations for limiting base erosion and profits shifting by means of excessive tax deduction for financing costs. The CIR rules came into effect in the UK on 1 April 2017 and, very broadly, aim to restrict UK interest deductions, in certain circumstances – potentially to 30% of ‘tax adjusted EBITDA.’ Your group will be affected if it is:
Often incorrectly maligned as a costly exercise and a burden on a business’ finance team, the public are yet again distrustful of auditors due to recent high profile business failures.
When you’re spending a lot of money, let’s say, a new kitchen, how much time do you spend agreeing the specification and the price? A lot, and you probably spend a lot of time making sure that the work has been done properly and that you have been charged the right amount. You care…it’s your money!
Financial budgets, underpinned by comprehensive assumptions are a key management tool, no matter what size of business you operate. They can be used to quickly monitor trading performance against budget and identify any issues.
When it comes to building your dream home, we find that clients have enough challenges to overcome without a 20% VAT bill being an added burden. Fortunately, when building a home for you and your relatives to live or holiday in, whether that’s constructing from scratch or converting an existing building, then it is likely you will be eligible to recover the VAT charged on the supply of certain building materials and services using HMRC’s DIY Builders and Convertors VAT Refund Scheme.
Would you like to move somewhere warmer than the UK to work or retire, with only a short flight home to keep in touch with family and friends?Well Portugal should definitely be top of your ‘tax’ choice.
The Office for Tax Simplification (“OTS”) has published a call for evidence alongside an online survey in an attempt to explore potential simplification of the current Inheritance Tax (“IHT”) regime. The review, which has been welcomed by professional bodies such as the Chartered Institute of Taxation, will cover both existing legislation as well as the Estate administration process.