Overview The aim of the offshore funds rules is to make sure that income earned by the fund is taxed as income, ideally in the year the income is earned. If it wasn’t for these rules the investor would not pay tax on income retained or reinvested by the fund but would instead pay capital […]
Find out moreWhy you might need to reduce your second payment on account Many people will have deferred their personal tax second payment on account because of COVID and wont now need to make the payment (initially due 31/7/20) to 31/1/21. However, because of reduced income, it may be that the size of this second payment account […]
Find out moreHealth tourism and VAT The health tourism business is an interesting area because it combines three types of VAT supplies: exempt services (the provision of health services is usually an exempt supply) standard rate services (for example, commissions charged) TOMS services (for example hotels & the like) This note looks at some of the issues […]
Find out morePurpose of this note This note provides an overview of the UK Pay as You Earn (PAYE) system and discusses how it is applied to non-UK employees and nationals. Overview Pay as You Earn Pay as You Earn (PAYE) is the method by which UK companies deduct Income Tax and social security tax (called National […]
Find out moreMany overseas people that set up a UK company believe that it will automatically pay tax in the UK, but this is not always the case. This briefing note is about where your business will be taxed.
Find out moreLand-related services and installed and assembled goods The purpose of this note is to provide some clarity on some overseas VAT aspects for land-related services and installed and assembled goods Situation 1 – Italian established business provides land-related services Italian Co is an Italian established company that provides building services in the UK Co). Italian […]
Find out moreTypes of VAT registration in the UK This note describes the two types of UK VAT registration: Compulsory registration – when you must register for UK VAT Voluntary registration – when you may register for UK VAT if you wish Businesses based in the UK By based in the UK I mean that you have […]
Find out moreReclaiming EU VAT paid in the UK UK VAT registered businesses can use the UK VAT refund scheme to reclaim the VAT that the business has paid in other EU countries, providing that the business: is not VAT-registered in the other EU country; or does not have a place of business in the other country; […]
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