High Income Child Benefit Charge Child benefit started to be taxed from 9 January 2013, but only in cases where the claimant or their partner received income of over £50,000 a year. HMRC have been writing to those individuals who said they had received child benefit and earned over £50,000 in 2012/13, but who did […]
Welcome to the September 2014 edition of our Inspire newsletter. The directors at Inspire were nominated to do the ALS ice bucket challenge on Facebook and they completed it at the end of last week. To see Warren, Andrew and Mike get drenched outside the Inspire offices click here. In less than a week […]
‘Over the Top’ Warren Munson – Journey of a lifetime On the 9th September I and eight others will go ‘Over the Top’ and embark on the next cycling challenge (they seem to get madder each year!), starting in Bordeaux and cycling deep into the south of France to Perpignan, all to raise money […]
There are currently two very generous tax breaks for companies involved in research and development (R&D), particularly those that go on to patent their products or inventions. Many such companies may not be claiming all the relief that they are entitled to. Firstly, R&D tax credit relief provides companies with an enhanced corporation tax deduction of […]
If you have made a loan to your business you should consider paying interest on the loan, as this will be an allowable deduction against the business profits. However, the interest will be taxable on the lender, so you need to consider the tax rate applicable to both parties. For example, if the company pays tax […]
Acknowledging the importance of the service industry in fostering economic growth, Puerto Rico has enacted a tax incentives program for companies that render services to clients located abroad. The statutory basis of this program is the Services Export Development Act (SEDA), also known as Act 20-2012. Concurrently, Puerto Rico approved Act No. 22-2012 (Act 22) […]
Dear International Referral members, Last Friday, our firm, Spiteri Bailey & Co., a fellow International Referral Member providing financial services in Malta has launched a new website which I invite you and your colleagues to view and revert with any feedback if any. http://www.spiteribailey.com We look forward to continue to strengthen our relationship in the […]
HMRC DON’T LIKE PARTNERSHIPS WITH CORPORATE MEMBERS Last summer a consultation document was published setting out the proposed counteraction by HMRC of artificial profit and loss allocations involving mixed partnerships and LLPs. The measures were clearly intended to catch situations where excessive profits are allocated to members who are limited companies as those profits are generally […]
The changing face of the BVI The BVI has long been recognised as the ‘go-to’ domicile for the incorporation of offshore companies. There is no question that this can be attributed in large part to the basic tenet of the jurisdiction being tax neutral, highly cost efficient and offering a good degree of privacy […]
In addition to the benefit in kind charged on directors and employees who are provided with a car for private use, there is a further taxable benefit should their petrol or diesel be paid for in respect of private journeys. Like the car benefit, the fuel scale charge is based on the official CO2 emissions […]
We are so accustomed to rising motor taxes that it was a nice surprise to see the VAT fuel scale charges (in respect of petrol and diesel supplied for private motoring) decrease for return periods. This reduction is to commence on or after 1 May 2014 and follows the recent reductions in the price of […]
Fake HMRC emails and internet security You may have seen on the news over the last day or so that there are threats of a massive cyber-attack in the UK. These include HMRC emails being used to extract funds from businesses. As a reminder, HMRC will never email you asking for bank details. Of you […]