Tax Question: What is permanent establishment and how does it affect taxation? Facts:When governments decide who pays tax and who doesn’t, one thing they look at is who is using local resources. This plays into the concept of “permanent establishment”. If a business has a permanent establishment, it is likely using resources and should be contributing […]
Facts:One of the things that often creates unnecessary friction between clients and advisors is the cost versus value of advice asked for and received. For example, a client might ask what seems like a quick question and then later be asked to pay $500 for advice that was far more involved than a quick question. […]
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 […]
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 […]
Tax Question: What cut-off procedures and controls should I have in place and why are they important for my company? Facts: One of the fundamental accounting concepts is the matching principle, expenses must match the related revenue. If a sale is recorded in the fiscal period, the expenses related to that sale should also be […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Christina Appert of Allied Finance. Christina has joined IR as our exclusive Accounting Services, Tax (Accountants) & Fiduciary Services member in Liechtenstein. Christina Appert is a member of the Board of Directors of Allied Finance Trust AG, Vaduz and as Head Office Manager […]
Tax Question: What is the Voluntary Disclosure Program and how can it help me? Facts: Tax filings can be complicated and occasionally you may miss a filing or make an incomplete or inaccurate filing. The Voluntary Disclosure Program (VDP) is administered by Canada Revenue Agency (CRA) to encourage taxpayers to comply with Canada’s tax laws […]
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 Basics Reading last quarter’s publication I was very taken by the knowledgeable insight many of the contributors provided with regard to the legal and financial backgrounds of their respective national economies. Most of their focus was on reform measures to counter financial crisis within their respective countries. Apparently even the most developed nations were […]
This pamphlet has been prepared in order to explain the system of taxation in Cyprus. The information included is based on current law applicable from January 2014. The pamphlet does not contain complete information with regard to the tax system in Cyprus. Rather, it provides a general layout of the system’s structure and, for further […]
Pursuant to the Council of Ministers’ Decision on 24th May 2013, non Cypriot Investors, can acquire the Cyprus Citizenship by Naturalization (by Exception on the basis of the Civil Registry Laws 2002-2013). The benefits of getting hold of a Cyprus passport: Free Movement of People – unrestricted travel, reside and work to the EU […]
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 […]