#United Kingdom Archives - Page 2 of 4 - Law firm Finance Business Service: offshore registration, tax planning, legal services

UK takes a new direction of fiscal policy

Published: Sergey Panov | 07.10.2016 | news

New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union. According to him, the government seeks to rein in the deficit and avoiding an expansionary fiscal policy, but will "take all necessary steps to protect the economy from the turbulence." Corporate tax rate will be further reduced to 17 percent, as planned, but he hinted that tax increases in general it may be necessary to replace the EU funding for some companies and projects. Alfie Stirling with the Institute for Public Policy Research, the main center, said: "Today's confirmation from the chancellor that he would" restart "fiscal policy is welcome, but nevertheless there is a bad...

UK tax changes for non-residents

Published: Sergey Panov | 15.09.2016 |

The UK government may lose significant tax revenue, if his proposed new rules for nonresidents prompt too many rich people to leave the country, warns the international law firm Pinsent. According to Pinsent, British residents contributed GBP6.57bn (USD8.67bn) income tax in 2014-15, respectively. He explained that this figure is an average of GBP56,589 for the year, compared with an average of GBP5,152 per person in the general population. Expert tax investigation Fiona Fernie said: "Non-residents made a very valuable contribution to the UK economy and any significant outcome could have serious long-term consequences of this policy." Under the current rules, non-residents pay tax on income and profit outside the UK only if they transferred funds in the UK using tax base. Non-residents must pay an additional fee for money transfer Charge (RBC), or pay the full amount of tax in the UK to be covered by the resident. This measure would be effective for most purposes of income tax and GCT after 6 April 2017. "The presence of non-resident status gives the UK real competitive advantage when it comes to attracting the rich and talented people. Uninstall or change it now, especially...

UK introduces pension advice tax

Published: Sergey Panov | 05.09.2016 |

The UK government announced new tax incentives to encourage people planning retirement for financial advice. Payment of the pension which will be offered from April 2017, will allow those who are approaching retirement age take 500 pounds out of their retirement savings to financial advice. This is intended to give people the opportunity to get advice on all financial products that contribute to their retirement income, such as pension multiple baskets and other assets such as individual savings accounts. The study showed that when approaching retirement only 22% of people know the value of their pension baskets and only 14% of people confidently plan aims his retirement without financial advice. Economic Treasury Secretary Simon Kirby said: "Pensions and savings decisions are among the most important moments in their lifetime, so it is vital that people could access financial assistance they need it and feel confident in choosing support that works for them when they retire." "I look forward to interacting with these consultations and take this opportunity to say how the payment can best meet the needs of both consumers and companies." The payment of the pension board was...

UK changes Inheritance Tax Rules for non-doms

Published: Sergey Panov | 23.08.2016 | Без категории

The government of GB published more detail information about proposal to change Inheritance Tax for non-doms. The changes has been claimed based on 2015 budget summer and also permit to prevent avoidance of non-doms from inheritance tax in Great Britain because of using offshore structure. According to consultative document "people, who do not live in Great Britain in present time using a big amount of advantages as against to another in IHT." Any residential property in Great Britain owned by non-dom persons immediate exists in IHT frames. Nevertheless, the government said that it is a standard practice for such persons in Great Britain to provide residential property through foreign companies or at the same way transfer money. The government are planning to output residential property in Great Britain, the operations provided through foreign structure. This payment will be used as for persons who lives not in UK and for trusts with mediators or beneficiaries who are non-domiciled. The changes will go into force 6 of April, 2017 year. The government will remove accommodation building in Great Britain owned oblique through offshore structure from current definitions of...

UK: Inheritance Tax get record rate

Published: Sergey Panov | 19.08.2016 | Без категории

The Inheritance Tax in UK get the highest rate GBP4,7bn (USD6.1bn) in 2015-16 years, according to Wilson words, client of private law firm. This tax raised on 17 percent from 2014-15 and on 91 from 2009-10, when the tax was rise the last time. From 2017 year, the government will gradually goes into force a new rate in GBP175,000. A new allowance will approved in rate at GBP100,000 in 2017-18, GBP125,000 in 2018-19, GBP150,000 in 2019-20, and GBP175,000 in 2020-21. This rate will rise according to the Consumer Price Index. It will be available as attachments to existing rate GBP325,000 of Inheritance Tax and will be lasting to 2020-21 years. Both allowance can be transfer to a spouse or partner. Wilson said that for rate in 325,000 to be agreeable to inflation from 2009, it might be increase to GBP391,000. At the present time this tax is 0,87 percent from all taxes incomes in United Kingdom, comparably with 0,57 percent in 2009-10 years. Tim Fullerlove, the partner of Wilson, commented: "This inheritance tax gradual will transfer into general tax for "middle England" and as long it last as harder will be to will be for the Treasury to let that income go. With each passing...

UK announced exemption from the quarterly report

Published: Sergey Panov | 18.08.2016 |

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new requirements. Jane...

HMRC publishes guidance on a tax-free trade

Published: Sergey Panov | 09.08.2016 |

The tax authority and the Tax and Customs Service of the United Kingdom released a practical guide by the UK's special scheme which allows to non-EU countries taxpayers to reimburse VAT on goods purchased in some UK stores. VAT Notice №704 / 1, issued August 7 discusses how those who live outside the European Union may return the value added tax (VAT) paid for goods purchased in stores of Great Britain, which in turn provide retail products without VAT. Tax free retail trade allows individuals traveling to the European Union (EU) to obtain a VAT refund on goods bought in the UK and take home. However, it can not be used for any service. In most instances store or refund from the company will charge a payment for use of the taxpayer in its stores and tax-free goods can take the fee out of the money paid to the VAT refund. The manual discusses the right to use this circuit, which products satisfy the set requirements, the time required for export, as well as the requirements for receiving the refund. Author: Sergey Panovmanaging partner Finance Business...

London companies are concerned about overpriced business tariffs

Published: Sergey Panov | 03.08.2016 |

According to the new survey of the London Chamber of Commerce and Industry (LCCI), 44 percent of London businesses are concerned about the forthcoming reassessment of business rates in the UK (the property tax). Business rates are generally remeasured every five years when the government adjusts the value of the business rates to reflect changes in the real estate market. The new rates will be determined and announced on October 2016 and come into force from April 2017. In addition, according to the changes announced in the 2016 fiscal year, the administration of the business rates will be simplified, as from 2020 a mechanism for increasing the power will be switched from the index of retail prices in the consumer price index. Greater London Authority will move towards the full retention of business rates since April 2017. LCCI stated that among the companies that have in its structure 10 or more people, 55 percent of respondents were concerned about the forthcoming adjustments. Half of the respondents said they do not know whether they will be able to benefit from the additional business rates. Furthermore, 42 percent of respondents said they believe that the transferred...

Turnbull supports Australian-British free trade deal

Published: Sergey Panov | 26.07.2016 |

Malcolm Turnbull, Australian Prime Minister, said that the ministers should «start work» on a new trade agreements with the United Kingdom. Turnbull told reporters that he talked with the new Prime Minister of the United Kingdom, Theresa May, to congratulate her with the new appointment. He also confirmed that they were discussing a free trade agreementand and said that he looked forward to negotiations between the Australian and British trade ministers, which wiil be held in the near future. Turnbull said that Australia's trade agreement with the Great Britain «will certainly also with the European Community». He added that in the case of the UK’s out of the European Union, Australia will need to «negotiate by direct agreements with the UK». «We need to resolve this issue quickly. Of course, England will not leave the EU for several years, this procedure will take some time, that is, anyway, we will have to wait, but we already need to work on a new trade agreement between the United Kingdom and Australia and in fact the British will have to take over this work with many other countries, including the rest of the European community», Turnbull said. ...

Britain will wait until 2017 to take Brexit

Published: Sergey Panov | 22.07.2016 | news

Theresa May, a new British Prime Minister, said that her government would not launch negotiations on Brexit this year. Theresa May made this announcement in condjunction with German Chancellor Angela Merkel in the middle of a press conference. Merkel said that it would need some time to conduct the UK's negotiate about its "successful withdrawal from the European Union (EU)," in conjunction "a sucsessful well thought-out work." "We all need the time to be ready for the conversation and the Great Britain would not refer to the Article 50, until our objectives are not clear. That is why I have stated previosly that this will not occur before the end of this year. I realize that this timeline will like not all, but I think it is very important to ensure clarity to what is happening now, "she explained. An article 50 of the Lisbon Treaty envisages a two-year process to negotiate the withdrawal of private traders, the country of the EU. May also added that "we wish receive the right dealings in the trade of goods and services to the UK." Merkel told reporters that "in fact it is in our interests that the United Kingdom has determined its negotiating position in detail, made clear...

Tag: #United Kingdom