ARTICLES
Differences between PAYE Umbrella and Limited Companies
PAYE Umbrella brief explanation; - The contractor becomes an employee of the umbrella company - The contractor submits time sheets - The umbrella invoice the end client or agency - The contractor is paid as a PAYE employee Limited Company brief explanation; - First you need to establish a Limited company - Second you will need to [...]
Tax Benefits of Portugal
Portugal has implemented a major reform of its Corporate Income Tax Code. This includes a participation exemption method for dividends and capital gains, including a withholding tax exemption on outbound dividends providing certain conditions are met. This has been implemented as per OECD guidelines and European Commission recommendations in order to avoid double taxation. The [...]
Overhaul of Panama’s Movable Assets Security Regime
Security interests in movable assets are similar to pledges with the added advantage whereby the debtor remains in possession of the asset which acts as collateral. New regulations have been introduced in Panama in an effort to promote access to credit via an increase in movable asset securities. These regulations are also intended to simplify [...]
Guernsey Becomes Member of Berne Convention
The World Intellectual Property Organisation (WIPO) has accepted Guernsey as a member of the Berne Convention. This convention provides protection of literary and artistic works and is the most widely recognised copyright convention in the world covering 168 countries. The convention will be extended to Guernsey from 21 November 2014. Guernsey has a great deal [...]
Taxation of Vulnerable Beneficiaries of Trusts
Vulnerable Beneficiary Trust’s apply to persons who are either physically disabled, mentally disabled or a child whose parents are deceased. These qualify for special income tax, capital gains tax and inheritance tax treatment and protect the beneficiaries so that their means tested benefits are not affected. The Finance Bill of 2014 is to ease taxation further for [...]
Committee Investigation into IT skills in the UK
The House of Lords has set up a Select Committee consisting of twelve members to investigate digital skills in the UK. The purpose of this committee is to make recommendations to ministers on how competitive the UK is in the area of Information communications and technology. This is not the only examination into this area [...]
Reactivation option for Panamanian Corporations
Panamanian companies that have undergone a formal dissolution now have the option of reactivation. This reactivation of a Corporation in Panama is possible at any time before its liquidation has been finalised, it is also possible if the liquidation has been finalised and it is discovered that the company has assets that were not liquidated. Upon reactivation [...]
Delays with Expat Passport Renewal
Previously overseas applications were handled by the Foreign and Commonwealth Offices in seven different regional processing centres being Dusseldorf, Honk Kong, Madrid, Paris, Pretoria, Washington and Wellington. This was transferred gradually over a period ranging from December 2013 to March 2014 to a central application processing centre in Liverpool.This has resulted in serious delays for passport [...]
Mortgage Market Review impact on Buying UK Property for Expats
As a result of a Mortgage Market Review in the UK a new set of regulations came into effect on the 26 April 2014. These regulations are likely to see the number of mortgages getting approved in the UK which has already fallen to reduce further still, there has already been a significant dip in [...]
Gibraltar to Eliminate Duties on Art
At a pre-budget announcement during a dinner for Thomson Reuters representatives, Fabian Picardo the Gibraltar Chief Minister announced that the Government will be eliminating import and export duties on the sale of art in all forms from 1 July 2014. Further to this announcement the Budget Speech was held on 30 June 2014 and was Mr Picardo’s [...]
Contracting Income Tax Rates Infographic
€ Bracket 1 Bracket 2 Bracket 3 Bracket 4 Bracket 5 Bracket 6 Bracket 7 Bracket 8 Bracket 9 Belgium 1 – 8,590 = 25% 8,591 – 12,220 = 30% 12,221 – 20,370 = 40% 20,371 – 37,330 =45% 37,331 + = 50% Poland* 1 – 750 = 0% 750 – 20,500 = 18% 20,500 [...]
Bermuda International Business Companies
Bermuda has experienced a 21% increase in the number of new IBC’s being formed when compared to the same period in 2013. This is also an increase of 31% on the numbers in 2012. Until 2003 foreign banks were not permitted to operate in Bermuda, but this changed when HSBC took over the Bank of Bermuda. This decision [...]
Kenya / Mauritius Tax Treaty Enacted
Kenya has finally enacted a double taxation avoidance agreement that was first agreed upon with Mauritius in May 2012. It is hoped that this will boost cross border investment by protecting investors from both direct and indirect double taxation. It is also anticipated that this will increase the competitiveness of Kenyan companies to bring them on [...]
Possibly Tax Cut in Hong Kong Securities and Futures Contracts
Currently the levy payable on a securities transaction by the buyer or the seller is 0.003 percent and for a futures contract transaction it is HKD0.6, but Hong Kong plans to cut this levy by ten percent on any trading in securities and futures/options contracts. The Securities & Futures (Levy) (Amendment) Order 2014 has been passed to the Legislative Council [...]
Guernsey Image Rights Register
Guernsey was the first jurisdiction to introduce an image register, the first of its kind in the world. This legislation enables a person, a joint personality, a group, a legal entity or even a fictional character to have their personality registered. Since its introduction in 2012 it has received over thirty applications. The Balliwick of Guernsey [...]
Ireland one of the Top countries to invest in Europe
Dublin and Limerick have been named as two of the top cities in which to invest in Europe by The Global Best to Invest Report. The same report has cited Ireland as the best Western European country to invest in. This has come on top of a series of reports that have all ranked Ireland extremely well, such as; [...]
Cross Border Taxation in Europe
The European Commission has launched two public consultations and have formed an expert group to look at the tax obstacles that impede cross border activity. This consultation will look at examples of tax problems that are encountered and any effective practises that are engaged in by EU countries to prevent these problems. It is expected that the [...]
Contracting in Germany What you Need to Know
As Europe’s largest country Germany has the second largest market in Europe for fixed-term contractors, superseded only by the UK. This is due in part to its range of business opportunities for international contractors. The Government recognizes the need for a temporary and flexible labor market and subsequently promotes this. Labour leasing in Germany [...]
