ARTICLES
Co-working Space for Contractors
The world has changed rapidly in the last few decades and thanks to the internet revolution chasing your dream of becoming an international contractor and working abroad in a wide variety of countries is now much more achievable. The benefits of increased wages and being your own boss and determining your own working hours and [...]
Corporate Insolvency and Governance Bill
In a public briefing on the 28th March 2020 the UK government announced that due to the Covid-19 pandemic they plan to introduce The Corporate Insolvency and Governance Bill. This were originally consulted in 2018, but due to the global epidemic has been fast-tracked and is now expected to be passed into law late June [...]
Why foreign investors are choosing Cyprus as the most popular investment hub
After the financial crisis Five years ago that rocked the nation and with the recent covid-19 pandemic, Cyprus continues to proves that it remains one of the most attractive business jurisdiction for International Companies. In fact, a recent survey conducted by Invest Cyprus, who are the investment promotion agency for Cyprus, found that 92% were either [...]
New Dividend Withholding Tax System in Denmark
On the 18 May 2020 Denmark announced its new dividend withholding tax regime. Under this new system relief at source will be granted to non-resident shareholders. It should be noted that shareholders need to have already registered their beneficial ownership with the Danish tax authorities in order to benefit from this. Denmark had suffered from [...]
New Clauses to the Finance Bill 2020 for Off-payroll Working
We reported recently on the House of Lord criticism of the IR35 rules. However it looks like as of 6th April 2021 the UK government will move ahead with introducing these. Amendments have also now been announced whereby:- - This is now restricted to services provided by a worker to UK resident clients and clients [...]
Scotland Extend Relief Period whereby Homeowners can hold Two Properties
Due to a stagnant housing market caused by the covid-19 virus Scotland has announced that homeowners now have three years to sell their original home as opposed to eighteen months where they still have the right to reclaim land and buildings transaction tax (LBTT). Currently in Scotland if you purchase a second home then you [...]
Cyprus to announce their fast track processing in relation to the Cyprus Investment Program (CIP)
Cyprus is a very popular destination in relation to foreign investment especially in the most recent few years. In 2018, Cyprus was graded 8th out of the top 20 countries globally as per the Global Finance Magazine’s Foreign Direct Investments (FDI) performance and appeal. Setting up a Cyprus company has become very popular within the [...]
House of Lord Highly Critical of Off-Payroll Working Rules
We have reported previously on the IR35 rules and how in our opinion these are highly flawed and unnecessarily complicated, and a persecution of a highly beneficial sector to the United Kingdoms economy. It would now seem that the House of Lords is in agreement with us. In their comments they show a clear understanding [...]
DMCC / DED Dual Licensing Scheme
Dubai is a popular offshore destination with a number of registries offering various options to incorporate companies under. The Dubai Multi Commodities Centre (DMCC) is one such registry and has the reputation of being the world’s flagship free zone. The DMCC has now collaborated with the Department of Economic Development (DED), which is government of [...]
Office Operation during COVID-19 Pandemic
We would like to inform all our customers, business associates and potential clients that our office has managed to maintain almost full functionality during this trying period. Whilst due to this surprising and almost unprecedented worldwide pandemic our offices have like so many had to adapt to do our part to stop the spread of [...]
Caymans to Introduce New Regulatory Framework for Virtual Asset Investments
On the 28 April 2020 The Cayman Islands published draft legislation with regards to new regulatory framework for companies wishing to utilise virtual asset investments such as Bitcoin. In the Cayman Islands a virtual asset is defined as a digital representation of a value that can be electronically traded and used for investment purposes. Virtual [...]
New Off-Payroll Rules Extension
The IR35 rules have proved to be very unpopular, especially as their complex nature can be vexing on Employers. So it is good news that the HMRC announced on the 7 February 2020 an extension to these off-payroll rules. Previously, the rules would have applied to any payments made on or after 6 April 2020 [...]
India to Abolish Dividend Distribution Tax
Currently there is a 15 % tax on companies making a dividend distribution. As announced in India’s federal budget on the 1 February 2020, this is now to be replaced with a 10% withholding tax on recipient shareholders. This proposed abolishment of the dividend distribution tax regime will be effective for dividends declared, distributed or [...]
Record Number of Non-EU Techie Permits
Last year saw a a 28% drop in applications from the EU, which was matched by a 30% drop in offers to EU candidates. This has led to record numbers of work permits being issued to IT workers from outside the EU. This is the fifth year in a row that these have increased. Uncertainty [...]
Invoicing Whilst Waiting for a VAT Number
There are a number of jurisdictions depending on the set-up where contractors can register their limited company for VAT, for example Ireland. When a contractor invoices via a limited company they can often encounter the issue regarding issuing invoices whilst waiting for a VAT number. Many choose to forego invoicing until this is received which can lead to various issues including [...]
Taylor Employment Review
Last year Matthew Taylor the United Kingdom’s head of the Royal Society of Arts conducted a nine month review centring on modern working practices whose findings were published on the 11 July 2017. Whilst his observations that there is no clear definition of self-employment and this needs to be more well-defined for the clarity of legislation is [...]
BVI Reduces Measures for Four More Jurisdictions
Last year the British Virgin Islands extended its list of ‘recognised Jurisdictions’ to include Andorra, Monaco, St Lucia and Uruguay. These countries are now considered to have money laundering regulations on par with the British Virgin Islands and their inclusion in the list means that there is reduced due diligence measures between them and the BVI. The [...]
Work Permit and Payroll Solutions for African Countries
When deciding to contract abroad one never looks forward to the associated paperwork involved to enable the move to go smoothly, especially work permits. Africa is the second largest continent in the world and consists of over fifty countries and can therefore be quite a daunting prospect when considering a move there for work, which [...]
