Archivo categoría United Kingdom

Asset protection and international tax

Por Braxton7 - International Tax, United Kingdom - 16 mayo 2010

Is any connection between asset protection and international tax?

Yes, for example in Inheritance Tax. Inheritance tax (also known as IHT) is a significant worry for a growing number of people, and a subject for frequently passionate debate. As house prices have risen the number of people affected by IHT has grown, making it a widely held concern.

IHT is a tax that is levied not on your earnings, as is the case for income tax, but on the value of an individual’s assets upon their death. IHT is levied on what is known as the estate of the deceased; the estate is comprised of all of the assets under the ownership of the deceased. For example, in the UK, Inheritance Tax is charged at 40% on the value of anyone’s estate above the nil rate band threshold which for the 2009/2010 tax year stands at £325,000.

The UK Inheritance tax new rules, which take effect from the 9th October 2007, changed the tax legislation to allow married couples or civil partners to transfer the element of Inheritance Tax free allowance unused on the first death to their spouse when they die. Accordingly married couples and those in civil partnerships now receive a combined tax free allowance of £650,000.

Braxton Asset Protection, our sister company, has Asset protection as its area of specialist expertise. It´s asset protection lawyers help you to protect asset from creditors, Asset protection judgment and Asset protection divorce. In this above all other areas of law – save perhaps taxes – preparation and planning are essential where there are considerable assets at risk.

Throughout our working lives, many of us concentrate on acquiring assets, without giving enough thought to how this acquired wealth can best be kept for our enjoyment in later life, and, finally, how it can be passed on to the next generation.

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US documents to keep more 1 year

Por admin - Record Keeping, United Kingdom - 15 marzo 2009

I have a US company. Which documents I have to keep more than 1 year?

These are the business documents to keep foror three years:

  • Petty Cash Vouchers
  • Physical Inventory Tags
  • Savings Bond Registration Records of Employees
  • Time Cards For Hourly Employees
  • Bank Statements and Reconciliation’s
  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Internal Reports

And these are the company documents to record for six years, in alfabethical order:

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Cancelled Checks
  • Cancelled Stock and Bond Certificates
  • Employment Tax Records
  • Expense Analysis and Expense Distribution Schedules
  • Expired Contracts, Leases
  • Expired Option Records
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries, including payment to pensioners
  • Plant Cost Ledgers
  • Purchasing Department Copies of Purchase Orders
  • Sales Records
  • Subsidiary Ledgers
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.
  • Voucher Register, Schedules

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Which is a UK Nominee Company

Por Braxton7 - United Kingdom - 21 agosto 2002

Which is a UK Nominee Company?

The basic idea is for the UK company to agree to transact business on behalf of an undisclosed offshore company. The company normally used is a British Virgin Island Company or a Gibraltar Company.

This agreement must be in writing. Business will then be contracted for by the UK company on behalf of the offshore company. Gross income of the offshore company will be received in the bank account of the UK company and subsequently remitted to the offshore company, less a commission for the use of its services, normally 5% of turnover. The UK company only pays corporation tax on its own income, the commission received; the remainder of the income passes to the offshore company free of corporation tax.It is preferable that the offshore company is managed and controlled outside the UK and it is also preferable that the UK company’s directors reside outside the UK. There should be no trading in the UK and all contracts signed by the UK company on behalf of the offshore company must be signed outside the UK.

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VAT implications for UK nominee

Por Braxton7 - United Kingdom - 21 julio 2002

Which are the VAT implications for a UK nominee company?

A company must register for VAT if its turnover is in excess of some amount within the EU. The company may register before it reaches this turnover, if it wishes to make any reclaims of VAT. If the UK nominee company is supplying, as a nominee, services to a third party outside the UK, the supply will be zero-rated if the services fall within certain categories such us advertising, consulting, engineering, legal and accounting services, transfers and assignments of intellectual property rights, the supply of staff, banking, financial and insurance services, and certain kinds of transport.

If the UK company is supplying goods as nominee it will need to charge VAT on a supply to a third party in an EU member state unless that third party is itself registered for VAT in the EU and provides its VAT number to the UK company. Where the goods are supplied to a third party outside the EU the supply will not be subject to VAT. It is also important to note that VAT will be chargeable on the UK company’s fees invoiced to its offshore principal for its services as agent.

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