International Business

Handling the Tax Affairs for Overseas Companies

We will look after your tax affairs in the same professional way as we do your accounting and other needs. UK taxes will involve some or all of the following, which we provide as standard services:

Corporation Tax

Company profits are assessed for Corporation Tax every 12 months, the tax being paid 9 months after year-end unless you are a large company when stage payment rules may apply. There are specific rules for depreciation, assets, certain expenses, provisions, property and inventory. When the accounts are complete we will compute the tax and advise you the amount and date of payment.

Tax saving strategies may include the timing of asset purchases and disposal and the funding methods of new assets. However this tax is one of the lowest UK taxes and such tax saving decisions need to be considered in the light of this.

Value Added Tax

Essentially a sales tax, VAT has been in the UK for many years. It is a sophisticated tax overseen by an agency with considerable powers. If we are not your outsourcing agents it is vital you appreciate what VAT requires you to do, how to keep accurate records and when to account for VAT.

There are a number of ways in which we can help ease the complexities of VAT - advice on record keeping; operating "margin" schemes; ensure you understand the difference between standard, zero-rated and exempt supplies and how to use "cash accounting" to match VAT payments to cash flows.

You can gain from registration even though you may be below the compulsory threshold; conversely if your sales fall below set levels it may worth deregistering from VAT to reduce your administration burden.

If you trade abroad you need to know the correct VAT treatment when invoicing EU, other European and International countries. You will especially need to know how the equivalent overseas VAT affects you.

Whatever your situation VAT is a tax area you must understand and apply to your trading activities. Clark Howes can assist you in the requirements of VAT legislation practically and provide real solutions to a potentially difficult issue.

Income Tax and National Insurance Contributions (NIC)

Income tax is an employee tax deducted through payroll; NIC is both an employee and an employer tax again operated through payroll. In addition it is also an employer tax on benefits provided to staff such as health insurance, company cars and potentially far more importantly a tax on share options. Care taken before offering these benefits can mitigate the employers cost or at least understand the implications. We can manage or advise as you feel appropriate.

Investigations and Insurance

The Inland Revenue is increasingly using value-based decisions to decide when and which companies are investigated. Initial queries may be fairly simple and a quick resolution to the problem can be achieved; however we are finding more in-depth investigations are taking place, targeting selective items. We can undertake the response required to these enquiries and keep you abreast of the ongoing situation. We can also offer specific insurance policies to cover the direct investigation costs of these investigations.