Risk management: aware of the obstacles
Businesses face many risks – each an individual challenge to manage and mitigate. At the moment there are three risks on the horizon which could combine to create a domino-effect scenario for businesses in the Middle East.
VAT: United Arab Emirates
The United Arab Emirates is introducing a value added tax (VAT) system with effect from 1 January 2018. It will be at a rate of 5%, and there will be a number of exemptions from the tax for education, healthcare and foodstuffs.
Middle East Briefing: Non-dom update
In the July 2015 Budget, the Chancellor announced significant changes to the treatment of long term non-doms to take effect from 6 April 2017.
Payroll taxes (PAYE/NI)
Payroll year-end: final issues to consider
With the 2015/16 tax year drawing to a close, there is just the final March payroll and then a small window for supplementary payroll runs before the final payment deadline of 22 April.
We would recommend you need to consider the following key areas before the deadline.
The 2016 Finance Bill
Today the Government published the 2016 Finance Bill, together with explanatory notes. The Bill is 583 pages long, and the explanatory notes 419 pages.
What effect will the 2016 Budget have on non-domiciled individuals?
In the July 2015 Budget, the Chancellor announced significant changes to the treatment of long-term resident non-doms to take effect from 6 April 2017.
Lifetime allowance rules are changing...again!
What happens if I exceed the LTA?
From 6 April 2016, if at the time you take your pension benefits the value exceeds the £1 million LTA, you will incur a tax charge on the portion of benefits taken above this amount. This tax charge will be 55% if benefits are taken as a lump sum or 25% if paid as income, which itself is then subject to tax under PAYE rules.
New low in shipping confidence
Overall confidence levels in the shipping industry fell to a record low in the three months to February 2016, according our latest Shipping Confidence Survey.
Budget changes for the financial services industry
The Budget contained a number of surprise developments that are likely to be of interest to the financial services sector.