Future operating costs survey 2016

Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are expected to rise by 1.9% in 2016 and by 2.5% in 2017.

Is a 'fractional interest' in a property a holiday let?

A recent First-tier Tribunal decision, in the case of Fortyseven Park Street (the company), has concluded that the supply of a ’fractional interest in a property’ (similar to a time share), should be subject to VAT at the standard rate of 20%, on the basis that the supply is one of accommodation provided by a hotel or ’similar establishment’, a supply which is specifically excluded from exemption further to the VAT Act 1994, Schedule 9, Group 1, item 1(d).

This recent VAT case may have significant implications for exhibition organisers

A recent decision in the Upper Tribunal case of Kati Zombory-Moldovan t/a Craft Carnival has found that an exhibition organiser’s services went beyond the passive supply of a pitch or a licence to occupy land, which would have been exempt from VAT, and was actually the provision of ‘a service of participation as a seller at an expertly organised and expertly run antiques and collectors fair’ and, as such was liable to VAT at the standard rate of 20%.

Fourth successive year of decline in operating costs

Total annual operating costs in the shipping industry fell by an average of 2.4% in 2015. This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction in such costs. All categories of expenditure were down on those for the previous 12-month period. This suggests continued pragmatic management of costs by ship owners and operators, as well as a reduction in active trading for some owners as a result of the prolonged worldwide economic downturn.

Zero rate tax allowances: Use them or lose them

Did you know that from 6 April 2016 all taxpayers have been able to pay 0% tax on up to £5,000 of dividend income each tax year? In addition, basic rate taxpayers can pay 0% tax on up to £1,000 of interest income each tax year, whilst higher rate taxpayers can pay 0% tax on up to £500 of interest income each tax year.

What’s the safest seat on a plane?

Many of us will have been on a plane with our families over the summer holiday and will be now building up frequent flyer points through travel. When picking your seats you might be focused on those that give you most leg room or enable you to get on or off quickly when boarding and landing. But do you ever think about which seats maximise your survival chances in the event of a crash?

Our team of engineers and scientists have provided an interesting outlook into this subject as despite the high volume of flights every year, flying is relatively safe.
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