The following Corporation Tax guidance note Produced by Tolley in association with Anne Fairpo provides comprehensive and up to date tax information covering:
An overseas company may be required to file a number of UK tax returns with HMRC. This guidance note outlines the corporation tax and income tax filing requirements which an overseas company may have in respect of different types of income.
See also Simon’s Taxes A4.1.
The overseas company may wish to authorise a UK agent to act on its behalf, using the normal agent authorisation form 64-8.
In addition, if an overseas company has employees who spend time in the UK (even for as little as 30 days), it may be required to file returns in respect of PAYE and National Insurance. See the Non-resident employers and liability to PAYE in the UK and Coming to the UK ― UK employment guidance notes.
See Simon’s Taxes Division E8.7.
Depending on the nature of its activities, an overseas company may also be required to file UK VAT or other indirect tax returns, eg a company which operates under a UK remote gaming license will be subject to gaming duties.
Finally, an overseas company may be required to make non-tax filings, eg filing accounts with Companies House. See the Companies House website.
If the overseas company has a permanent establishment in the UK, then it will be subject to UK corporation tax in respect of the profits of the permanent establishment.
See the Permanent establishment guidance note.
From 1 April 2015, it will also need to consider the diverted profits tax (DPT) ― see the Introduction to the diverted profits tax guidance note and related notes in that subtopic.
The company will be required to notif
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The supply of fuel and power is treated as a supply of goods for VAT purposes. Supplies are fuel and power are normally liable to VAT at the standard rate. However, providing certain conditions are satisfied, it is possible for suppliers to charge the reduced rate of VAT on certain supplies of fuel
Almost all companies will have some loan relationships. However, some items that are commonly assumed to be loan relationships are not (eg outstanding consideration for the sale / purchase of property and inter-company balances relating to unpaid amounts for goods or services, in each case where
Arguably, the most important exemption from IHT is the married couple / civil partner exemption.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every