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What do I need to know about Transfer Pricing?
Transfer Pricing Policies should reflect the legal, financial, and economic reality of transactions and ensure that group companies are appropriately rewarded for their functions, risks, and assets owned and used. Transfer pricing should be legitimately used to manage tax liabilities across international jurisdictions. Policies should cover the full range of transactions between related parties including sales of goods and services, intellectual property and royalties, management charges, loans, and intra-group financing.
Having an effective transfer pricing strategy and appropriate documentation in place is invaluable in reducing the risk of challenge by Tax Authorities. Being the subject of a Transfer Pricing enquiry can be costly in terms of both management time and the significant potential financial implications including penalties.
Do I qualify for Capital Allowances?
Capital allowances are an important and effective way of reducing your Corporation Tax liability and can be claimed when capital expenditure is incurred on business assets.
How can we help:
- Super-deductions and first year allowances
- Capital allowances claims as part of your tax return process
- Larger capex projects
Until 31 March 2023 there are enhanced super-deductions and First Year Allowances which means there has never been a more important time to consider how to maximise your claims. We can help you identify qualifying items and ensure claims are submitted to HMRC to maximise the benefits from this temporary regime.
What should I know about customs preparation?
Freeport customs sites, or ‘free zones’, are secure customs zones where a business can import or export goods inside the UK’s land border, but where different import or export rules apply. If a customs site is used to import or export goods, the business may be able to:
- relieve duties and import taxes
- use simplified declaration processes
- choose which rate of customs duty to use if processing the goods changes their classification
Controlled goods can be moved into, or stored in, a Freeport customs site, if an existing authorisation allows for this. If controlled goods are to be moved and stored and the business is not authorised to do so, freeportbusinessapplications@hmrc.gov.uk must be emailed to proceed.
If an existing customs special procedure is to be used, the usual conditions of this authorisation will apply, but the business must comply with the general Freeport customs site record keeping rules. HMRC must also be informed of any changes to an authorisation. Application form here
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What support can I receive for Global Mobility?
Global mobility is increasingly a key feature in driving business success. The need to maintain business performance and generate growth means exploring new markets. International assignments hold a key role, whether by establishing footholds in strategic markets or providing international experience for future leaders.
We can provide support to the employer and the employee in dealing with the tax and social security issues related to cross border working. With the support of our extensive network of HLB International partner firms we can help to ensure tax and social security compliance for you and your employee in every jurisdiction that you operate in. Click below to access our global mobility tax services:
How can I plan my VAT?
VAT rules are complex, and the implications are often not considered until too late. We believe that VAT planning requires in-depth specialist knowledge, as even the most conscientious can get caught out, which can be costly.
We will help you to plan robustly, minimise your exposure and optimise your cash flow position. Our specialist services include:
- Planning to identify correct VAT treatment of activities.
- Identifying areas of risk through compliance health check.
- Negotiating with HMRC in disputes to reduce liabilities and agree payment terms.
- Assisting with inspections, registrations, and address reporting requirements.
- Liaising with legal advisors in respect of property transactions.
Our dedicated VAT team will help you to consider the full impact of VAT through all stages of your business, from considering a new activity, through to acquisitions, overseas expansion, and disposal of part of the business.