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Insurance Contributions News

03 Feb 2023

UK Freeports Risk Harboring International Crime

© korhil65 / Adobe Stock

A significant element of the U.K. government’s levelling up plan to create thousands of jobs, regenerate more deprived areas and attract overseas investors is the introduction of freeports. These special low-tax trading zones allow all kinds of businesses to trade.Under the U.K. model, freeports can encompass two different kinds of sites. On customs sites, authorized businesses will be able to import certain goods with simplified customs documentation and without paying tariffs. Domestic goods can also be held in a customs site and used in any manufacturing process.

11 Jul 2014

UK Offers Substantial R&D Tax Breaks: Consultants

Accounting and consulting network Moore Stephens inform that as part of the UK government’s continuing aim to attract new companies to the UK to create growth and jobs, significant changes have been made to the tax rules over the last few years to encourage research and development (R&D) activities and valuable corporation tax reliefs are available to companies undertaking such activities. It is often the case that companies incorrectly view the R&D tax reliefs as only being available to ‘traditional’ R&D industries, such as pharmaceuticals and medicine. However, R&D relief is not restricted to particular industries. It is available to all companies provided the activities undertaken are qualifying R&D activities.

27 Mar 2006

Shetland to Cut Ferry Costs

Shetland Islands Council may set up an arms length company to run its inter island ferries in a bid to stave off potential competition on the route, while saving the authority $1 million over three years. Councilors will decide whether to implement proposals put forward by a working group which has spent the past year examining ways of improving the SIC's expensive ferry service. Proposals include setting up a private firm to run the ferries, employing crews through an offshore company and reducing staff at the ferry operations center, at Sella Ness. Consultants Strategic Transport Solutions (STS) have advised that the council could save money by creating an independent company which would not have to maintain wages at local authority levels through the single status agreement.

02 May 2003

Tax Moves Hurt UK Seafarers

Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. waters will have to pay employers' National Insurance Contributions. them. warns Parr.