Philip Parr News

Shipping companies should take positive action now, if they want to avoid a big U.K. tax bill, say leading accountants Moore Stephens. In the current issue of Moore Stephens' shipping newsletter, the bottom line, Philip Parr, partner, recommends a transfer pricing study to prevent the Inland Revenue from charging international shipping companies, with a UK arm, any additional tax, interest and penalties. Transactions involving associated overseas companies are affected by the new tax legislation, which introduced self assessment and revised the transfer pricing rules two years ago. Shipping, as a highly international industry, is particularly affected by the new rules.

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.