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Chesterfield Group
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Chesterfield stands for innovation, focus and expertise, providing services like Offshore Company Formation, Invoicing, contracting and international payroll
Chesterfield stands for innovation, focus and expertise, providing services like Offshore Company Formation, Invoicing, contracting and international payroll

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United Kingdom And United Arab Emirates Double Taxation Agreement


The double taxation agreement is the first between these two countries and was signed on 12 April 2016 and came into force on the 25 December 2016. It contains important provisions to assist in determining the corporate residence of a company and confirms that there will be no withholding tax on dividends payable by a company resident in either of these countries to a company resident in the other.

It also allows UAE residences to claim exemption from UK income tax providing certain conditions are met and clarifies the position of employees with regards to HMRC rules.

The treaty is intended to enhance bilateral trading between the two countries and is welcomed due to the increasing mobility and collaboration between the two nations. See more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6240
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Self-Employed Women On The Increase

Record numbers of women in the United Kingdom are choosing self-employment over traditional permanent positions. The flexible hours and remote working conditions are a particular draw to women returning to work after child birth. Scotland in particular has a much larger average of women in creative businesses than the rest of the UK.
Since the early 2000’s the UK has seen a strong overall rise in the number of self-employed both male and female whose percentage now provide a strong support to the economy. With this has come increasing pressure on government to remedy certain complications that come with the life such as childcare.
The number of women international contractors has always been significantly less than that of males due to security issues in particular maternity and childcare. However, with the current skills gap in the UK and concerns over access to the European talent pool once the Brexit is concluded combined with government promises to look into issues of childcare schemes it is perhaps now a more attractive choice for women with the relevant skills who wish to have more control over their hours and pay.
If you are considering becoming a contractor in the UK or abroad and would like more information regarding payroll solutions please do not hesitate to contact us. See more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1008&id=6241
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UK Treasury’s Response To Consultation On Taxation Of Offshore Trusts


Plans to tax UK residents on payments from offshore trusts are being seriously reconsidered by the UK government due to fears that wealthy foreigners might consider leaving the UK.
Deemed UK domiciled Settlors would have been taxed on all the gains of an offshore trust once they or a close family member had received benefit from the trust. The proposal meant that offshore trusts would lose their tax exempt status if any benefits were paid out which is in direct conflict with earlier promises confirmed at the 2015 Summer Budget that offshore trusts would not be touched. It has been stressed that the Treasury seeks a tax system that balances fairness with international competitiveness, which most advisors have considered the proposal too excessive and not in the interest of international competitiveness. See more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6238
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Brexit Effect On Contracting Assignments


A recent survey form the Association of Professional Staffing Companies (APSCo) has shown that 85% of professional recruitment leaders in the UK predict business growth over the next twelve months.
The survey was conducted to gain insight into issues, such as the Brexit, which currently effect growth in the recruitment sector. Almost all respondents agreed that talent is the most important factor and regardless of any issues companies will continue to recruit the right person for the job.
50% of the respondents believed that the Brexit would positively affect contracting recruitment due to companies being less inclined at present to hire permanent staff to carry our necessary projects and system changes until the uncertainty surrounding the exit is diminished.
The Brexit will also bring changes to regulatory regimes which will result in one-off projects such as changes in IT systems which will bring increased temporary positions to IT contractors.
. See more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1008&id=6239
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Dubai’s New Wealth Management Working Group


Dubai is one of the most popular modern jurisdictions. This is due to a number of reasons, not least its extremely attractive tax regime, but also its reputable image and its focus on providing fiduciary services tailored to meet modern international requirements.
In August of last year a media release confirmed the establishment of a Dubai International Finance Centre (DIFC) Wealth Management Working Group in order to produce an updated wealth management strategy further confirming their commitment to remain at the forefront of international finance by acknowledging its constantly adapting environment and the need for constant reform to meet present day needs.
The group consists of both leading global and local professionals in the industry as well as representatives from DIFC bodies. The consultation process is expected to be extensive in order to further enhance the jurisdictions already reputable position globally. See More: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6236
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Number Of Skilled Migrants Unaffected By Brexit


Despite fears regarding skilled recruitment from abroad post Brexit, it has not had the negative effect anticipated. In the first six months post Brexit inter-company transfer visa’s were up 3% on the previous year.
Expert opinion has stated that specialist staff from abroad are often able to fill specific gaps in the employment market that simply cannot be met by British workers hence the reason that the exit has had such limited effect.
The UK government is being urged to consider overseas skilled workers in their Brexit negotiations in an effort not to cut off Britain from an extremely important resource for the economy, as studies of professionals in the UK still show a major concern regarding reduced access to talent in the event of what is being termed as a ‘hard’ Brexit. However it is definite that migration of unskilled workers will be targeted. See More: http://www.groupchesterfield.com/contact-us-chesterfield

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Luxembourg Adopts New Tax Law

On the 13th July 2016 Luxembourg adopted Bill 5730, which is hoped will modernise and streamline its corporate environment.
Whilst the bill is very comprehensive and at times somewhat complex some of the more positive aspects of the new law are highlighted below:-

Sole shareholders are now possible
One-step liquidation is now possible to dissolve a company under certain conditions
Shares can now be issued either free or below par value#
The minimum share capital has been decreased to 30,000 EUR for limited companies and 12,000 EUR for LLC’s
There has been an introduction of a new corporate vehicle known as ‘Societe par actions simplifiee’ (S.A.S), which operates more on a contractual basis
The new bill brings about the most substantial changes to Luxembourg’s corporate environment for some decades and it is hoped that it will cater to modern international finance demands and strengthen Luxembourg’s status as a business friendly jurisdiction.
See more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6230

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Cyprus Abolishes Immovable Property Tax

Last year the House of Representatives voted to allow a 75% discount on immovable property tax (IMT) if paid by 31 October 2016. At the same time it was approved to abolish this tax completely from 1 January 2017.
Issues had previously arisen surrounding the Cypriot IMT as 1980’s property valuations were still being used to calculate this which was generally viewed as unfair. However 2014 plans to revaluate properties for the purpose of this tax hit numerous obstacles due to distorted prices caused by a property bubble. The government unable to resolve this eventually moved forward unexpectedly to abolish it completely resulting in criticism that they are serving the interests of the wealthy. see more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6231
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Proposed Amendments To Jersey Trust Law


Last year Jersey issued a consultation paper proposing a 7th amendment to revise the Trusts (Jersey) Law 1984 in twelve areas where it is thought the legislation could benefit from modification.
The first area under consultation is whether a trust needs a beneficiary at all times during its existence. Currently it is possible for a trust to be in existence without the need of a beneficiary providing they become discernible at some point during the trust period. However, it is thought that the current wording of this provision can be confusing and a clearer revision has been suggested. see more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1108&id=6232
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UK Annual Charge On Foreign Skilled Workers


As of April 2017 UK employers must pay a £1,000 annual charge for each foreign worker they employ with Tier 2 immigration status in an effort to encourage British businesses to recruit and train UK employees. There are reports that this will be extended to include EU workers once the UK exits the European Union.
There are strong concerns that taking such an approach to EU skilled workers might result in similar measures from EU countries with regards to British international contractors.
Whilst efforts are already in place to improve on the scope of domestic skills the proposals have also come under attack from government business spokesmen and business organisations alike for potentially damaging business growth on the basis that businesses would not hire from abroad if the skills they require could be found at home. It has further been condemned for limiting businesses at a time when there is already much uncertainty due to the impending exit.
Exemptions do apply to PhD-Level jobs and international students switching from student visas to working visas in an effort retain top level intellectual talent. see more: http://www.groupchesterfield.com/Main.aspx?module=News&PageId=1008&id=6235
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