Company takes proactive approach to overseas tax compliance
A company who supply specialist personnel in the oil and gas and renewables industry. The company had grown significantly through organic contract wins and was having some challenges in managing their tax affairs in overseas territories.
- Worked with the company to put in place a process so that when tendering for overseas opportunities, their team knew to come to AAB for tax support so that overseas taxes could be built into the tender price
- Supported the company to ensure that when a contract was secured, overseas tax compliance is then put in place from an early stage
- Reviewed the locations where personnel were currently being supplied and supported the company in putting in place the necessary tax compliance processes, using local partners overseas where necessary
- Contracts are now properly priced, factoring in overseas tax and compliance costs – there are no more surprise tax liabilities that can erode expected profit margins
- Ensuring compliance means that the company now avoids interest and penalty charges from tax compliance failures overseas
- If there is a diligence undertaken on the business in the future for sale or investment, the Shareholders can be comfortable that overseas tax liabilities will not become an issue in the diligence checks
Related Case studies
Sign up to updates
Blog27th Jun 2022
Additional Dwelling Supplement – am I liable?
From April 2016, the purchase of a second home not only brought a liability to Land and Buildings Transaction Tax (“LBTT”) but also to Additional Dwelling Supplement (“ADS”) which is a levy of 4% of the property price where that... Read more
By Jill WalkerView more