#bambridge

Expanding overseas can bring great rewards for your business.

 If you’ve done the economic and market analysis and have come to the conclusion that spreading your business abroad is a beneficial move you are probably left with one question:

 ‘How do I spread my business overseas?’

 It is essential that you have a full understanding of what rates of tax your business will be liable to pay by bringing your company abroad.

 5 key taxes you need to be aware of are:

 1.     Employment Tax, income tax and social security

2.     Sales Taxes and VAT

3.     Withholding taxes

4.     Local business taxes

5.     Can you receive relief against your UK tax liability for any overseas tax suffered?

When it comes to renting out a property there’s a couple things you need to know..

Firstly, you will have to file a self-assessment tax return for the tax year when you started to rent out your property.

That means if you started to rent out your property in July 2015, then you will need to file a 2015/16 tax year return. The tax year runs from April 6th to April 5th.

 What else? -You can deduct expenses from your rental property income, providing that it is required for the running of your letting business.

 Listed below are expenses can be claimed:

 Ø  Rents, rates, insurance, ground rents etc

Ø  Property repairs and maintenance

Ø  Interest and other finance charges

Ø  Legal, management and other professional fees

Ø  Costs of services provided, including wages

Ø  Other property expenses

 Finally, you cannot deduct expenses that will increase the value of the property, so this would be items like extensions etc.