Martyn Fiddler

SELLING AN AIRCRAFT: WHO PAYS THE VAT? It is common for an Asset Purchase Agreement (APA) to specify that the vendor is only liable for tax implications associated with the use of the aircraft up to the time of sale. The purchaser on the other hand is liable for any tax (including VAT) due as a result of the sale itself and all taxes thereafter. However, from the perspective of the UK and the EU tax authorities, the seller is always liable for ensuring that the correct VAT treatment is applied to the sale. Consequently – regardless of the terms of the APA – the tax authorities will almost always look to the seller for any VAT they deem payable, together with penalties and interest if applicable, not the purchaser. That being said, despite the purchaser being made liable for any VAT issues according to the APA, it may not always be possible for the seller to pursue the purchaser for this tax after the sale, depending on the circumstances of the transaction. For example, one situation where this may occur could be where the sale is treated as VAT “zero rated” (or VAT “exempt with recovery”), for a VAT export sale. Put simply, a VAT export sale is normally treated as effectively VAT free on the basis that such export sales are good for the economy and the local balance of trade. The basis of this favourable VAT treatment is therefore to encourage such sales. In order to be entitled to this VAT treatment, the sale must comply with certain rules created to ensure the goods do actually leave the jurisdiction and are not diverted to home use. Evidence of the export of the goods must be provided within a specific timeframe, and must comply with certain evidential and additional requirements related to who the customer can be and where the customer can receive the goods. Any failure to comply with these rules will result in local VAT at the local standard rate being applied to the sale by default by the Tax authorities. In the UK, the current standard rate is 20% of the value of the asset and in the EU such rates vary from 17 – 27%. Continue reading: https://lnkd.in/evVxbYJQ #bizav #vat #taxadvice

FISH OUT OF WATER - FISH POV - By Lainna Garcia, Compliance Associate at Martyn Fiddler From emptying catheter bags on Friday, to editing anti-money laundering PowerPoint slides by Monday, this is an insight into my reality of experiencing a drastic change in career path. After completing my A levels, I dove headfirst into the world of Dementia Care Services and stayed within the parameters of Health and Social Care. 4 years of personal development later, I found myself looking for a role that was less emotionally taxing (pardon the pun), which brings me to my current status as a Compliance Associate for Martyn Fiddler. Throughout my induction, I have been introduced to brilliant-minded colleagues from each department, where everybody shared their expertise and explained how each of their roles play a pivotal part in running a successful TCSP. During their explanations, however, it was difficult to ignore the multitude of subconsciously used acronyms engraved into their speech. Of course, having never been exposed to the jargon related to the world of finance, I struggled to comprehend the information being handed to me. What did they mean ‘we have to be thorough when reviewing CDD during the KYC process. We also need to be wary of PEPs and UHNWIs by taking a RBA’? I found myself constantly asking colleagues or googling what the acronyms stood for. This was a challenge in itself as I found many of the abbreviations searched hold different meanings, which made it hard to ascertain which acronym was correct in the context I was looking for. Furthermore, I fell into a seemingly endless rabbit hole of googling the definitions of words that were within the definitions of phrases. For example, I searched for the definition of ‘subsidiary’, which yielded the result ‘a company controlled by a holding company’, which then led me to a secondary search of ‘what is a holding company’. As you can see, what could seem like a simple sentence for an experienced professional, could in fact be challenging for a novice... Continue reading: https://lnkd.in/ewySdCfR

WE ARE EXPANDING OUR CLIENT SERVICES TEAM! Our Martyn Fiddler Isle of Man office has an exciting opportunity for a Senior Company Administrator to join our busy client services team. The chosen candidate will be responsible for administering a portfolio of asset owning companies. The role will include organising CDD collection, incorporation, VAT registration, day to day administration, invoicing, liaising with the client accounts team for bookkeeping and the production of annual financial statements, and ultimately dissolve or liquidate the entities. The role will also include working closely with our accounts and compliance departments as well as the management and directorial teams. For the full job description and person specification please visit our website: https://lnkd.in/ekRE3XzR To apply please send your CV and cover letter to Carolyn Cregeen at HR@martynfiddler.com #wearehiring #applynow #iomrecruitment

SELLING AN AIRCRAFT: LOCATION, LOCATION, LOCATION As we all know, selling an aircraft is a complex process. To help provide clarity to anyone involved in this procedure our tax team have created a short series of articles explaining the VAT and Customs implications. Drawing upon their experience from many years in practice they have created a guide to the most common do and don’ts for selling an aircraft. This first article focusses on the key issue of where to sell the aircraft, what impact the location has on both seller and buyer and what you should consider before deciding on a jurisdiction to close a sale. Why is the territory the aircraft is sold in so important? Why does it matter which country’s VAT rules apply? Read here: https://lnkd.in/eMh_qZQe

BACK TO BASICS: WHAT IS A CORPORATE SERVICE PROVIDER? In our Back-to-Basics series, our new apprentice, Joseph McDaid explains the fundamental principles of corporate and tax services from the perspective of someone completely new to the industry. It is our hope that this short series which will delve into a fresh key topic each week, will provide others like Joe, who are starting out in the industry, with bite size, easy to digest information to save, study and explore as they continue to expand their knowledge of corporate and tax services. This week Joe explores Corporate Service Providers. - What is a Corporate Service Provider (CSP) and what services do they provide? - Why would a client consider a CSP? - What are the top reasons for using a CSP? Find out here: https://lnkd.in/edXjdNhz

WHAT IS A DIRECTOR? In our Back to Basics series, our new apprentice, Joseph McDaid explains the fundamental principles of #corporate and #taxservices from the perspective of someone completely new to the industry. It is our hope that this short series which will delve into a fresh key topic each week, will provide others like Joe, who are starting out in the industry, with bite size, easy to digest information to save, study and explore as they continue to expand their knowledge of corporate and tax services. This week Joe explores the concept of a #director; what they are, the different types of director, and what responsibilities they hold. No need to fear because Joe is here! Read here: https://lnkd.in/ebfH_hbC #bizav #corporateservices

Please join us in welcoming Lainna Garcia and Joseph McDaid to the Martyn Fiddler team! Lainna has joined the Isle of Man Compliance team as a Compliance Associate and Joseph is our newly appointed Apprentice Associate Administrator. We are excited to have you both join us and can’t wait to see what you’ll accomplish! (For context the lovely photo below was taken at our MF Summer Party 😊) #welcometotheteam

Martyn Fiddler recently welcomed Joseph McDaid to the team as an Apprentice Associate Administrator. At the end of week 3, Joe gives us an update of how he's getting on and what he's learnt so far... An Apprentice's Diary: https://lnkd.in/e4GcESMj

Our Martyn Fiddler Isle of Man office has an exciting opportunity for a Client Services Manager to join our busy Client Services Department team! The Client Services Department at Martyn Fiddler Limited administers all of our client companies, the majority of which are VAT registered. The team takes full responsibility for each company from the outset, including: organising CDD collection, incorporation, VAT registration, day to day administration, invoicing, liaising with the client accounts team for bookkeeping and the production of annual financial statements, and ultimately dissolve or liquidate the entities. To find out more about the role and how to apply please see the full job description and person specification here: https://lnkd.in/eVCP3RvF #joinourteam #recruitisleofman #csp

BACK TO BASICS: AN APPRENTICE'S GUIDE TO UNDERSTANDING CORPORATE & TAX SERVICES In our Back to Basics series, our new apprentice, Joseph McDaid will be explaining the fundamental principles of corporate and tax services from the perspective of someone completely new to the industry. It is our hope that this short series which will delve into a fresh key topic each week, will provide others like Joe, who are starting out in the industry, with bite size, easy to digest information to save, study and explore as they continue to expand their knowledge of corporate and tax services. This week Joe explores the concept of a company and its key fundamental features. https://lnkd.in/e-RB9fKC #corporateservices #tax #company #apprentice #bizav #backtobasics