Therefore if at the end of any month the total value of your taxable supplies made in the preceding 12 months (on a rolling 12 month basis) exceeds £85,000 then your company must register for VAT. Don’t worry we won’t send you spam or share your email address with anyone. The VAT registration limit from the 1 April 2017 is £85,000 per annum. EC trade details are collected on the VAT return because it is a requirement for inclusion in the Single Market, and are also used in compiling the trade statistics that in turn affect the national balance of payments calculations. The website of the Isle of Man Ship Registry. 1. It provides a summary of tax rates as well as an outline of the main areas of taxation covering income tax, benefits in kind, personal pensions and retirement annuities, capital allowances, VAT, national insurance contributions and company fees and duties. Choose this if you are representing a company or business acting on its own behalf. Having problems logging in? Tax relief for interest paid to an Isle of Man lender including mortgage interest, loan interest and overdraft interest up to a maximum of £5,000 . Isle of Man company registration is an appealing way for international business people to legitimately minimise their international tax liabilities. a banking business carried on in the Isle of Man on the basis of a deposit taking licence issued by the Isle of Man Financial Supervision Commission, and retail activities (i.e. If you have bought a business as a going concern you may be able to keep the last owner's registration number. I only have two clients. The Island's taxation system is completely separate from that ofits neighbours, so individuals and companies resident in theIsle of Man enjoy complete independence from the United Kingdom onmatters of direct taxation. Standard-rated supplies. We have requested clarification from Luxembourg authorities, where we are based, as to how to treat low tax locations within the EU. Also if you expect that the value of your taxable supplies in the following 30 days will take you over this threshold of £85,000 then your company must register for VAT. The Isle of Man is a low tax economy with income tax rates of 10% and 20% for individuals and a 0% rate of tax for most companies. British Isles Insurance & Financing; Legal ; VAT consultancy, Advice & Services; Vessel Registration; Compliance; Crew Services; Superyacht Services; The Team; Latest News; Locations; Contact; VAT & Customs. Ballasalla. Guidance as to what constitutes a ‘continuing activity’ is provided for by Isle of Man Customs and Excise and includes activities that have a degree of frequency and scale and are provided over a period of time. Online Services Isle of Man Government. The Isle of Man has a statutory body called the Financial Supervision Commission (FSC). Who needs a VAT number? Certain products or services in Isle of Man may have a higher or lower tax. the sale of goods to consumers through retail premises) carried on in the Isle of Man, but only if that income exceeds 500,000 Isle of Man pounds (IMP) in the year. Get in Touch +44 (0)1624 682 358 . In addition there is a tax cap on total incomepayable of £125,000 per person, which has encouraged a steadyflow of wealthy individuals and families to settle on theIslan… To help us improve GOV.UK, we’d like to know more about your visit today. Numbers with 01 to 09 in the first two digits are reserved by HM Revenue & Customs for UK non-VAT reference schemes. Multiple and composite supplies. 0% rate of income tax on most income; 10% rate of income tax on banking business The tax regime applicable to Isle of Man companies includes the following elements. My accountant advise me that i do not need to register for VAT because i am outside the scope of VAT. 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