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Roger Smelly

Fears Over Island's Vat Deal

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exactly, Tesco(IoM)Ltd and M&S(IoM)Ltd

 

Which will produce a grand total of £640 per annum to the Manx Economy under current legislation

I don't think you are correct. I think that if these companies were for example VAT registered in the IOM then the IoM would get a better deal under the revenue sharing agreement.

If they were VAT registered in the IoM then you are right, but they in all probability would register under their UK Group registration so didly squat to the IoM

You mean that they would apply for an IOM VAT bud would elect for group treatment.

Unless you have the revenue sharing agreement in front of you, I dont think you could make that assertion.

The agreement, I am informed by those that have read and contributed to it, is to say the least complicated.

 

No they would apply to be added to the UK Group election. There would be no need to apply seperatly in the IoM.

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M& S operates under a local subsidiary, are you sure Teso doesn't?

 

It certainly didn't last time this came up.

 

Ahh, here you go, deffo not a manx company:

 

http://portal.gov.im/pvi/CompanyDetails.aspx?company=003012F

 

M&S isn't either:

http://portal.gov.im/pvi/CompanyDetails.aspx?company=004100F

 

B&Q isn't:

http://portal.gov.im/pvi/CompanyDetails.aspx?company=000489F

 

Boots isn't:

http://portal.gov.im/pvi/CompanyDetails.aspx?company=002194F

 

Game isn't:

http://portal.gov.im/pvi/CompanyDetails.aspx?company=003228F

 

HMV isn't:

http://portal.gov.im/pvi/CompanyDetails.aspx?company=002283F

 

...lots of companies not featuring in our GDP.

 

Anyone know what the Coop supermarkets holding company is called?

 

 

For goodness' sake, someone please tell John Houghton or Bill Henderson about this!

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Those companies are VAT registered in the Isle of Man.

 

The figure of £640 is wrong though, the tax involved is only £500.

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Those companies are VAT registered in the Isle of Man.

 

How would you know that?

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I think the farmers have got more to worry about than meat imports - the government won't have any more money to give them now

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Those companies are VAT registered in the Isle of Man.

 

How would you know that?

 

Exactly what I was thinking. I would also love to know what the £500 he is talking about.The £640 I mentioned was two Annual Return fees.

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Those companies are VAT registered in the Isle of Man.

 

How would you know that?

 

Exactly what I was thinking. I would also love to know what the £500 he is talking about.The £640 I mentioned was two Annual Return fees.

 

The fees are 250+70 (=320) per company

 

the first part is tax, the second is registry fees.

 

sooo the total tax is 500 not 640.

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Those companies are VAT registered in the Isle of Man.

 

How would you know that?

 

They are on the Isle of Man F register - they must be if they make taxable supplies.

 

Also, the above means they do in fact pay the £500 anyway - I think.

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They are on the Isle of Man F register - they must be if they make taxable supplies.

 

I'm pretty sure that depends on the structure. I'm not sure how you'd know how tescos was handling it.

 

As for the annual returns, It's a corporate charge + a registration fee. You're splitting hairs.

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The fees are 250+70 (=320) per company

 

the first part is tax, the second is registry fees.

 

sooo the total tax is 500 not 640.

 

You are probably two years out of date. The they were previous seperate but not any longer. It is now purely all the registry fee.

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The F register is for Foreign Companies who have a presence in the IOM and it has nothing to do with VAT registration.

 

There is no £250 corporate tax. For one year only (2006/07 I think) there was a Corporate tax Charge of £250 but the only £250 tax charge right now is a fine for failing to send in a company tax return.

 

Registry charges are here http://www.gov.im/fsc/companies/fees.xml Good luck if you can follow them.

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They are on the Isle of Man F register - they must be if they make taxable supplies.

 

I'm pretty sure that depends on the structure. I'm not sure how you'd know how tescos was handling it.

 

As for the annual returns, It's a corporate charge + a registration fee. You're splitting hairs.

 

I'm not a VAT expert and if a client asked me this I would defer it to an IOM accountant, however I can say that I am 80% confident that in my (not inconsiderable) experience of assisting UK companies entering the IOM market they (1) must F register and (2) do register for VAT here.

 

It could be that this is not compulsory, but everything I've seen to date leads me to believe that is is compulsory, because I know, for example, that all VAT records must be kept on the IOM seperate from the company's UK VAT records.

 

Someone could phone C&E and ask if they have nothing better to do.

 

Well yes, I suppose I am splitting hairs about the 500/640 tax/registry fee issue. It's not important at all.

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Those companies are VAT registered in the Isle of Man.

 

How would you know that?

 

They are on the Isle of Man F register - they must be if they make taxable supplies.

 

Also, the above means they do in fact pay the £500 anyway - I think.

 

To be on the F Register the requirement is to have a place of business on the Isle of Man. It is perfectly possible to make taxable supples and not be on the F Register or vice versa

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Yep it was for 2006/07. Here's the details of when it was cancelled.

 

http://www.gov.im/lib/docs/treasury/income...tes/pn14607.pdf

 

I don't think they've canceled it - just streamlined the payment system so that it's paid in one go to the FSC.

 

I think the £250 still goes to ITD ...

 

Of course, I could be wrong.

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