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LOve Many in Peace with Integrity and Trust
Business Tax
Unit
Business
Tax units will be responsible for the tax owed on all money received into the
tax unit. (which can be set against and money spent from the tax unit at the
rates laid out under Taxation
here)
All
costs/services relevant to the business of the company are tax deductible if
purchased from outside the company.
If
not directly to do with the business will be liable to the relevant transaction
charge.
i.e.
Canteen, Processed
food 5%, Unprocessed food 0%, Equipment 20%
These
inputs can be claimed against sales not including wages paid to the canteen
staff
Alternatively,
if another company brought in then 20% can be claimed. These facilities can be
offered to staff and/or customers.
Any company wishing to trade
in the UK will be required to open Business Tax Unit. “Anyone” can be a
director of the Unit, if they are not UK residents they must apply and be
granted a Foreigner’s Id
Card. At least one director must be a UK resident who will be legally
responsible for actions of the company in the UK. If payment are
made from their websites from the UK they must charge
the going UK transaction levy for the service/product that the UK
resident/company se taxation
here
Internet companies will be
able to operate within the UK without a business unit as long as they don’t
take payments from UK customers. (They will have to follow UK laws)