Nearly 200 professionals and business leaders attended the latest KPMG UK and Manx Tax Briefings at the Claremont Hotel last week.
As with previous sessions, the speakers covered a wide range of topics and covered a lot of ground in their presentations.
Director Greg Jones first topic was the UK 2015 Budget in which he made it clear that although the Budget itself might have been short of new developments in tax, the Diverted Profits Tax will need to be considered by larger Manx companies.
It is intended to tackle circumstances where companies aim to divert their profits offshore and reduce their UK corporate tax liability.
Mr Jones also flagged up the possible removal of the UK Tax Return and, in the session from Harley Richards (Tax Manager), this point was considered in more detail. His view was that, while pre-population of Tax Returns for individuals might be a relatively straightforward and welcome development – it seemed an altogether more complex undertaking for businesses.
Sandra Skuszka (VAT Senior Manager) then delivered an update on VAT matters which centred primarily on the use of structures involving non-EU companies, whilst Sarah Brunswick's presentation tackled the new UK GAAP (Generally Accepted Accounting Practice) regime which provides a significant reduction, and simplification, to the current standards and guidance.
Tax Director David Parsons examined the 2015 Manx Budget and provided an update on the Auto Exchange regime for financial information.