pongo Posted October 25, 2009 Share Posted October 25, 2009 The calculation was outlined on MRs mandate last week, and I was hoping to type it up on here. Can you give us the skinny AT? Does shopping at B&Q and Tesco deprive the IOM of VAT income? Link to comment Share on other sites More sharing options...
Lost Login Posted October 25, 2009 Share Posted October 25, 2009 If they are F registered, then that is just them saying to IOMG/public, 'Hey, we are here'. It is just a branch of the English company. Local incorporation is setting up an entirely separate company registered under and governed by IOM law. F registered, I guess, means that they can complete their VAT returns under the central VAT number. Separate incorporation gives the IOM side of the business the opportunity to register here with the local VAT office. Is that not correct? If on the IoM F Register, then you should in the main comply with IoM tax and Satutory Requirements. It is interesting to note that whilst Tesco has filed returns M&S may not have. F registration has nothing really to do with VAT and even if you are IoM incorporated if you elect to be part of a UK VAT group then you can complete returns under the central VAT number. If on the IoM F register if you have VATable supllies you can register in the IoM for VAT. You can register even if you are not on the F Register although I think you could argue that strictly it should not be the case. I have to admit though I have never had reason to see if you can register in the IoM if you are F registered and also UK registered. Logically as a business there would be no reason to but I would have to check the lefgislation to see if it is technically allowed. Link to comment Share on other sites More sharing options...
ThankU Posted October 25, 2009 Share Posted October 25, 2009 http://www.gov.im/lib/docs/treasury/custom...ended2007_n.pdf That's the old one. We need the 2007 version. Try http://www.gov.im/treasury/customs/legislation.xml Link to comment Share on other sites More sharing options...
Miss Roo Posted October 25, 2009 Share Posted October 25, 2009 Missed opportunity eh? Isle of Man in a nutshell!!! Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 25, 2009 Share Posted October 25, 2009 The calculation was outlined on MRs mandate last week, and I was hoping to type it up on here. Can you give us the skinny AT? Does shopping at B&Q and Tesco deprive the IOM of VAT income? I really don't have enough information about how these companies operate and account for themselves to customs and excise here, and whether that is dealt with by a UK HQ and/or dealt with here. There are not thousands of people paid here to sort out a pile of specific 'Isle of Man' and a pile of 'UK' related VAT receipts, just as they don't ask if you are from the island if you spend in the UK so they can identify Manx VAT - they just deal with VAT, just as they don't ask when you buy something electronically or over the phone (except for where to deliver it). Just grand totals - VAT collected, GNI and GNP etc. Currently all of the VAT goes into a pot, and I genuinely have no idea of how much is actually collected here, though the detailed government accounts currently lead me to believe that it is of the order of £400M plus actually collected here. But all this is simplified into this GNI/GNP based calculation. We are all crying out for a more detailed breakdown of the actual figures, and that detailed information seems to be either hard to track down, unavailable, or even being kept from us at present. I think. Maybe Tony Brown will be pressed for more information on Sunday Opinion and the Mannin Line on MR today - though I somehow doubt very much if he will have the courage to stay in the studio for the Mannin Line facing phone calls today. Link to comment Share on other sites More sharing options...
Miss Roo Posted October 25, 2009 Share Posted October 25, 2009 In the meantime I am boycotting Tesco Please can everyone please follow nickyw so when i go shopping in there it will be lovely and quiet! Link to comment Share on other sites More sharing options...
jimbms Posted October 25, 2009 Share Posted October 25, 2009 Your MHK is an idiot. Ok you have narrowed it down to one of any one of 24. On the B&Q side I think if you look into who was one of the founders of the said company you will find it is more Manx in origins than many of the high street shops the Q standing for the Manxman David Quayle therefore buying from B&Q means you are giving half the money to a Manxman Link to comment Share on other sites More sharing options...
Fred Posted October 25, 2009 Share Posted October 25, 2009 As far as I have found out Fuel,alcohol and cigarettes legally bought into IOM,duty is paid and retained in IOM. Are not all VAT registrations (GB) isn't it this that allows trade with EU with minimal paperwork? Apart from individuals buying off island VAT figures are distorted because some UK companies do there returns via IOM,because local department has a good reputation,hence IOM collected over £400 million last year and our share was about £350 million Link to comment Share on other sites More sharing options...
thebees Posted October 25, 2009 Share Posted October 25, 2009 Bah! How come people need to have their backs against the wall before they think? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 25, 2009 Share Posted October 25, 2009 Bah! How come people need to have their backs against the wall before they think? Surely. 'Bah! How come people have their backs against the wall before they need to think?' Because previously, it was all going tickety-boo, and in the meantime most could just get on with their own lives? That said, I think a lot of thinking about government spending levels, efficiency, competency, and even possible corruption, has been going on at MF for quite some years now. It's just all suddenly become a horrific reality to most who never or rarely appear on here. Link to comment Share on other sites More sharing options...
kevster Posted October 25, 2009 Share Posted October 25, 2009 Bah! How come people need to have their backs against the wall before they think? As former PM John Major famously said "When your back is against the wall, it's time to turn round and start fighting" Link to comment Share on other sites More sharing options...
slinkydevil Posted October 25, 2009 Share Posted October 25, 2009 As former PM John Major famously said "When your back is against the wall, it's time to turn round and start fighting" Well if your back is against the wall and you turn around you'll be fighting with the brick wall. Link to comment Share on other sites More sharing options...
MilitantDogOwner Posted October 25, 2009 Share Posted October 25, 2009 I was told by someone - who someone under the influence told me was influential - that of your spend in Tesco, 5p in the pound stays on the Island, whereas with Shoprite - 45p in the pound stays on the Island. I was sober at the time, and not at all influential Proof of this or your talking BS. Isn't Shopshite owned by an non-Manx company? Link to comment Share on other sites More sharing options...
kevster Posted October 25, 2009 Share Posted October 25, 2009 As former PM John Major famously said "When your back is against the wall, it's time to turn round and start fighting" Well if your back is against the wall and you turn around you'll be fighting with the brick wall. That's John Major for you...... The only man to run away from the circus to become an accountant. Link to comment Share on other sites More sharing options...
pongo Posted October 25, 2009 Share Posted October 25, 2009 Proof of this or your talking BS.Isn't Shopshite owned by an non-Manx company? Why aggressively complicate the conversation when you can look up Shoprite on the FSC website ? Shoprite is a Manx and local company. link Link to comment Share on other sites More sharing options...
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