Foreign
Companies

When dealing with the tax laws surrounding controlled foreign companies, it is often best to consult a firm of qualified accountants. The Accountancy Solutions is very familiar with the law and has a lot of experience in this field. 

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A controlled foreign company or CFC is a company that is not resident in the UK but controlled by residents in the UK. This control may either be legal or economic or maybe a joint venture test or meet UK accounting standards.

Accountants for Foreign Companies

The rules surrounding CFCS are a provision that is designed to stop UK profits from being diverted to territories with lower tax levels. When UK profits are diverted to a controlled foreign company, the profits are then apportioned and then charged to a UK corporate interest holder with a minimum of 25% interest in the company.

It works by applying a series of charge gateways to the various kinds of profits to identify those who have been diverted away from the UK economy. These profits will then be apportioned before being charged to the relevant corporate interest holders in the UK. There are several entity level exemptions reflecting the fact that it is generally considered that most CFCs have been set up for purely commercial reasons. Therefore they are designed to reduce the company’s compliance burden when applying these rules.

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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.

Types of Corporation Tax

Its rather types of organisations which need to pay corporation tax. Companies can also be classified as non resident or foreign.

Unincorporated Business

Unincorporated Business are associations registered in companies house. Other types of business will include sole traders and partnerships.

Reliefs And Allowances

Claim corporation tax releif on expenses which are eligible under the law. There are penalties for claiming wrong tax relief.

Tax on Foreign Companies

Corporation Tax on foreign companies will depend on certain conditions. Its not always every foreign company have to pay tax.

Frequently Asked Questions

Most frequent questions and answers

No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you. 

We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.

You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?

If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.

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