De Beer is an audit and accounting firm that was established in 1952. De Beer has nine partners and 106 staff in total. It operates from two offices in the south of the Netherlands and offers audit, international and domestic tax and accounting services to a range of SME and private clients. Industry specialisms include trading, real estate and logistics.
The addition of De Beer to Kreston Global’s network further extends its European region, which consists of 62 member firms across 33 countries providing a range of financial, audit and accounting, taxation and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set up.
Liza Robbins, Chief Executive of Kreston Global, said:
“The addition of De Beer to our large number of both Dutch and European firms is a great move. Our nine Netherlands member firms together represent over e100m in revenue and collaborate closely on clients and operational matters to share knowledge and expertise widely. It will be wonderful to see Wil and the team at our next European conference and to hear more about their plans.”
“We are really excited to have become a member of the Kreston Global network. The network has an extensive international footprint which will benefit our clients as well as our people. We have also found the Kreston Netherlands member firms extremely welcoming and we are very much looking forward to working with them closely for example on the Dutch Zero Co2-projectto support clients with ESG issues, and to meeting the rest of the network in due course.”
News
Luxembourg firm joins Kreston Global network
April 18, 2024
Sector:Finance, Leisure & Hospitality, Real Estate & Construction, Technology, Media & Telecom
Kreston Global has today welcomed Luxembourg firm Global Osiris Audit & Expertise to the Kreston Global network.
The firm offers Audit and Assurance, Corporate Recovery and Insolvency services to national and international privately-owned entrepreneurial businesses across Luxembourg and across Europe. The firm deals with a variety of industries including technology, financial services, real estate, food manufacturing, hotels and consultancy organisations.
The addition of Global Osiris Audit & Expertise to Kreston Global’s network ensures a strengthening of accounting provision across its substantial European region, which consists of 61 member firms across 33 countries providing a range of financial, audit and accounting, taxation, and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set up.
The firm will be rebranding to become Kreston Osiris Luxembourg over the next few months.
Liza Robbins, Chief Executive of Kreston Global, said:
“We are really pleased to welcome Global Osiris Audit & Expertise to our European region and our network as it brings a range of complimentary solutions for our Luxembourg service offering as well as considerable experience of operating within international networks. The firm will be a strong addition to our member firm lineup especially as it is located in such a key financial centre.”
Olivier Janssen, Managing Partner at Global Osiris said:
“We chose Kreston Global because of its member firm ethos and its great reputation for servicing entrepreneurial international businesses around the world. We can see enormous potential in our collaboration with Kreston and the network’s excellent member firms worldwide.”
Len leads the VAT team and brings a wealth of experience and a practical approach to provide user-friendly VAT advice and get the best solutions for his clients.
Len helps his clients navigate UK and global VAT systems to ensure they know what to expect, get it right, and above all know they are in good hands so they can focus on their priorities and achieve their goals.
Over many years’ experience, first as a VAT inspector at HMRC, and leading VAT teams at large accounting firms in Scotland and the South West, he has advised clients in most sectors, with specialisms including Education, particularly FE Colleges, International Trade, Cross-border transactions, Group Structures, Property, Partial Exemption, and of course dealing with HMRC.
Understanding VAT implications on UK residential property
November 14, 2023
Sector:Real Estate & Construction
Understanding the VAT implications on UK residential property and the impact of interim rental for new residential properties, including strategies for VAT recovery, HMRC’s adjustment policy, and alternative approaches, is essential for investors with portfolios in the UK.
Recovering VAT on UK residential property development
When housing developers construct or convert properties for sale, they can generally recover VAT incurred on development costs. This includes VAT on land or property purchases and associated legal and professional fees, which can represent significant amounts.
VAT implications on UK residential properties carrying out interim rental
Interim rental of these properties, prior to sale, can change their VAT status from zero-rated sales to exempt rentals. This shift can potentially lead to a clawback of recovered VAT to HM Revenue and Customs (HMRC).
HMRC’s Fair Adjustment Policy
In response to market slowdowns, like in 2008, HMRC introduced a policy allowing a fair and reasonable VAT adjustment. This policy, aimed at reflecting both the temporary exempt use and intended sale, can lead to reduced VAT clawbacks or no adjustment, depending on specific factors such as the rental period and projected sales value.
Alternative strategies: Sales to group companies
Another strategy is selling new residential properties to a group company before renting them out. This approach can secure VAT recovery on development costs by ensuring a zero-rated first sale, though it must be weighed against other commercial, legal, and tax considerations, including Stamp Duty Land Tax (SDLT) and Corporation Tax.
Mark is a Duncan & Toplis’s Management Board member and head of tax advisory services, covering all of their 11 offices. Mark has particular expertise in international structuring and corporate and property taxes. Mark is head of international tax for the firm while also heading up their corporate and business tax group and property tax departments. He has extensive experience of tax planning and due diligence having worked on many large property transactions, corporate restructures, acquisitions and disposals. Mark thrives on adding value to his clients and having a great team culture. Mark was made Chair of the Global Tax group at Kreston in June 2020.
UK property-owning overseas entities face ‘severe sanctions’ under new rules
August 18, 2022
Sector:Real Estate & Construction
What do I need to know about the change in legislation for UK property-owning overseas entities?
Retrospective registration to the government’s new scheme is essential to avoid hefty fines and jail time for those in breach of the revised rules.
Critically, this doesn’t just apply to new or prospective foreign entities who wish to purchase land or property on Britain’s shores – it is also retrospective. As a result, any overseas entity that has purchased UK-based property since 1 January 1999 (or 8 December 2014 for those with property in Scotland) must register with the new scheme by 31 January 2023 or risk fines of £2,500 per day – and other significant penalties limiting trade.
Speaking of the scheme, Business Minister Lord Callanan said: “By getting this first of its kind register up and running at breakneck speed, we are lifting the curtain on those criminals attempting to hide their illicitly obtained wealth.”
Companies House Chief Executive Louise Smyth said: “The launch of this new register is a significant milestone in the history of Companies House and marks a turning point in our transformation as we look to play a much greater role in tackling economic crime.”
Clearly, we are fully in favour of interventions which can effectively root out criminals hiding money in assets within the UK, but making this change retrospective will, in our view, also give honest investors only a short window in which to avoid a heavy financial penalty.
Who does it apply to?
Any overseas entities that want to buy and sell UK property, or have historically. This applies to all property owned in England and Wales from 1 January 1999. Similar rules apply for property owned in Scotland from 8 December 2014. This only applies in Northern Ireland to properties now bought after 1 August 2022.
What is a registrable beneficial or managing officer?
The rules vary depending on the type of entity (for example, an individual person, public authority, trust or trustee) but it typically means members of the company that hold, either directly or indirectly, 25% of shares or voting rights within the enterprise.
Anyone who holds significant influence within your organisation could feasibly fall under this umbrella, so make sure you speak to an agent about any concerns or questions you might have in identifying those liable.
What if I miss the deadline?
Overseas entities only have until 31 January 2023 to register. If you do not comply with the Act, you could be fined up to £2,500 per day or get a prison sentence of up to 5 years. You’ll also face restrictions when buying, selling, transferring, leasing or charging property or land in the UK.
What do I need to do?
If you are a registrable beneficial or a managing officer of a UK property-owning overseas entity, you must register with the Register of Overseas Entities (RSE) within the next few months.
According to Gov.UK, the RSE is “held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and/or managing officers. There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK”
You will need to ensure that the registrable beneficial owners or managing officers undergo extensive validation checks before your entity can be officially approved and registered. This process is supervised under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 and they can only be carried out within three months prior to your registration date.
Your agent will be able to advise you on the evidence you will need to provide on the registrable beneficial and managing owners. There is a small fee of just £100 to sign the register – which might put off some businesses – but the potential consequence of not doing so is a fine of up to £912,500 per year and even up to 5 years in prison
Why Kreston Global?
Kreston Global can undertake every element of the registrations and required verification checks on your behal We aim to build trust and confidence in the short and long-term goals of your business, with our clear and comprehensive understanding of the global tax landscape for property-owning overseas entities. Our services cover UK-based or international businesses. So, no matter the size of your company, we can help.
Get in touch with one of our overseas entity tax experts today to meet the 31 January 2023 deadline or speak directly to Mark Taylor’s team here.
News
Spanish property investment; tax rules
March 11, 2022
Sector:Real Estate & Construction
Investment in Spanish property, particularly by British investors, has been growing in popularity since the early 2000s, as expats look to retire in the sun, or spending cold winters in Spain and returning in the Spring.
This common practice could be subject to double taxation rules and those looking to invest in Spanish property should consider how long they intend to stay at the property to determine the Non-Resident Income Tax (NRIT). Habitual residency is defined as spending more than 183 days in Spain during a calendar year or when the main core or base of their activities or economic interests is located in Spain. Residency in Spain is assumed when the spouse and minor children are habitual residents in Spain.
Researching tax residency and any double taxation laws between the domicile country and Spain is critical before buying or selling property, however, double taxation treaties signed by Spain tend to claim tax on the sale of a property, in accordance with the Non-Resident Income Tax (NRIT).
NON-LEASED PROPERTIES Next, a distinction must be made between leased and non-leased property. Residential property can be subject to Personal Income Tax (PIT), meaning that non-residents must declare them each year as real estate capital gains:
Normally 2% of the cadastral value of the property.
1.1% of the cadastral value when this has been revised in the same tax period or in the previous 10 years.
If there is no cadastral value or this has not been notified to the owner of the property, 1.1% will be applied to 50% of the higher of the following values: the value ascertained by the Administration for the purposes of other taxes or the price, consideration or value of the acquisition.
It should be noted that the tax rate for citizens of the EU and European Economic Area (EEA) states is 19%, with effective exchange of tax information (Iceland and Norway). For all other taxpayers, the tax rate increases to 24%.
LEASED PROPERTIES
Rates as above, but commercial properties must pay withholding tax to the Tax Authorities on rent. This withholding tax, 19% in the case of EU citizens or Iceland and Norway and 24% in all other cases, will exempt the owner from making the aforementioned quarterly declarations. Rental-related expenses are tax-deductible for EU citizens and Iceland and Norway.
The 60% reduction provided for in the PIT is not applicable to income from rental housing and that is per property, so it is not possible to offset them.
Value added tax (VAT)
Non-resident landlords, subject to VAT, are defined as
If the lessor is obliged to provide complementary services typical of the hotel industry (eg Airbnb).
VAT will be charged at 10%, will need to register and file VAT returns quarterly.
If the lessor is not obliged to provide services typical of the hotel industry, two situations can be distinguished:
a) Renting to a long-term tenant is VAT exempt.
b) If the rental of the property is not exempt, the Central Economic-Administrative Court in its ruling of 20 November 2016 applies, endorsed by the Directorate General of Taxation in various consultations (CV1145-17, CV2915-17 and CV 2897-18). VAT obligations therefore only apply to long term rental agreements. Simply owning a property in this instance does relieve landlords from VAT. Rental of subject and non-exempt leases (offices, commercial premises, warehouses, etc.), are as follows:
If the rental is managed: the non-resident owner must register as a lessor, will have to charge VAT at 21% on invoices and must submit quarterly returns for this tax.
Non-managed: no VAT obligations. The tenant will be obliged to declare both VAT due and input VAT at the same time in his returns.
Usual VAT recovery on purchase and maintenance of properties apply, depending on if the non-resident is established or not in Spain:
a) Non-resident/permanent establishment – should input tax paid in the VAT forms that he/she files periodically (form 303).
b) Non resident/non permanent establishment- should apply for a VAT refund through the non-established refund procedure:
If the non-resident is established in a country outside the EU, a reciprocal treatment agreement must be in place in order to apply for input VAT payments (Canada, Israel, Japan, Monaco, Norway, Switzerland and the United Kingdom). The application must be made to the Spanish Tax Agency, using form 361, no later than 30 September of the year following the year in which the VAT was borne.
If the non-resident is established in the EU, he/she may apply for a refund of the VAT paid in Spain in his/her Member State of residence, without any additional requirement, on the form that the Tax Agency of his/her country has indicated for this purpose.
For further tax advice on the selling of Spanish property, please visit our Spanish member Kreston Iberaudit website, here.
News
Kreston’s Global Mobility Network Grows
February 2, 2022
Sector:Charities, Not-For-Profit and Education, Energy, Leisure & Hospitality, Life Sciences & Healthcare, Manufacturing & Automotive, Promotional products, Real Estate & Construction, Retail, Technology, Media & Telecom
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
News
Kreston Menon launches latest investment guide for ‘Doing Business in Dubai’
Sector:Energy, Leisure & Hospitality, Life Sciences & Healthcare, Manufacturing & Automotive, Promotional products, Real Estate & Construction, Retail, Technology, Media & Telecom
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Sector:Manufacturing & Automotive, Real Estate & Construction
JCHX Mining is a major service provider focusing on engineering, mine construction, underground development, contract mining, and research and development in the nonferrous, ferrous and chemical industries.
It has a registered capital of CNY 583 million, employs more than 6,000 people, and controls 30 subsidiaries, four branches and a provincial-level R&D centre. As part of its business plan, the company asked Zhonghui, a member of Kreston Global in China, to help in three main areas.
JCHX Mining wanted to improve its internal management, particularly its financial management capabilities. They also wanted a better understanding of the IPO procedure, and to improve their information-gathering on the latest local rules affecting their various overseas projects.
Discussing their needs with JCHX Mining, we helped create an effective financial management procedure and compliance framework. We also provided an audit service in the company’s IPO and the issuance of a CNY 1 billion convertible bond. For its overseas business, we helped provide training for the financial staff involved in foreign projects while giving expert tax advice regarding various investment projects.
Lu Li, audit partner at Zhonghui, commented:
“It has been very satisfying to help such an important company make major improvements. Our advice will optimise business efficiency and provide solid financial foundations, helping the company continue to flourish globally.”
“It was the right decision to engage Zhonghui as our trusted consulting company for numerous complex national and international projects. The Zhonghui team of experts really worked well together to help us create a tailored reporting and tax filing process for our finance team worldwide.”
Zhu Hongmeng, CFO of JCHX
News
Real Estate and Construction
June 29, 2021
Sector:Real Estate & Construction
Maximising value and focusing on cost efficiency are key parts of the real estate and construction industries. So is knowing your market. Kreston combines local knowledge and international reach with years of experience to find the right solution for your business.
We help people in all the areas involved. Whether you are a contractor, construction company, investor, developer, estate agent, property manager or fund manager, we have the expertise you need.
A major service we provide is to those planning to expand overseas. Kreston delivers a co-ordinated and seamless service across our network so you always have experts ‘on the ground’ worldwide. We also advise those running other types of business who also have to manage property-related issues, from new leases to expansion.
Kreston can help you forge effective relationships with the right lenders, as well as minimising the effect of property-related taxes. Our business advisers can find solutions to give you a solid financial base for the future such as adapting your business model to streamlining your operations.
We can help you with:
Tax
Investments
Funding
Assurance
International expansion
Regulation
Compliance
Outsourcing
Auditing
Accounting services
The sector is undergoing changes on many fronts – from sustainability issues to new uses of real estate – and Kreston can help you turn these into opportunities.
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