1st Contact is attempting to redress the balance during these times of economic anxiety by focusing on small, local companies rather than the corporate monoliths dominating the news headlines these days. We are running a series of news stories which will help bring the global economic picture into focus for owners of small business, who are the bread and butter of the British economy.
1st Contact can always assist your business when it comes to drawing up business plans and establishing what will be the best source of finance for your company, however, the banking crisis has affected all of us, whether we are individuals struggling to find a bank willing to lend us the money for a mortgage, or indeed a small business concerned that its overdraft will be reduced without warning. In the news a lot recently, has been the summit meeting which will be held between leaders of the G20 nations. Leaders will no doubt be discussing these very issues, which have been at the heart of the current downturn, and looking for solutions to ensure that we see no further collapses in the banking system. Before this summit though, the Finance Ministers from the G20 nations have already locked their heads together to come up with an agenda that will be discussed in April.
Trying to find ways of co-operating globally in order to ease the current global difficulties being experienced has been the main focus of the recent meeting, with an emphasis on regulation, and how it can be used more effectively on a world-wide basis. No country wants to see widespread financial collapse, and every country wants to ensure business interests are protected.
A prime example of this has been the decision to clamp down on tax havens. Traditionally shrouded in secrecy, with no requirement to disclose information to authorities, it is the tax haven which has allowed gangsters & drug dealers to hide their vast fortunes, and con men such as Bernard Madoff to defraud hard working people of many millions and crucially, allowed many of our banks to manipulate the culture of secrecy in order to escape regulation. This has resulted in frightening repercussions for the rest of us.
All of the G20 finance ministers seem to be in agreement that the world has no place for tax havens, and that a set of international standards needs to be applied.
A list of known tax havens has been drawn up, which includes countries such as Liechtenstein, Luxembourg, Jersey, Switzerland, Andorra and Monaco.
A number of them have already signed the agreement drawn up by the Organisation for Economic Co-operation and Development, which sets out certain principles for the global sharing of tax information. Countries which do not agree to adhere to these new principles will face the prospect of being globally "blacklisted".
If you are in any way concerned about how changes to the regulation of tax havens may affect you, please don't hesitate to get in touch with us here at 1st Contact. We can help you to ensure that you are not falling foul of any new regulations that may affect where you choose to bank offshore.
1st Contact Tax offers specialist tax services to contracting professionals.
These services include: Contractor Accounting, Contractor Umbrella payroll, Personal Tax for Contractors, Limited Companies for Contractors and Contractor Financial Advice.