Gibraltar is fast becoming one of the most exciting places for companies to set up their offices. The British Overseas Territory is located right at the southern end of the Iberian Peninsula and guards the entrance to the Mediterranean. However, it’s not the scenic beauty and its gorgeous waterfront location that makes Gibraltar so attractive for companies. It’s the fact that this small territory offers unparalleled tax advantages. For instance, there’s no capital gains tax or VAT. Personal income taxes and corporation taxes are very low too.
Gibraltar is a fantastic place to live and work in, and its stature has grown in recent times. However, if your company is located in Gibraltar, you will need the services of a professional tax solicitor. A tax solicitor is needed for maintaining your company’s accounts, deducing the amount of tax to be paid as well as creating deferred tax accounts. For any company, tax planning is very important. Here are a few things that you must consider before hiring a tax solicitor in Gibraltar:
You Need Tax Solicitors Who Are up to Date
The first thing that you need to keep in mind is the fact that tax legislation in Gibraltar is changing constantly. Each year, the ordinance is updated slightly, with new clauses and sub-clauses being added in. You need the services of a professional team of solicitors who are up to date with all the current changes. Tax law is one of the most demanding subjects in the world so you will need people who have a passion for it. You need somebody who can give you taxation advice based on the current tax laws and help you identify ways in which you can save money.
What Services Do They Offer?
Tax solicitors/lawyers offer a plethora of different services. As mentioned, tax law is more than just giving advice. Solicitors offer a vast range of different services. For instance, you may want to hire a solicitor to prepare deferred tax accounts and file returns based on your company’s financials. In many companies, deferred tax accounts are usually created by accountants. However, in some cases, companies also look to hire professional solicitors to handle their cases. If there’s a problem with your tax accounts, you will need the solicitor to handle the case. Taxation Gibraltar is a vast and expansive subject. You will need a knowledgeable solicitor to handle your case.
Your tax solicitor could help you save a significant amount of money. Solicitors actively study tax law and will guide you on how to take advantage of different tax incentives in Gibraltar. However, you need somebody who has had extensive experience in tax law and knows how the system works. It is recommended that you hire a firm that has extensive experience in handling different cases and also has court experience. Many law firms in Gibraltar offer tax accountancy services, so carefully review your options before signing the contract with any firm.