STAR STORM GROUP’s Post

In New Zealand, John owns a commercial sailing yacht that he also uses for personal use with family and friends. On April 1st, the GST tax treatment for mixed-use assets will be updated. This is good news for John as it will simplify the previously complex task of dividing GST claims between business and private expenses. John will be entitled to claim 100% of the GST on costs purely related to generating income for his business, such as online ads to advertise his sailing trips. However, maintaining precise records of his yacht's commercial versus private usage remains crucial. This is where SeaLogs can help; we offer a streamlined maritime platform so you can keep track of everything related to your vessel, creating separation between private and commercial trips. This way, you can help ensure that you remain compliant while optimizing your GST claims and keep your accountant happy. #sealogs #nottaxprofessionals #vesselmanagement #businessvsprivate #digital #elogs #logbooks #maintenance #gst #newzealand

In New Zealand, John owns a commercial sailing yacht that he also uses for personal use with family and friends. On April 1st, the GST tax treatment for mixed-use assets will be updated. This is good news for John as it will simplify the previously complex task of dividing GST claims between business and private expenses. John will be entitled to claim 100% of the GST on costs purely related to generating income for his business, such as online ads to advertise his sailing trips. However, maintaining precise records of his yacht's commercial versus private usage remains crucial. This is where SeaLogs can help; we offer a streamlined maritime platform so you can keep track of everything related to your vessel, creating separation between private and commercial trips. This way, you can help ensure that you remain compliant while optimizing your GST claims and keep your accountant happy. #sealogs #nottaxprofessionals #vesselmanagement #businessvsprivate #digital #elogs #logbooks #maintenance #gst #newzealand

Comparing Tax planning to Trail running reveals interesting parallels: (some crazy thoughts as I enjoyed another amazing trail race in Saudi Arabia) https://lnkd.in/dXHKSPUX 1. Preparation and Training: Just as trail runners need to train and prepare for the physical demands of running on varied terrain, effective tax planning requires thorough preparation and understanding of tax laws and financial situations. 2. Strategy and Navigation: Trail runners must develop a strategy for navigating trails, considering factors like elevation and weather. Similarly, tax planning involves navigating complex tax regulations and creating strategies to optimize tax outcomes. 3. Adaptability: In trail running, unexpected obstacles like rocks or weather changes can require quick adaptations. In tax planning, changes in tax laws or financial circumstances may necessitate adjustments to the strategy. 4. Pacing: Trail runners must pace themselves to endure the entire course. In tax planning, pacing refers to making timely decisions throughout the year rather than waiting until tax season, which can lead to better outcomes. 5. Endurance and Long-term Focus: Both trail running and tax planning require endurance and a long-term perspective. Trail runners aim to finish the race, while tax planners focus on sustaining financial health over the long haul. 6. Community and Resources: Trail runners often rely on the running community for support, tips, and shared experiences. Likewise, individuals engaged in tax planning may seek advice from tax professionals or financial advisors. 7. Monitoring Progress: Trail runners track their performance and progress over time, just as effective tax planning involves regular reviews of financial performance and tax strategies to ensure they remain on track. These comparisons illustrate how both activities demand careful planning, adaptability, and a focus on long-term success, whether on the trails or in managing taxes . #tax #taxplanning #trailrunning #managingfinances #racearabia #saudiarabia Race Arabia Saudi Sports for All Federation - الاتحاد السعودي للرياضة للجميع

Last week took place in Barcelona the second edition of “Understanding Superyacht and Business Jet Tax Conference”, which was proven to be a great success bringing together delegates from more than 14 jurisdictions. We as main sponsors want to thank you all for your participation. As a follow-up I would like to share with you my take aways: * There is a manifest interest to continue organizing this conference in the future. * There are a lot of tax issues which represent multijurisdictional challenges for the superyacht and business aviation industries. * We need to convince tax authorities to participate in the next year edition…and we will! * We must continue promoting along the year exchange of ideas and dissemination of knowledge through the VAT Think Tank group and expand the number of participants - https://lnkd.in/d-uT33WB. * We need you to get involved! The conference and improvement of the tax framework will not happen without your participation. So do not hesitate to join the conference and our association. On my end a final thanks to Quaynote for making possible the event and to Jean-Philippe Maslin (Richemont Delviso) for co-hosting the one-day seminar. We have already started working on the 2025 edition and we will revert shortly with news! Likewise, we will get back to you with the next developments on the Superyacht and Business Aviation VAT Think Tank. #yachting #bizaviation #VAT #customs #Europe #community #superyachts #import #chartering #sales #tax

A Comprehensive Guide to the Tour Operator Margin Scheme (TOMS)  The Tour Operator Margin Scheme, commonly referred to as TOMS, is a special VAT scheme for businesses involved in buying and reselling travel-related services. #TOMS #TourOperatingScheme #VAT

🇵🇱 This week in our EU VAT Guide, we're diving into Poland! 📚 Discover everything you need to know about VAT rates, reporting requirements, and more to navigate the Polish VAT system with ease. Stay tuned for vital insights! 🚀 #1stopVAT #EU #VATGuide #PolandVAT

If you're diving deep into the world of #CreativeIndustry tax reliefs, you’ll want to check out this month’s 𝗧𝗮𝘅 𝗔𝗱𝘃𝗶𝘀𝗲𝗿 magazine for a detailed techy analysis. However, there’s a few additional details that will help you if you're currently working through the process of claiming #OrchestraTaxRelief... 👇 📌 Since 1 April 2024, a new online form has been introduced, but it’s causing some confusion: 1️⃣ It quotes a 45% rate for non-touring projects, even though the actual rate is 50% until 1 April 2025. 2️⃣ It incorrectly differentiates between touring and non-touring, when the same rate applies to both! Smaller orchestras, who often handle their own OTR claims, deserve clearer guidance from HMRC. Are you navigating OTR claims? Drop a comment if you’ve had issues, or if you need help clarifying the new rules! 📝👇 #OrchestraTaxRelief #HMRCConfusion #TaxTips #MusicIndustry #SelfManagedOrchestras #CreativeFunding #ClaimYourCredit #OTRHelp #TaxGuidance #TheBusinessOfMusic #MusiciansTaxAdvisor Here's the link to the article if you fancy a read - https://lnkd.in/eTzwirWC

Structuring & Registering a Commercial Yacht for International Operations 🛥️ The client, a U.S.-based entrepreneur in the luxury travel industry, is seeking to purchase a commercial yacht for charter in the EU and beyond. He needs a tailored solution that navigates complex tax, regulatory, and jurisdictional challenges to ensure efficient yacht ownership and operation. Key Objectives: ✅ Establish an entity in an effective jurisdiction. ✅ Register the yacht with a suitable flag state. ✅ Ensure compliance with EU VAT and customs duties. ✅ Plan for tax efficiency and commercial success. Challenges: - Owner’s Tax Residency: U.S. tax obligations and EU considerations. - Geographical Usage: Operation in both the Mediterranean and international waters, including the Caribbean. - Commercial Use: Navigating EU VAT regulations for chartering. A Solution: Working closely with the client’s tax advisors to structure ownership through a Maltese company and importing the yacht into the EU for full free circulation, allows the client to operate the yacht commercially under optimal tax conditions, leveraging Malta's favourable VAT deferment scheme for commercial yachts. Key Benefits: - Access to Malta’s tax regime, VAT recovery, and deferment. - Seamless compliance with EU importation and VAT rules. - Global chartering flexibility with minimal regulatory hurdles. Results: The solution allows the client to operate efficiently, ensuring compliance, tax efficiency, and flexibility for global operations. For more information on structuring and registering commercial yachts, contact Sentient International or visit their website at https://lnkd.in/eEVwkvk. #Yachting #TaxPlanning #LuxuryYachts #CommercialYachts #YachtCharter #VAT #Malta

CPS PC Informational: Five Rules for Turning Your Vacation—Even a Luxurious One— into Tax-Deductible Business Travel Credits: Bradford Tax Institute #businesstravel #deduction #castellon #taxservices #accountingservices

CPS PC Informational: Five Rules for Turning Your Vacation—Even a Luxurious One— into Tax-Deductible Business Travel Credits: Bradford Tax Institute #businesstravel #deduction #castellon #taxservices #accountingservices