Introducing the Boards of the Department for Enterprise’s new Executive Agencies

Introducing the Boards of the Department for Enterprise’s new Executive Agencies The inaugural board meetings of the new Finance Isle of Man, Digital Isle of Man, Business Isle of Man, and Visit Isle of Man Executive Agencies have now taken place, with 50 private and public sector leaders participating across … Continue reading

Management accounts – some frequently asked questions

Internal Audit

Management accounts – some frequently asked questions Why do I need management accounts? If you’re planning on expanding your business, making capital expenditure or cutting back on costs, management accounts become very important to give you insights for your decision-making. Can’t I get this information from my annual accounts? By … Continue reading

Proposed Increases to Minimum Wage

Proposed Increases to Minimum Wage The Department is seeking Tynwald approval to increase the main rate of minimum wage in the Isle of Man following recommendations from the Minimum Wage Committee (MWC). In addition to the MWC’s recommendations, the Department is also looking to remove the different minimum wage rates … Continue reading

OFFSHORE ASSESSMENT TIME LIMITS HMRC consultation

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OFFSHORE ASSESSMENT TIME LIMITS – HMRC consultation HMRC has published the consultation document ‘Extension of offshore time limits’ which proposes to extend the time limits to at least 12 years to assess any tax that is due in respect of offshore matters. This consultation is an extension from the current … Continue reading

Failure to Correct : What You Need To Know

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Failure to Correct : What You Need To Know A new statutory ‘Requirement to Correct’ (RtC) for any person (including trusts and companies) with undeclared taxes from overseas assets is expected to be enacted later in the year.  The RtC covers Income Tax, Capital Gains Tax and Inheritance Tax. Worldwide … Continue reading

New Addition to the Crowe family

A Welcome New Addition to the Crowe Family Congratulations to Dale and Sophie on the safe arrival of baby Arthur, on Thursday 28th June, weighing 5lb 11oz. We can’t wait to meet him! Love from all the team at Crowe Clark Whitehill