Many companies now are doing business in countries all over the world. Before venturing to a new location, most will have looked into the commercial aspects of working there but often the taxation implications are either not considered at all or are left to the last minute.

Tax is on the increase – but what can the owner managed business do about it?

The turn of the year saw many VAT changes coming into force. Below are just a few of the main areas likely to be having the most widespread impact.

National insurance contribution (NIC) rules for workers posted to work in locations in the EEA have been longstanding and usefully enable the worker to remain in the UK NIC system only while working abroad.

Redundancy, resignation, dismissal, and by mutual agreement etc.,can all bring a different perspective to the planning possibilities.

Leaving the UK to work abroad may still lead to non residence when working under a contract of employment for at least a whole tax year - the requirement of having to be absent for a whole tax year remains, although the way you count days has changed.

Companies that are engaged in research and development (“R&D”) activities may qualify for enhanced or accelerated tax relief and in some cases a tax repayment in respect of the costs that they incur on qualifying R&D.

In light of the current economic climate, the Government has recognised that cash flow shortages, together with problems in obtaining finance, could lead to many businesses experiencing difficulties paying their taxes on time.

There are over one million properties in Spain owned by Brits, making it the most popular destination for UK residents acquiring foreign property. As investors in the current economic climate look out for any bargains to be had overseas this number may increase.

HM Revenue & Customs ("HMRC") has announced some administrative changes to the VAT regime which are due to be implemented during 2010.