For millions of Brits, Nando's is the go-to place for spicy chicken. But to find out where the money that buys that chicken goes - in my case, seven pounds and 34 pence for these chicken thighs - you've got to search a lot further. In fact, the money I've spent on this chicken will travel across a complex web of companies, tying in the Isle of Man, Guernsey, the Netherlands, Luxembourg, Malta, and the British Virgin Islands. Much of the profit eventually ends up in tax havens, with Jersey receiving a sum of 750 million pounds in a trust benefiting a family of South Africans. Nando's is able to legally reduce their tax bill by keeping their UK profits down. One way they do this is through image rights royalties for using the Nando's brand name. More than 20 million pounds are collected by a low-tax Dutch entity called total EBV, which collects the cash on behalf of another company registered for taxation in Malta. Both the Netherlands and Maltese companies are owned by a chain of intermediate links by Nando's itself. Branding isn't the only area in which money from Nando's goes international. Rent is paid to a separate UK company, Nando's Chicken Limited, which is itself owned by yet another Netherlands intermediary. The financing to fit out each restaurant comes through offshore loans, moving another five million pounds in potential profits to a Guernsey entity called Nando's Leasing Limited. As for the rest of the proceeds, after some UK corporation taxes are paid on what's left, the corporate structure is eventually headed by a Luxembourg registered partnership. Nando's says they paid 12 million pounds in corporation tax last year, but we reckon that without offshoring, they could have paid half as much again - almost 18 million pounds. Eventually, all...
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Do you have to pay taxes in the virgin islands? Form: What You Should Know
These taxes are equal to the combined rate, unless you were subject to state income tax. However, you will need to itemize if you itemize your deductions, and may need to use the “foreign earned income” exclusion for taxes paid to the Virgin Islands. If you are a US or Canadian resident, but you are a resident of the Virgin Islands for a portion of your income year and pay taxes to the SVI for the entire tax year, you also have to pay the combined US/Canadian individual income tax rate to the SVI. The “Foreign Earned Income Exclusion” also applies. Form 8889, U.S. Income Tax Return for Resident Aliens Living in the U.S. Virgin Islands. There is no need to complete this form unless you have a large income that is allocated to all the Virgin Islands. You can use Form 5472, Nonresident Alien Income Tax Return for Nonresident Aliens Living in the U.S. Virgin Islands to report dividends, interest, capital gains or losses, rental receipts, stock purchases, and rental and business income. To get instructions on how to file a Form 5472 for a US resident alien living in the USA or a U.S. citizen living on the islands, go to IRS.gov and follow the links for Form 8889, Nonresident Alien Income Tax Return for Nonresident Aliens Living in the U.S. Virgin Islands. Who Is Not Considered a Resident of the U.S. Virgin Islands? If your income is allocated to the Virgin Islands (i.e. your wages or interest income or an insurance payment), you should not file Form 8689. If your income qualifies you for the Foreign Earned Income Exclusion: If the amount of your income is greater than 102,900, and you are: a U.S. citizen or resident alien living abroad for the entire tax year, or A resident who is an individual with regular U.S. monthly income who is married or filing a joint return, who earns income as a self-employed person and who is not a bona fide resident of the Virgin Islands, and A resident alien (or U.S. citizen spouse or dependent) who lives or works abroad for the entire tax year and has income allocated to the U.S. Virgin Islands. What do I do with Taxpayer Support for the U.S.
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