Author: Rebecca Wall

BLOG WRITTEN BY PSYCHOANALYST LONDON.

• • Binge eating disorder (22%)
  • Bulimia (19%)
  • Anorexia (8%)
  • Avoidant/restrictive food intake disorder (ARFID) (5%).

A category known as Other Specified Feeding or Eating Disorders (OSFED) accounts for the most cases in the UK at 47%. Disorders in this category are clearly observed despite not having specific symptoms that would qualify them as one of the other types, like bulimia or anorexia.

BLOG WRITTEN BY Westminster Wealth Management LLP

Protection

Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance of protecting the things that really matter – like our loved ones, home, lifestyle and business – in case the unexpected happens. The outbreak of the coronavirus may mean you have concerns about your life insurance and whether you’re covered. If you have life insurance to provide for those left behind, or to cover business loans after your death, it’s important to keep paying the premiums, even if you’re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.

FULL REPLACEMENT VALUE

For many of us, projecting ourselves into the future to see what‘s around the next bend is not an easy thing to do. However, without thinking, we insure our cars, homes and even our mobile phones – so it goes without saying that you should also be insured for your full replacement value to ensure that your loved ones and business are financially catered for in the event of your unexpected death.

Making sure that you have the correct type and level of life insurance in place will help you to financially protect them. Life insurance provides a safety net. Ultimately, it offers reassurance that your family and business would be protected financially should the worst happen. We never know what life has in store for us, as we’ve seen in recent weeks with the outbreak of COVID-19, so it’s important to get the right life insurance policy. A good place to start is asking yourself three questions: What do I need to protect? How much cover do I need? How long will I need the cover for?

ASK YOURSELF

• Who are your financial dependents – your husband or wife, registered civil partner, children, brother, sister, or parents?
• What kind of financial support does your family have now?
• What kind of financial support will your family need in the future?
• What kind of costs will need to be covered, such as household bills, living expenses, mortgage payments, educational costs, debts or loans, or funeral costs?
• What amount of outstanding business loans do I have now?

FINANCIAL SAFETY NET

It may be the case that not everyone needs life insurance. However, if your spouse and children, partner or other relatives, or business depend on you to cover the mortgage, other living and lifestyle expenses, or business loans, then it will be something you should consider. Putting in place the correct level of life insurance will make sure they’re taken care of financially. That’s why obtaining the right professional financial advice and knowing which products to choose – including the most suitable sum assured, premium, terms and payment provisions – is essential.

NO ONE-SIZE-FITS-ALL SOLUTION

There is no one-size-fits-all solution, and the amount of cover – as well as how long it lasts for – will vary from person to person. Even if you consider that currently, you have sufficient life insurance, you may probably need more later on if your circumstances change. If you don’t update your policy as key events happen throughout your life, you may risk being seriously under-insured. As you reach different stages in your life, the need for protection will inevitably change. How much life insurance you need really depends on your circumstances – for example, whether you have a mortgage, you’re single or have children, or you have business loans that you are liable to pay.

DON’T LEAVE IT TO CHANCE

Since the outbreak of COVID-19, some insurers are restricting cover for new applicants and have introduced new questions to their application forms. This has been done in order to establish and manage the insurance risks it poses. Planning for a time when you’re no longer around may seem daunting, but it doesn’t have to be. Don’t leave it to chance – speak to us for more information.

Westminster Wealth Management LLP

Contact details:

Email: banty.bhojraj@westminster-wealth.com
Website: http://www.westminster-wealth.com 

BLOG POST BY SCORNIK GERSTEIN LLP

As we are aware, the United Kingdom (UK) is no longer a member of the European Union (EU). Therefore, the VAT refund procedure regulated by Directive 2008/9/EC[1] for the benefit of taxable persons established in another EU Member State, will no longer apply to companies established in the UK.[2]

Accordingly, UK companies incurring VAT in Spain (SP), would have to apply for a refund of Spanish VAT pursuant the procedure established on Article 119 bis of Spanish Law 37/1992,[3] which constitutes the transposition of European Council Directive 86/560 / EEC[4], on the harmonization of the laws of the Member States relating to turnover taxes, and arrangements for the refund of value added tax to taxable persons not established in European territory.

RECIPROCITY BETWEEN UK AND SP RELATING TO THE REFUND OF SPANISH VAT FOR UK COMPANIES

Article 119 bis of Spanish Law 37/1992 establishes that professionals or businesses not established in Spain can apply for the refund of Spanish VAT as long as they are located in a estate in which Spanish professionals or business are entitled to obtain the refund of VAT paid in the said estate (reciprocity of treatment).

In this regard, in order to deal with the new legal landscape created as a result of Brexit, on 4^th January 2021 the Spanish General Directorate of Taxes has issued a resolution to clarify some aspects related to the VAT refund to companies established in the UK and in Northern Ireland.

The said resolution includes the following:

• SP recognizes the existence of reciprocity with UK for the purposes of Article 119 bis of the Spanish VAT Law and accordingly, UK companies are entitled to claim the refund of the Spanish VAT incurred

• UK companies must appoint a tax representative resident in Spain so to apply for the reimbursement of VAT quotas.[5]

In the UK the following transactions are excluded from the mentioned reciprocity agreement:

i. 50% of the VAT paid for the rental or financial lease of an automobile vehicle.

ii. For the acquisition of goods and services that are not used in the business activity.

iii. For the acquisition of automobile vehicles.

iv. For goods and services to be resold.

v. For goods and services that relate to entertainments or recreational services

Accordingly, on a reciprocity basis, UK companies are not entitled to obtain Spanish VAT refund for the transactions mentioned above.

Further information can be found in the following links:

• Withdrawal Agreement: https://www.gov.uk/guidance/refunds-of-uk-vat-for-non-uk-businesses-or-eu-vat-for-uk-businesses
• Guidance on claiming VAT refunds in Northern Ireland or EU (Northern Ireland ‘Protocol’):https://www.gov.uk/guidance/claim-vat-refunds-in-northern-ireland-or-the-eu-if-youre-established-in-northern-ireland-or-in-the-eu

If you wish to keep updated about the new rules and new opportunities generated by Brexit, please register your interest at www.thebrexitlaw.com

[1] https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex%3A32008L0009

[2]  Northern Ireland remains to be part of the EU for purposes of the supply of intra-Community acquisitions but not in case of services.

[3] https://www.boe.es/buscar/act.php?id=BOE-A-1992-28740

[4] https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex%3A31986L0560

[5] The application shall be done through the filing of Form 361

We are delighted to announce that our current Board Member, global law firm WHITE & CASE LLP, has recently become a Patron of the Spanish Chamber of Commerce in the United Kingdom. We would like to take this opportunity to officially welcome them as Patrons and to also express our gratitude for their continuous support towards our institution.

WHITE & CASE LLP is a global law firm that serves companies, governments and financial institutions.

Founded in 1901, White & Case has grown from its New York beginnings to become a global law firm. The firm has 44 offices across 30 countries in 5 continents, and is well known for its experience in handling cross-border and multi-jurisdictional cases and transactions. The firm counts on a dynamic office in Madrid that combines strength in both domestic and cross-border M&A, capital markets and banking finance capabilities, which is highly appreciated by Spanish clients. The Madrid office is also a key piece in cross-border multinational deals involving Spanish clients.

The firm works across all practice areas, from antitrust/competition to capital markets, including asset finance, construction, employment, IP, international trade, international arbitration, tax, white collar, derivatives, debt finance or M&A.

White & Case pioneered the international law firm model and has long been a leader in the expansion into emerging markets.The Firm has created original solutions to its clients’ most complex domestic and multijurisdictional deals and disputes.

The president of the Chamber, Eduardo Barrachina, stated: “White & Case has been supporting the Spanish Chamber of Commerce since 2013 by helping the Board in different capacities, attending Chamber events with corporate tables, co-sponsoringthe Barometer of Investments, hosting two AGMs at our offices, etc. so becoming a Patron seemed the natural step for us. We remain 100% committed to the Chamber.”

The contact details of White & Case are as follows:

Contact Name: Mr. Eduardo Barrachina
Address: 5 Old Broad St, London, EC2N 1DW
Tel: +44 (0) 207 532 1000
Website: www.whitecase.com
Email: ebarrachina@whitecase.com