I have a Branch that we need to set up in Somaliland due to creating a permanent establishment there with a project we have.
Somaliland does not have a DTA in place with the UK.
I understand that I need to:
Keep the accounting withing the UK P&L and have a seperate cost centre so that I can pull the accounts out for the Branch when needed to work out any corporation tax.
Pay tax on the profit of the Branch according to the deadlines within Somaliland
If there is no DTA, I can't offset this against UK Corp Tax - will this just then sit as an irrecoverable tax within the UK accounts?
Thanks for your advice