Businesses Moving to the UK
In recent years Woolford & Co. has assisted an increasing number of individuals and businesses from outside of the UK wishing to start up business in the UK. The UK is frequently chosen as the first country outside of the individual's normal country of residence in which to expand internationally.
Starting up a business in a different country requires much greater assistance than starting up a business at home. It is very easy to breach regulations without even being aware that they exist. Woolford & Co. recognise this problem and have built a team inncluding business advisers, accountants, lawyers, employment specialists, insurance brokers and tax specialists, all with extensive knowledge and experience in assisting international businesses starting up in the UK.
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Reasons for choosing the UKThe UK is an attractive location for international expansion due to: - Its access to the home market of 59 million people and to the EU market of 380 million people
- Being a respected jurisdiction for access to capital markets
- Having the most comprehensive tax treaty network in the world
- Its low corporate tax rates
- Having comparatively low employment taxes
- Being a central time zone between the USA and the East, enabling businesses to deal with the East in the morning and the USA in the afternoon
- Having a legal system that is frequently used for international transactions
- Its excellent infrastructure
Recommended steps to followWoolford & Co. strongly recommends that any company contemplating starting up a business in the UK should take advice prior to setting up a UK company or branch of an overseas company. Tax minimisation structures can often be put in place prior to setting up in the UK, which would be much more difficult to do once the move to the UK had taken place. For individuals moving to the UK it is also very important that assets are arranged for maximum tax saving. These opportunities are often lost if not dealt with prior to the move to the UK.
Assistance for staffWhilst we provide a comprehensive range of business services, we are also happy to assist individuals moving to the UK. Woolford & Co. is experienced in providing assistance in where to live, how to get children into schools and how to go about everyday normal life in the UK, whether it is "where are the best restaurants?" or "how do I find a plumber?"
AuditWoolford & Co. is authorised by the Institute of Chartered Accountants in England & Wales to undertake audits and is able to audit companies in the UK and report on these companies to their parent companies or the auditors of their parent companies overseas.
Bookkeeping and accountingOur accountants and bookkeepers can record the transactions of the company, keep the accounting records, advise on appropriate software and ensure that the company complies with numerous regulations.
Company or LLP formation and branch registrationWe offer advice on the formation of the UK company or, as appropriate, the registration of a branch of the overseas company, or, occasionally, the formation of a limited liability partnership. We not only offer the advice, but also can also incorporate the UK company or LLP, normally within 24 hours, and deal with all the registrations etc in-house. We can check to see if any particular company name is available, advise on who the shareholders could be, register the directors, and, if necessary, provide a company secretary and the registered office.
Employment and immigrationOur employment specialists can assist with recruitment and advise on salary levels. They can draw up employment contracts and all the other paperwork to comply with regulations and minimise the risks taken by the business with regard to employees. Our payroll specialists can run the payrolls of the business and organise to pay individuals and comply with tax and national insurance regulations. One of our colleagues is a specialist immigration lawyer, who can deal with obtaining the necessary clearance for individuals to come to the UK to run the business.
FinanceOften when starting business in a new country the owners of the business will have little knowledge or contact with banks or other sources of finance. We are able to provide introductions to banks, so that banking facilities can be organised. Where appropriate, we can also assist with raising finance from banks, venture capitalists and venture capital sources.
InsuranceWe work closely with our contacts at a number of insurance companies to help organise insurance for new businesses moving to the UK. Employers' Liability Insurance, which is compulsory in the UK, and Public Liability Insurance are of particular importance, as no business should commence without these types of insurance cover. Other insurances generally required include buildings, contents, including items used away from the premises, loss of profits/revenue, product liability, professional indemnity and motor.
Intellectual property agreements and registrationWhen trading outside the country of origin it is important to ensure that any intellectual property used is properly protected. We assist with evaluating the value of the intellectual property and registering it where appropriate. Intellectual property can often provide an opportunity for tax planning and these matters are also considered.
International structure
We design international structures, particularly taking into account tax minimisation and exchange control problems. Structures are not just set up for the UK, but also for any anticipated expansion of the business into other countries.
We take care to evaluate our advice from "every angle". Advice, while perfectly correct in isolation, if not thought through can have a negative impact on a business. An example is - where the business is going to have VAT exempt sales it is important to realise that this means that VAT on purchases will not be able to be recovered, and therefore the business should be structured to minimise the amount of VAT paid.
Property mattersWoolford & Co. can assist in finding the appropriate property for clients, whether it is a single office in a serviced office building, or a factory site for a new manufacturing business. The property lawyers can assist with the purchase or renting of the property, ensuring this is dealt with legally and correctly and that risks to the business are minimised.
Shareholder agreements
Where there is more than one shareholder involved in a business venture it is important to have a shareholder agreement to deal with any disputes and any possible financial implications of the business. We advise on the requirements of the shareholder agreement and, once an outline has been agreed, our legal colleagues can draw up the documentation for signature.
TaxWhether a limited company, branch or LLP is being used, there will be a requirement for the business to complete tax returns and submit them to the Inland Revenue on, at least, an annual basis. Our tax specialists can handle these compliance matters, as well as advising on how to minimise the tax payable. All employees will need to pay tax to the UK Inland Revenue. Our payroll department can run the payroll and deal with other employment returns that need to be made monthly, quarterly or annually, as appropriate to the Inland Revenue. Advice is given on how to minimise employment taxes for both individuals coming to the UK from overseas and for local employees. Higher paid employees have to submit tax returns to the Inland Revenue on an annual basis, and Woolford & Co. can provide assistance to the employees, completing the returns on their behalf and advising on how to minimise tax.
Trade agreementsTrading internationally often requires more legal documentation than trading domestically and often individuals are not aware of, or used to, the requirements. We advise on where trade agreements are required, and once these have been agreed, our legal colleagues draw them up under English law, or advise lawyers in other jurisdictions as required.
VATMany businesses coming to the UK, particularly those from outside of the EU, find VAT a particularly difficult tax to understand and require assistance in completing the returns, either monthly, quarterly or annually, and in ensuring that they stay within the rules and regulations. The VAT specialists at Woolford & Co. are able to assist clients in these matters.
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