The UK remains an appealing place for foreign-owned businesses to relocate or set up shop, despite recent reports stating that the UK may be losing its top spot in the league table of attractive tax regimes. The UK remains competitive, and is an attractive location for establishing a company that can reach across Europe and the world. The UK is one of the best places globally to secure credit for setting up a business, and it was voted the number one place in the EU for doing business simply and easily, according to a poll in 2013 by the World Bank/International Finance Corporation. If you are thinking of setting up a business in the UK, here are some key things to consider.
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Pick Your Business Presence
There are a number of options when you are considering setting up a business in the UK and you need to pick the option that best suits your purposes at the time. For example, you can set up a branch of your existing company in the UK, set up a distribution chain or an agency in the UK, incorporate your limited liability company as a subsidiary in the UK, buy an existing UK company, or set up a joint venture.
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Set Up the Correct Documentation
The documents you need depend on the type of presence you are establishing, but they should be in place right from the beginning. If you need assistance in deciding which documentation to process, get help from central London accountants specialising in company tax and administration.
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Understand Company Law Requirements
Whether you are a foreign company or a UK company, there is no differentiation between the rules you need to abide by. Your company needs to have registered business premises in the UK and there are a set of reporting requirements that are mandatory under Company Law. According to central London accountants like http://www.gsmaccountants.co.uk, every company must file its annual Return at Companies House and also its accounts. You will need to have a bank account in the company’s name and you will probably want to open such an account in the UK. In addition, you must register with HM Revenue & Customs (HMRC) for payroll taxes and corporation tax.
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Consider Insurance Requirements and Pensions Issues
At the very least, you should have public liability insurance, and employers’ liability insurance. Pensions should be discussed with an accountant as the issue is relatively complex depending on the staff you employ. In any case, it is important to seek advice from an accountancy firm in order to avoid any pitfalls and issues associated with a new UK company set-up.
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Pick Your Premises
Freehold and leasehold are the two choices in property for your business. A freehold interest means that you own the property outright while a leasehold gives you restricted use of the building or premises for a set amount of time. You can also choose to rent serviced or empty office space.