2. Corporates entering UK market
Business is now global and of course this means that you or an employee within your organisation may need to operate cross border. If this is the case, you may need UK tax advice to ensure that you have everything planned and that you remain updated with all rules, regulations and required procedures. Whether it is a new company formation or the set-up of a branch/establishment – we can advise.
Considering how best to set up in the UK can be a complex area for international businesses and entrepreneurs, without hands-on advice it can prove disastrous or result in tax leakage.
Telic has strong expertise in advising inboard corporates and expats, with particular expertise in tax planning between India and the UK. Read more here.
Our expertise is further demonstrated by one of our senior tax advisers, Vipool Shah, who has written a book specifically explaining this area based on 40 years of experience.
We offer a wide range of services for corporate including:
- Corporation formation including assistance with setting up of a bank account
- Bookkeeping, accounting and tax advisory services
- Corporation tax and Companies House filings
We also work with larger international corporations seeking to have a UK holding company in the UK to ensure the relevant tax clearances.
To form a UK company, you are required to submit only basic information on directors, shareholders and trade, to Companies House. The company will also be required to adopt a model/standard rulebook (Articles) while others prefer to tailor their Articles to include additional provisions such as different share classes with varying rights to voting, dividends and/or assets on winding up.
As part of the process, you will need to have a UK registered office address and ideally, a UK based director (this can particularly help when setting up a UK business bank account).
EZs are 48 designated areas across England that provide tax breaks and Government support (in the form of business rate relief and enhanced capital allowances.
EZs are part of the Government’s wider Industrial Strategy to support businesses and enable local economic growth. They are helping to attract more foreign investment into the country.
There is no charge for claiming the remittance basis for the first seven tax years of UK residence. However, making such a claim means you are not entitled to the tax-free income and capital gains allowances for that year.
Where an individual has been resident for more than seven of the previous nine tax years, they must pay £30,000 for each further year they wish to claim the remittance basis. This rises to £60,000 once they have been a UK resident for more than 12 of the previous 14 years.
Once an individual has spent at least 15 of the previous 20 tax years in the UK, they become ‘deemed domicile’ for tax purposes, and it is no longer possible for an individual to claim the remittance basis. They must instead pay tax on their worldwide income and gains.
If you have any questions or need further advice in this area, please get in touch and we will be happy to discuss further.