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News – 08.01.24
US Supreme Court clarifies Foreign Bank Account Report (FBAR) penalty application
In 2023, the Supreme Court confirmed that the $10,000 penalty for non-wilful failure to file an FBAR will apply per form and not per account … Read more
Insight
2024/25 UK tax rates and allowances guide
Download our 2024/25 UK tax rates and allowances guide, to stay on top of the key tax rates and allowance updates amid day-to-day living. … Read more
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If you’re looking to set up a business in the UK, one of the first things you’ll need to make a decision about is your business structure. Expert advice should be sought to decide whether your enterprise in the UK should be a partnership, a corporation or a sole trader. Our team can help you understand your options and support you with the set-up, as well as assisting you with company registrations, corporate tax planning, book keeping, preparation of financial statements and tax returns. If you need help with your company secretarial responsibilities and statutory filing obligations, our experts can support you with this too.
Whether you’re setting up accounting systems for a new business or migrating from an existing system, we can advise you on which cloud accounting package best suits your needs. Our team will help move you onto your new system, maximising its automation features by integrating it with various plugins and apps such as AutoEntry, Expensify, Approval Max, Stripe, Fluidly and Pleo. We can also provide bespoke training customised to suit your specific business needs.
If you’re planning to employ staff in the UK, it’s important that you plan the right remuneration strategy and manage the payroll efficiently. Our HR Consultancy team can help you to navigate the UK’s complex employment regulations, recruit staff and implement staff training programmes while our payroll team can ensure your staff are paid correctly and on time, keeping everyone happy.
If you are not planning to establish your business fully in the UK but intend to carry out a short-term project there, we can help you to understand the tax implications of having a temporary presence or generating profits. Even projects lasting just a couple of months may have filing requirements and potential tax exposure, so it’s important to plan carefully to achieve the best result while remaining fully compliant.
If you’re selling products or services in the UK (even if you’re carrying out the sales activity from a base outside the UK) you will need to know about Value Added Tax (VAT). VAT is the UK’s sales tax and is levied at the point of the transaction by the business that is making the sales. If this applies to your business, you should know whether you’re required to register with Her Majesty's Revenue and Customs (HMRC) for VAT. If so, you may need to file VAT returns regularly throughout the year to report sales and account for all of the VAT due.
For a business with operations within the UK, there may be scope for relief, including claiming back VAT paid on purchases made by the business. This is a valuable opportunity that can easily be missed without the appropriate advice. Equally, getting your VAT reporting wrong can have consequences when penalties are imposed. We can help you to keep on top of any reporting requirements and ensure that you don’t pay a penny more than you are required to.
Access a whole world of know-how across 90 countries through our membership of PrimeGlobal. It’s an association made up of independent accounting firms we trust to offer the same depth of expertise you get from us in Hong Kong and London.
Our services can be adapted to suit you, whether you’re a fast-growth entrepreneurial businesses, intergenerational family businesses, professional practice or an international group of companies. If you’re in the financial sector and need to consider what regulatory requirements may apply to you, we have a specialist team who can guide you through the rules and help with registration. We also have a not for profit team to provide tax compliance and advice to charities and other not for profit organisations.
If you’re looking for advice to set up a business in the UK, or assistance with VAT or meeting your corporate compliance obligations, please fill out the form below and one of our experts will be in touch to discuss your requirements.
8 January 2024
2024/25 UK tax rates and allowances guide
Automatic Exchange of Information (FATCA and CRS)
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Allan Wilkinson
Virginia Zee
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