Starting up in the UK

Transcription

1 Starting up in the UK

2 Why RSM We listen We have spent years listening to our international clients and refining our start up service offering accordingly. Honest, transparent relationships with our clients are at the heart of what we do. We will provide you with the advice and guidance you need to help you expand. We are accessible experts Our specialist international team is based in Reading, around 30 minutes from London Heathrow airport. We have been working with internationally expanding companies for many years, and today around 85 per cent of our client base are Northern American corporates with European branches / subsidiaries. Parent companies vary in size, from pre-profit start-ups through to pre IPO and listed. We focus on transition We spend a significant amount of time getting to know our clients during the initial transition process. We believe this upfront investment in you is a key aspect to creating the best working relationship with you possible. Getting to know you and your business allows us to get our proposal as accurate as possible from the outset, so there are no surprises later on. We set expectations and stick to them As part of the transition process, we work with you to clearly define the processes and procedures, including roles and responsibilities, which form our service level agreement with you. This sets expectations from the outset, ensuring we work with you in the most efficient and timely manner possible. The RSM team helped us to set up our new operation in the UK, quickly, efficiently and within our project timelines. They were quick to respond to our queries, and demonstrated technical expertise and experience as well as commercial acumen. This has continued through our ongoing relationship for the outsourced business services that RSM provides - payroll, tax filings and compliance. Working with RSM means I don t wake up in the middle of the night - I m not sure I have found a better professional services team, whether lawyers or accounting firms. Mark Oblad, General Counsel, JW Player

3 Case Study JW Player is a global online video streaming player platform, with a five per cent share of the 1 billion hours of video streamed each day online. They have ambitious growth plans, aiming to become one of the biggest network systems globally. Their first strategic decision was to build out their existing European client base by establishing a new UK entity providing them with an on the ground team to start making headway into their chosen growth market. JW Player knew it would be critical to get their expansion plans right first time, including tax, legal and employment obligations, but they lacked the local knowledge of legislation and compliance. They needed an adviser to act as an extension of the JW team, guiding them through the complexities of setting up in a foreign jurisdiction. RSM delivered full support and worked seamlessly with JW Player s chosen legal partner, to successfully establish the UK entity. By accessing RSM s inhouse experts as well as our network of contacts in the UK and around the world, JW Player de-risked their growth project and benefited from RSM s technical knowledge and partnership approach. The RSM approach Quick, accurate and practical responses to queries through a known team Proactive advice and alternative planning to achieve desired results Three month turnaround from engagement to operating in the UK Completion of complex corporate bank account documentation Expansion support through introductions to other RSM member firms Coordination with chosen UK lawyers to ensure no duplication of efforts within the set up phase UK only delivery, no delays from using delivery centres in different time-zones Multiple disciplines providing a co-ordinated service all under one roof

4 BANK REGISTRATIONS December INCOPORATION Set up UK Bank Account Register for PAYE (Payroll) Register for VAT Register for Corporate Tax Intercompany/Intragroup Agreement Transfer Pricing Review January Incorporation TAX DOCUMENTS Employer Stock Filings TAX YEAR-END FILINGS Company Secretarial P11Ds UK Employment Handbook Stock Option Plan Registration Tax Advantaged Options Review Data Protection Employers Liability Insurance Payroll filings PAYE Settlement Calculation Expat tax returns UK Audit Ongoing Immigration sponsor licence for company Immigration visa application July ANNUAL COMPLIANCE Corporate Tax Return UK Employment Contract Insured Employee Benefits Plan EXPATRIATE SUPPORT Expat assignment agreement Management Accounts HR Support July Statutory Financials ONGOING ADMINISTRATION Payroll ACCOUNTING SET-UP Modified payroll calculations Tax arrival briefing Accounting system Bookkeeping Payments Accounting ASSUMPTIONS PRE-INCORPORATION Forecast and budget marketing and PR Immigration planning trading structure planning recruitment planning privacy/data protection planning Incorporate date Year end date Statutory financials filing date Corporate tax payment Corporate tax return filed 01 January 31 December 9 months after company s financial year end 9 months and 1 day after accounting period end 12 months after accounting period end

5 For more information contact Gayle Davies Partner T +44 (0) gayle.davies@rsmuk.com Mike Sables Partner T +44 (0) mike.sables@rsmuk.com Sam Day Director T +44 (0) samantha.a.day@rsmuk.com rsmuk.com The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number ) whose registered office is at 50 Cannon Street, London EC4N 6JJ. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug. RSM Corporate Finance LLP, RSM Restructuring Advisory LLP, RSM Risk Assurance Services LLP, RSM Tax and Advisory Services LLP, RSM UK Audit LLP, RSM UK Consulting LLP, RSM Employer Services Limited, RSM Northern Ireland (UK) Limited and RSM UK Tax and Accounting Limited are not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide. RSM Legal LLP is authorised and regulated by the Solicitors Regulation Authority, reference number , to undertake reserved and non-reserved legal activities. It is not authorised under the Financial Services and Markets Act 2000 but is able in certain circumstances to offer a limited range of investment services because it is authorised and regulated by the Solicitors Regulation Authority and may provide investment services if they are an incidental part of the professional services that it has been engaged to provide. Baker Tilly Creditor Services LLP is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities. RSM & Co (UK) Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business activities. Whilst every effort has been made to ensure accuracy, information contained in this communication may not be comprehensive and recipients should not act upon it without seeking professional advice RSM UK Group LLP, all rights reserved