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Accountancy & Taxation

International Services

At Kirk Rice, we specialise in assisting our international business clients in launching new and operating established UK financial operations.

Setting up a subsidiary or branch can be complex in an unknown territory, with the requirement to comply with Companies House and specific UK tax policies to ensure legality and compliance with HMRC. For many of our clients, outsourcing their UK subsidiary or branch business accounting allows the company’s leadership to concentrate on market impact and driving growth without the high cost of training and managing an inhouse finance function.

A positive, business friendly environment

The UK is one of the most attractive territories for business investment. It continues to attract international investment due to the beneficial tax regimes allowing companies to maximise their investment and reach the ultimate goal of growth and profitability.

With that in mind, getting the best advice from professionals experienced in the complexities of UK business law and taxation will be essential from the outset to allow your business to flourish in this market.

UK Subsidiary or Branch?

An overseas parent company looking to trade in or from the UK has two main options for structuring UK operation. These options are an incorporated UK subsidiary with Companies House or trading via a branch of the overseas operation.

A UK subsidiary is registered with Companies House as an independent legal entity, with the sole shareholder being the non-UK parent company. This provides the rights for the business to enter contracts as an individual entity. As with all registered UK companies, the UK subsidiary is required by UK GAAP to prepare and submit legally compliant, statutory UK accounts to both Companies House and HMRC, alongside Confirmation Statements each year detailing directors and shareholders.

A UK branch of your business is an extension of your overseas company and, therefore, not an independent legal entity. Setting up informally, you are required to supply branch accounts, showing your UK business results, to Companies House and HMRC via a Corporation Tax Return each year. If you decide to operate as a branch, the non-UK business can register as a foreign company with a registered branch.

If you aren’t sure how to incorporate your business, isn’t the obvious answer to get professional, expert advice. That’s where Kirk Rice can help.

Expert solutions for overseas investors from Kirk Rice

Kirk Rice is more than an advisor; we act as your UK partner offering expert knowledge and expertise in this territory. Based on your definitive requirements, we can advise and action your business’ incorporation and develop the appropriate financial and taxation systems to ensure you remain legal and compliant with both Companies House and HM Revenues and Customs.

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What makes Kirk Rice your ideal partner?

Kirk Rice has extensive knowledge of the UK territory offering expert, knowledgeable and educated advice from our many years of working with Companies House and HMRC.

Following our substantial growth and acquisitions in recent years, we have integrated some of the UK’s leading international business experts into our business. Our experts have decades of experience with non-UK businesses, helping them fully establish themselves in the UK market, ensuring full compliance with UK law, and supporting investment, expansion and acquisition in the ever-welcoming UK business environment.

Expat Individual UK Tax Support

Being an overseas national, working abroad requires compliance with the taxation services of both territories, leading to many complexities for individuals.

To support those working within our overseas client operations, Kirk Rice offers expatriate (expat) services to advise on the impacts of Double Tax Treaties and assist in managing your finances and taxation.

  • Assignment structuring – pre-departure or arrival planning
  • Understanding and developing tailored tax planning advice for non-UK domiciled or residents
  • Understanding residence or domiciled status with expert advice
  • Assisting in the reduction of your tax burden
  • UK Tax advisory and returns for non-UK residents with UK income
  • Understanding asset complexities
  • Applications in Double Tax Treaties
  • Expert advice on Capital Gains Tax and the implication of territory asset sales
  • UK resident and offshore trusts
  • International Benefit reporting

 

What if you want to expand your business outside of the UK?

If you are considering trading globally, Kirk Rice can assist. As members of Prime Global - the Association of Advisory and Accountancy Firms. We have contacts in over 300 professional members, in over 100 countries, who work in partnership to provide local services which combined create a professional global solution for our clients.
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In six years the support Kirk Rice has provided to CVI has been invaluable. My company and myself rely on our contacts at Kirk Rice to provide all levels of information and support; Banking, Country Registration, Payroll, taxes basically all things business and accounting related in the UK and German market we rely on Kirk Rice to help us with. The employees that I work with are like my right hand in managing our business overall in Europe, they are a pleasure to work with, amazing source of support, and we could not do it without them. I could not think of working in the country without the support Kirk Rice and the my contacts there provide to my company.

Brandy Johnson

Corporate Visions

Kirk Rice really is a fully outsourced service. My USA parent company’s CFO had limited international experience and Kirk Rice worked with us both to facilitate the initial set up of the UK company optimizing it from both a tax and operational perspective and introducing us to key banking relationships.” says Paul. “On a day to day basis, they look after all our finance functions and liaise with our USA parent company to ensure we provide consistent reporting and monthly consolidation. The service includes bookkeeping, paying all bills, cash management, tax compliance, payroll and employee benefit schemes as well as our UK audit. They are always there when something arises and I need some quick advice outside of my scope.

Paul Cheslaw

Applied Voice and Speech Technologies Ltd.

Call us now: +44 (0)208 789 8588

Services we provide UK Subsidiaries

Kirk Rice prides itself on being open and honest, but always with a great degree of flexibility to allow the moulding of our services as your business grows. These are some of the services we can offer.

Structure Advice

Expert advice on how best to structure your UK operation.

Incorporation

Incorporating your operations in the UK with Companies House

Assistance opening a UK bank account

Compliance

We prepare and file statutory accounts and corporation tax returns.

Company Secretarial

Development and filing of Companies House compliance statements.

VAT Services & Advisory

Guidance, set up and ongoing compliance and reporting. We also offer full VAT advisory.

Software solution

We can advise on and implement the most appropriate accounting package and other software solutions.

Outsourced Accounting Services

Save time and costs by outsourcing your accounting function including, software solutions, bookkeeping, management information, payment & cashflow management. Click here for further detail on our outsourced accounting packages.

Timely management information

We will prepare and/or review your management accounts.

HR services

Assistance with drafting employment contracts, staff handbooks, implementing HR systems and policies.

Employee benefits advice

Help establish suitable employee benefits to ensure you attract and keep good people. These could include pension schemes, private medical insurance, life insurance.

Expat individual tax support

Advise on the impacts of double taxation and assist in managing personal finances and tax efficiency.

Payroll

A full payroll service, registering payroll schemes for new employers, salary calculations, dealing with payroll variables such as overtime, commission/bonuses, holidays and maternity etc.

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Why Choose Kirk Rice?

Flexibility

Kirk Rice prides itself on being open and honest, but always with a flexibility to allow the moulding of our services as your business grows.

Scalability

You need to be assured that your UK partner can be with you long-term, which is why Kirk Rice, with our continued growth, will be able to scale our service as your business grows.

Reliability

Kirk Rice offers peace of mind by offering not just extensive expertise, but reliability to manager and maintain your UK business to retain compliance and legality.

Experience

Kirk Rice has a proven track record of incorporating, supporting and nurturing UK subsidiaries for overseas clients.

FAQs

Below, we have compiled some of the most frequently asked questions and answers both for UK Subsidiary business and also for expats to help you to understand the auditing process:

How do I know the best tax structure for my business?

This is a complex issue and something we would suggest discussing with us directly. But, put simply, Non-UK tax resident companies are liable to corporation tax if they trade in the UK through a 'permanent establishment'. This included a fixed place of business for trading operations and may include some agents in the UK.

Choosing between a branch and a Subsidiary?

A branch is an extension of the parent company operating under the laws of another jurisdiction. It is not a separate legal entity. A subsidiary (typically a Limited company) is a separate legal entity owned and run by the parent company. It is advisable to seek professional advice before deciding on your company's status.

What are my UK reporting obligations?

An overseas company that must prepare, audit and disclose accounting documents under parent law must register them to Companies House within three months from the date the documents are required in accordance with its parent law. Where companies are not required to prepare and disclose accounting documents under parent law, they must still prepare accounts and register them at Companies House. The period covered for these accounts would be set up based on their accounting reference date allocated by Companies House.

Do I need to prepare group accounts for my UK subsidiaries?

Suppose a company is a parent company at the end of a financial year. In that case, the directors, as well as preparing the individual accounts for the year, must prepare group accounts for the year unless the company is exempt from that requirement.

How can I tax efficiently move the profits back to the overseas parent?

Repatriating profits from a UK subsidiary to an overseas parent company is not subject to exchange controls, but there are tax issues to consider when deciding how profits are sent, as well as commercial and accountancy issues. Dividends can be paid without withholding tax with conditions. The withholding tax rate is 20%, which can be reduced under a treaty claim. The recipient's tax position must also be considered - especially if their territory offers zero rate of tax. This is a complex matter which required detailed discussions' with your taxation partner.

How long can I spend in the UK without becoming a resident?

If you have not visited UK previously, then you can normally spend up to 182 days in a tax year without being considered resident in the UK for that year.

What is non-residential capital gains tax on UK properties?

The rate of CGT you must pay on the gain of the disposal of your property can vary significantly. If you are a basic rate Income Tax payer, the rate is 18% on residential property and 10% on non-residential property on gains up to the unused basic rate band and the balance at 28% on residential property and 20% on non-residential property.

What UK taxes do I have to pay?

Excluding your personal allowance, income received up to £37,700 will be subject to a tax rate of 20% if it is non-dividend income and tax rate of 8.75% on dividend income. If you incorporate the personal allowance, this means that you will essentially pay 20% tax on your non-dividend income between £12,570 and £50,270 and 8.75% if it is dividend income . A higher tax rate of 40% is due on income above £50,270 up to £125,140 when it increases again. If your taxable income before personal allowances is £100,000 or more then your personal allowance will be reduced by every £1 for very £2 in excess of your income over £100,000.

Our team

As you explore your expansion in to the UK market, you must have full confidence in the partner you chose to support you on your journey. At Kirk Rice, we are your partner and work as an extension of your business. To that end, our knowledge and expert team offer more than just our extensive expertise; we apply passion, commitment, reliability and have your best interests front of mind.

Meet some of our specialist team:

  • Maxine oversees our Outsourcing and HR services with over 25 years’ experience. She qualified as a Chartered Certified Accountant and joined Kirk Rice in 1994, becoming a partner in 2002. She continues to grow the range of our outsourcing, payroll and HR services, qualifying as a Chartered Member of the Institute of Personnel & Development (CIPD) in 2013. Maxine loves to walk and explore the UK by foot. Maxine Guest Maxine Guest Partner Thames Valley
  • Susan graduated with a BSc in Chemistry and joined Kirk Rice as a trainee accountant in May 2000, qualifying as a Chartered Certified Accountant in 2003. She went on to become a partner in 2014 and works alongside fellow partner, Maxine to drive the Outsourcing department from strength to strength. Outside of work Susan likes travelling and new (and sometimes slightly crazy) experiences. Susan Beverly Susan Beverly Partner - Outsourced Accounting Thames Valley
  • James mainly advises SME’s and sole traders in business, accounting and tax matters. He joined back in 2004, qualifying as a Chartered Accountant in 2007. James has a degree in Mechanical Engineering from Cardiff University, and in his spare time he can be found on the golf course or watching sport. James Moody James Moody Partner- Accounting & Audit West London
  • Tim works in our General Practice and Audit Department. He specialises in small and medium enterprise (SME) financial reporting, taxation and audit, as well as providing more general business consulting. He joined Kirk Rice in 2002 after qualifying as a Chartered Accountant. Tim’s a Palace fan, aquarist, keen astronomer and hi-fi nerd, as well as a father of three. Tim Neale Tim Neale Partner - Accounting & Audit North Hampshire
  • Kal is a Chartered Accountant based in our London office. He has over 25 years’ experience in providing accounting, audit, assurance and advisory services to International Group Companies and owner-managed businesses. He is hands-on and believes that simple solutions are the best. He is passionate about travelling and food but not cooking. Kal Sanghera Kal Sanghera Partner - Accounting & Audit West London
  • David qualified as a Chartered accountant with ICAEW in 2005 and became a Fellow of the Institute in 2015. He joined Kirk Rice in 2016 as Audit and Accounts Manager with over 10 years experience in acting for owner managed businesses, predominately working in audit and taxation compliance work. Outside of work David has an active social life and enjoys reading, the theatre and watching his favourite films. David Forinton David Forinton Partner - Accounting & Audit Thames Valley
  • Alex is a Chartered Tax Adviser and Chartered Accountant with over 15 years experience in tax. He joined Kirk Rice in 2021. Alex advises businesses ranging from small and medium sized firms to large groups and has particular experience in corporate restructures, share schemes and M&A advice. Outside of work Alex is married with 2 boys and enjoys following the fortunes of Tottenham Hotspur when time permits. Alex Taylor Alex Taylor Director - Corporate Tax Thames Valley

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