How do I set-up an overseas business in the UK?
Here are some of the key issues to consider to increase the likelihood of a successful business expansion to the UK.
Are there any financial audit obligations for a new UK entity?
To find out if there are financial audit obligations for new UK entities, firstly, you need to look at the size of the worldwide group, not just the UK entity. Meeting the small group criteria will exempt the UK entity from financial audit if two of the following three criteria are met, based on net consolidated figures :
- Group turnover less than £10.2m
- Total Balance Sheet Assets less than £5.1m
- Group staff levels less than 50 employees.
Certain UK businesses cannot avail of any relief from audit, regardless of the size of the group. I.e. certain businesses in the Financial Services sector etc.
However, this is not a simple question to answer. A definitive “yes” or “no” can only be given once the specifics of each situation are assessed.
Read more about how we support International industry at every stage of Entering the UK Market business journey. As always, please feel free to get in touch with me to discuss your own business situation.
Gerry Collins
Further Reading
You may also find the information in these articles useful for the stage of your business
Are there any critical timing issues to consider when setting up a business in the UK?
If you’re making plans for your business to enter the UK market, there are critical timing issues for you to consider from the start.
Are there any import implications of Brexit that I need to consider?
For businesses importing goods and services to the UK market, here is a summary of the Brexit implications to consider.
How do I start a business in the UK?
Setting up a business is an exciting time for anyone but, for a lot of people, it’s also a bit scary knowing where to start and can be fraught with questions.
What are the admin procedures for running a UK business payroll?
For businesses entering the UK market, here is a summary of the admin procedures to run a UK payroll.
What tax registrations do I need to consider when starting up a UK business?
If you’re making plans for your business to enter the UK market, there are three main tax registrations for you to consider.
What filing dates do a UK business need to meet?
For businesses entering the UK market, here is a summary of the key filing dates that need to be met.
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