(PRWEB) March 2, 2011
Kevin Beare & Co are a UK Accounting firm http://ukaccounting.kevinbeare.com/ focussed on helping overseas companies setup in the UK.
Kevin Beare & Co provides a “One-Stop-Shop” solution to US businesses operating in the UK. Services provided range from initial advice on the choice of UK legal entity http://www.kevinbeare.com/our-thoughts/legal-structures-uk, through opening a UK bank account and UK VAT registration, provision of bookkeeping, expense processing and monthly reporting (in both GBP and USD). Using these services means that a transition from “setup “to “routine” is seamless. Payroll administration, which includes mandatory legal obligations and contractual obligations as described in the employee benefits package is also part of the back office support system.
An initial talking point is the type of entity available for the UK operation. There are two main legal entities, a UK limited company and a branch. The latter is an extension of the parent company and is required to file a copy of the parent company’s accounts at Companies House in the UK where once filed become public record. They include a profit and loss statement along with balance sheet. Customers, suppliers or anyone with an interest in the company may access this data. A limited company is only required to provide their own statutory accounts, however, below a certain size do not need to file a profit & loss.
UK VAT registration procedures http://www.kevinbeare.com/your-needs/taxation, UK auditing requirements, and local employment laws (for instance there is no such concept of being “employed at will” as it doesn’t exist in the UK), are usually outside international companies expertise and are often a minefield to a company setting up in the UK.
If you are a company thinking about operating in the UK, or you know of an organisation that could benefit from this practical local knowledge then please contact Paul for further details or to arrange a meeting. Paul Beare is visiting Boston and New York to see current clients March 10/11 and 14/15 respectively.
They have recently published an article on UK sub-contractors working for US companies, and the consequences thereof, which may be of some interest. http://blog.kevinbeare.com/2011/02/sub-contractors-in-the-uk/
For just over twenty years, Kevin Beare & Co has worked with overseas companies and have helped them invest in the UK. It is often said that the UK and US are one nation divided by two cultures and a common language.