ISAs, child benefit, income tax and national insurance explained
When running a successful business you can sometimes forget the finer details. Whether you currently operate in the UK or you are an international business looking to set up in the UK, you need to know about UK tax rates.
Our comprehensive tax table provides you with the most up to date information on UK taxes, covering inheritance tax, child benefit, dividend income, national insurance contributions and more. As you will need to pay income tax on any profits you make, we also cover this in great detail.
Read our detailed guide on the 2023/2024 tax table to discover all the answers to the following questions:
- What is income tax allowance?
- What child benefit am I entitled to?
- What am I paying for my (NICs) national insurance contribution?
- When is the tax year?
This guide on Year-End and Audits emphasises the importance of these processes for companies, particularly those who have entered the UK . Year-end signifies the completion of a financial year, requiring businesses to compile and submit their annual accounts to HMRC and Companies House. Audits, conducted by independent bodies, examine the fairness and accuracy of financial statements. The guide concludes by highlighting the significance of these processes for financial stability and compliance.
Having the best talent available at your disposal is crucial to ensuring a smooth transition from one market to another, and this is no different when establishing in the UK. The UK is fertile ground for successful businesses and is considered as one of the easier places to establish and run a business.
Implementing efficient systems and processes to support your growth is fundamental to your future success.
Read more about the systems & tools that we use to provide a solid foundation upon which you can achieve UK success.
Contents:
Accounting software: Xero
Dext and ApprovalMax Integration
Expense Solutions: Expensify and WebExpenses
MyePayWindow
Risk Management
Deciding whether to open a branch vs subsidiary
International businesses moving to the UK must choose between creating an overseas branch or setting up a subsidiary. Both options have numerous advantages and disadvantages, but how can you be sure which is the best choice with a branch vs subsidiary in the long term?
Read Goodwille’s detailed guide to discover whether the establishment of a new branch or subsidiary will be the most beneficial to your business. The guide features answers to the following questions:
- What is a subsidiary company?
- What is a branch?
- What is the difference between a subsidiary and a branch?
It also lists the key elements to consider when setting up a subsidiary company or branch.
Are you looking to open a UK business bank account?
With a UK business bank account, overseas businesses establishing a presence in the UK will be able to pay their suppliers and employees with ease, as well as make it simpler to receive payment. And whilst opening an account as a non-UK resident may be challenging, it can save a lot of time and money in the long run.
Our guide to banking in the UK
Goodwille’s comprehensive business banking guide features everything you need to know about setting up an account in the UK. It includes answers to the most common questions from overseas businesses and a host of valuable tips on how to open your account.
Read our UK banking guide to discover:
- Eligibility criteria for opening a UK business bank account
- Whether you can trade without an account
- 3 tips on getting a UK business account
Understanding UK employment law
From registering as an employer and hiring employees to drafting employment contracts and paying your staff correctly, there’s certainly a lot to think about when moving your business to the UK. Are you looking to employ staff for the first time in the UK? Goodwille’s got you covered.
Read our guide to recruiting and employing UK staff
Check out our comprehensive guide to find out what you need to put in place for workers in the UK. We cover everything from employers’ liability insurance to employee benefits and sponsorship licences, giving you the perfect headstart in your new area of business.
Download our guide today for detailed answers to the following questions:
- Why employ in the UK?
- What do I need to do before I start recruiting?
- What does employment law cover in the UK?
- What benefits can I give to my employees?
UK businesses that demonstrate innovation in the fields of science or technology may be able to claim R&D tax relief from the UK government. Those who are eligible for the scheme can claim back up to 33% of their spending on R&D, with payments available in the form of a corporation tax reduction or a cash repayment.
R&D tax relief explained
A claim for R&D can put businesses in a much healthier position and give them more resources to perfect their product or service. With so much to gain from this scheme, we have written this detailed guide to help you answer the following questions:
- What are R&D tax credits?
- Is my business eligible for R&D tax relief?
- How do I claim back my R&D costs?
- What can be classified as R&D expenditure?
Trading into the UK from overseas vs. registering a branch
International businesses looking to establish themselves in the UK have two choices: to continue to trade from afar or to set up a formal business address on UK soil. Sometimes, depending on your overall business plan, you may be legally required to register a taxable presence in the UK, either in the form of a branch or subsidiary, and Goodwille is here to help.
Moving your business to the UK
If you’re unsure as to whether you need to formally register as a company in the UK or remain as you are, Goodwille can help point you in the right direction. From recruiting UK-based staff to liaising with Companies House, our detailed guide will talk you through all the ins and outs of doing business in the UK.
Read on for answers to the following questions:
- How do you register your business in the UK?
- What are the registration characteristics for a UK business?
- What are the benefits of registering in the UK?
ISAs, child benefit, income tax and national insurance explained
When running a successful business you can sometimes forget the finer details. Whether you currently operate in the UK or you are an international business looking to set up in the UK, you need to know about UK tax rates.
Our comprehensive tax table provides you with the most up to date information on UK taxes, covering inheritance tax, child benefit, dividend income, national insurance contributions and more. As you will need to pay income tax on any profits you make, we also cover this in great detail.
Read our detailed guide on the 2022/2023 tax table to discover all the answers to the following questions:
- What is income tax allowance?
- What child benefit am I entitled to?
- What am I paying for my (NICs) national insurance contribution?
- When is the tax year?
