UK Investment Support Directory

Goodwille is one of the best service providers to support inward investment to the UK!

Department for International Trade (DIT) launched the UK Investment Support Directory in May 2019, to help overseas businesses with finding the right support when setting up or expanding in the UK. We are honoured to announce that Goodwille is one of the UK specialist firms listed in the Directory as experts in helping foreign businesses establish on the UK market!

About the UK Investment Support Directory

The UK Investment Support Directory is a collection of companies with skills and experience in helping overseas businesses establish or expand in the UK. The Directory includes service providers carefully selected by DIT based on their experience and expertise in the UK marketplace.

The aim of the Directory is to provide a link between foreign businesses and local experts; it helps overseas businesses to find the most appropriate local support by listing UK service providers by industry and experience, all in one place. If you need specialist advice within a specific sector or with specific language skills, the Directory makes it easy for you to find British businesses with just the expertise and experience you are looking for!

Goodwille is in a good position to assist foreign businesses with navigating the UK market. We have over 20 years of experience helping businesses mainly from the Nordics to set up an run successful UK operations. With clients ranging from tech startups to retail chains, we are well equipped to support businesses in any sector.

On our Business Profile Page you can read more about the services we provide for overseas companies thinking about expanding to the UK, as well as some examples of companies we have helped to achieve UK success.

The full UK Investment Support Directory is accessible on DIT’s website.

Are you looking to set up or expand your business in the UK? Contact Goodwille today to hear more about how we have helped over 1,800 businesses set up and run a successful UK operation. We are happy to share our experience and help businesses from abroad off to a flying start in the UK!

Brexit – where are we now?

On 11th April, European Union leaders granted the United Kingdom a six-month extension to Brexit to 31st October this year. Effectively, this means that the UK now either must hold European elections on 23rd May or leave on 1st June without a deal. According to Theresa May, the aim is still for the UK to leave the EU as soon as possible, and Brexit should ideally take place well before the deadline in October.

Currently, there are various factors which could result in a No Deal Brexit. As mentioned, if the UK does not participate in the EU elections, this will effectively result in the UK leaving on 1st June this year – an outcome we believe to be unlikely at this point. Another possibility is if Theresa May’s deal fails to go through Parliament, which, in return, will mean that the UK will be leaving on 31st October. Lastly, there is the possibility that the decision to leave without a deal is made by Theresa May if she remains Prime Minister. In the event of an unsuccessful leadership contest – which will be the result if she does not manage to win the confidence vote – Theresa May will resign and it will consequently be up to the new Prime Minister to continue the Brexit negotiations going forward.

Goodwille continues to follow the development of Brexit closely. Amongst other things, we have been working on growing our network to include experts within the field of import and export, and are still working closely with North Star Law on the question of immigration. Furthermore, we ensure to attend several events focusing on Brexit, the latest being our CEO, Alexander Goodwille, attending the Export Gala (Tullgala in Swedish) in Gothenburg on 23rd May.


This update is for general guidance only. Specific legal advice should be obtained in all cases. This material is the copyright of Goodwille Limited (unless otherwise stipulated) and is not to be reproduced in whole or in part without prior written consent.

Britain will always be open for business: Alexander’s 5 tips to secure UK success

This is an advertorial by Goodwille, originally posted in The Link Magazine April 2019 issued by the Swedish Chamber of Commerce for the UK. Read the magazine here.

Goodwille, a Patron of the Swedish Chamber, have been helping Swedish businesses with their expansion to the UK for over 20 years. Alexander Goodwille, who recently celebrated his second year as CEO, shares his top 5 tips to give you the best chance at UK success.

1. Pitching your products and services

No matter how many times you’ve successfully sold your products and services in your home country, your pitch needs to be tailored to meet local standards when you enter a new market. In some cases, a few minor tweaks to your content or format may be all that’s required. However, in some cases, a total overhaul might be necessary to reach your target market. When researching the UK market, be sure to look at potential changes to your pitching early so that you are well-prepared and not taken by surprise by cultural differences.

2. Build on previous successes

If your product or service has been successful in Sweden, there’s no reason to think that it will not achieve similar or even greater heights following your UK expansion. In fact, the more success you have had at ‘home’, the more likely you are to succeed in a new location. Remember that the UK market is highly competitive, so be sure to capitalise on your successful track record as it will make your UK pitch much stronger.

3. Choose the right location

The location that you choose for your new UK office is very important to your success. There are a number of factors to consider, including whether your business is sales or product driven. You must also research potential talent pools, since recruiting the right staff will be essential to the success of your new venture.

Ease of travel by road, rail and air are also important aspects of your location to consider, especially if you are intending to commute regularly from Sweden. Logistics are also important if you have a product to distribute, and locating your business somewhere central to the main motorway network may also be something that is important from both a practical and costings perspective.

There are often government grants available, designed to attract businesses to certain regions, so it can be worth looking at cities other than London.

4. Make sure you’re ready, not just wanting

International expansion is a noble goal, but you can’t hope to succeed unless your business is sorted at the local level. It’s not just about ensuring you have the funds to cover expansion either. Growing your business into new markets will take a lot of your time and focus. Unresolved problems in your local marketplace will inevitably interrupt your dedication and expansion plans. If the problems are serious, it could even hamper the success of your expansion, so make sure you have a firm footing before you leap.

5. Do your research & ask for help

It’s beyond important that you invest as much time as possible to understand your intended marketplace. It sounds obvious, but the expansion process can be easily stalled by unexpected issues.

Learn how the UK market operates and what it requires. Not only will it make your entry as seamless as possible, it will also give you the best possible chance to achieve success in the long run. Consider every aspect of your operation from supply, through delivery, and into customer aftercare.

Make sure you spend enough time in the UK and get to know the new market properly. Do not underestimate the importance of local partners, like Goodwille, that can guide you through local regulations and introduce you to the right people!

To find out more about how Goodwille can support you with your UK expansion, or existing UK operation, please contact me directly on alexander.goodwille@goodwille.com

New Tax Rates 2019/2020

The new UK tax year starts on 6 April 2019. This means that any changes to the tax system and tax rates will come into effect on this date.

We have compiled all tax rates for 2019/2020 into a Tax Table for your convenience. The Tax Table includes tax rates relevant to both individuals and companies, including updated rates on corporation tax and workplace pension.

Make sure you pay the right amount of tax – download the Tax Table for 2019/2020 HERE.

 

 

Making Tax Digital

Making Tax Digital (MTD) came into effect on 1st April 2019. MTD is part of the UK Government’s recent efforts to ensure companies and individuals keep on top of their contributions. The introduction of MTD means that all VAT registered businesses (with taxable turnover above the current threshold, currently £85,000) from now on are required to use an HMRC approved software to keep their tax records digitally. This affects all businesses that trade in the UK, including international organisations that may process accounts within their home countries.

Companies operating from nations such as Sweden, Finland or Norway, but trading within the UK need to follow the UK Government’s guidelines closely to ensure they comply to avoid any penalties. The best way to achieve that is to outsource the book-keeping process to experts like us at Goodwille.

Goodwille specialises in helping non-UK businesses to expand into the local market. Their team can assist with many or all back-office tasks to ensure entrepreneurs and business owners are free to focus on the more important elements of their expansions. For more than 20 years, Goodwille has helped hundreds of international businesses open UK offices, launch UK subsidiaries, and deal with their ongoing compliance.

Key Points:

  1. Record keeping – International and homegrown businesses can no longer keep manual financial records for VAT. Starting from 1st April 2019, companies must use a compliant approved accounting system that connects to HMRC through an API.
  2. VAT submissions – While returns must be submitted to HMRC via approved digital software, there is going to be a soft landing period during the first 12-months, during which companies can still copy and paste data between software. However, this will change on 1st April 2020.
  3. Brexit – Making Tax Digital for VAT comes into force at the same time the UK plans to leave the EU. There are concerns that businesses dealing with VAT transactions between the UK and EU will become affected, and so it is vital that all companies keep on top of their understanding of any changes brought into force to ensure their systems comply. The best way of doing that is to outsource.

Outsourcing:

It is expected that most businesses will need to keep their corporation tax records digitally using specialist approved software by 2020. This means that now is the best time to put an outsourcing solution in place to ensure a smooth transition.

The aim of Making Tax Digital is to bring the tax system into the modern age and help businesses to save time and money. However, organisations based outside the UK could encounter the opposite outcome if they don’t remain ahead of the game and select an outsourcing partner like Goodwille as soon as possible.

For more information about the many ways in which specialists like those at Goodwille can remove some of the strain from the situation and ensure your business can thrive in the new Making Tax Digital landscape, visit www.goodwille.com today. Companies that fail to comply with MTD requirements could face fines or worse in the UK, hence it’s vital not to delay this move.

Outsourcing presents the opportunity for businesses to remain focused on their growth and expansion goals rather than watching alterations to the tax system. So, take the first step today!

Good Connections – Goodwille’s Partner Network Guide

We have built a strong partner network over the past 20 years. Our partner network consists of a broad range of businesses, specialists and advisers that share our mission to make business as smooth and enjoyable as possible, in the UK and beyond.

By joining Goodwille, you get access to our larger network who are supporting our existing clients outside of the services that Goodwille can provide you with. Our network partners are companies and experts that we know well and recommend for services related to setting up and growing your UK business.

To help our clients navigate our network, we have compiled a list of partners in a Partner Network Guide. The simple aim is to make it easier for our clients to find someone with the answers to their questions. Whether you need specialist legal advice, office space, or help with marketing or recruitment, you can be sure someone in our network can help you!

Already strong in the UK and looking at expanding to other markets? We have partners in our network that can help you! If you like the way Goodwille works with helping businesses in the UK and are looking for something similar for your continued international expansion – look no further! We have service providers we recommend that can help you in other European markets & the USA.

So whenever you are faced with a question about the UK market or international expansion – come to us! We are always happy to recommend or introduce you to any of our network partners that we know can help you. That’s what Good Connections are all about, and that’s why our network is such an integral part of our business.

Get your copy of Goodwille’s Partner Network Guide

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The best UK Market Entry Advice in 2019

The UK is a great place for business! Successful growing businesses from abroad often look to the UK when planning an international expansion; it’s a business-friendly environment with a strong talent pool and good access to capital. Where else could be a better place to grow your international business?

However, entering a new market require some planning and also, sometimes, some expert advice and support. Our friends at Rochester PR Group, a London-based PR agency specialised in market entry PR, have compiled the best UK Market Entry tips from leading market entry experts in the 2019 edition of their UK Market Entry Advice booklet.

With more than 20 years’ experience helping foreign businesses enter the UK market, Goodwille was asked to contribute with our best advice on how to succeed in the UK. These are the top Do’s and Don’ts that our CEO Alexander Goodwille thinks businesses should consider when launching in the UK;

Do

Focus on what is important to you, delegate everything else. Take specialist advice, especially in areas where you have no expertise or which are not core to your business growth.

Research your market and your competition. Find a niche and build from there.

Network. Tap into anywhere you can to get help – nothing works better than a personal introduction.

Don’t

Don’t make assumptions. What works at home may not work in the UK.

Don’t rush. Plan and budget – but if it’s new technology you need to be first to market.

Don’t underestimate how important it is to get agreements right, especially employee and supplier contracts.

Want more advice on how to maximise your chances of success when setting up a business in the UK? Download your copy of the 2019 edition of the Market Entry Advice Booklet here.

Goodwille has over 20 years’ experience helping businesses from abroad establish in the UK. Our services are designed to manage the practical aspect of setting up and running a UK operation, so you can focus on your core business! If you are considering the UK for your next international move, get in touch with us today to find out how we can help you.

3 key questions: outsourcing vs. in-house

The question of whether to outsource or keep tasks in-house is something the vast majority of businesses face today. In most cases, businesses find there are many benefits that come from outsourcing certain jobs. However, it is all about knowing when it’s best to outsource and when it’s better to keep things in-house. This comes down to the three C’s, which are cost, competency, and capacity. By considering these three key factors, you should be able to determine whether to outsource a specific task or keep it in-house.

Cost

This is undoubtedly one of the key factors that needs to be considered; however, it is something that is often miscalculated. This is because most business owners tend to simply look at the initial outlay when it comes to outsourcing, and assume that it is way too expensive. It is important to look at the costs over an extended period of time – for example, over the course of a year, as this will give you a true reflection. The initial expense may be higher when it comes to outsourcing, but when you keep things in-house you have on-going salaries and the related expenses to contend with on a monthly basis. Also, by outsourcing you only pay for what you actually need for services needed on a temporary basis only. For permanent tasks, the in-house approach could be much more cost efficient.

Competency

Competency is the ability to do something efficiently or successfully. If you don’t have this ability at your business, it would be better to look elsewhere. Accountancy and IT support often fall under this banner. Unless you operate an IT business, you are not going to have the experience required to support your own software. This could mean extensive downtime, which could lead to lost customers and be detrimental to your reputation. Managed IT services for businesses mean that you can have the peace of mind that your IT systems are supported efficiently and ticking along nicely in the background, enabling you to focus on the core of your business, i.e. what you do best. However, if you have the competency to handle a task in-house, there is no reason to shift the responsibility elsewhere.

Capacity

Do you have the resources required to carry out the task in question in-house? Or are you going to stretch your business too far by attempting to handle this project? If you don’t have the capacity, you need to get help. This is especially important for small businesses and startups, as entrepreneurs tend to like handling everything themselves. However, it is simply not feasible when you consider the variety of tasks businesses need to handle that aren’t directly related to the core skills of their firm.

Hopefully, you now have a better understanding regarding the three C’s that should be considered when you are deciding whether to outsource a certain task or keep it in-house. By carefully assessing the cost, your competency, and your firm’s capacity, the decision should be a lot easier.

At Goodwille we think that businesses should stay focused on their core and what they do best. That’s why we offer advice and practical support on the activities needed to run your UK business but that might not be at the core of what you do. Get in touch with us today to find out how letting us take care of your non-core activities can help you stay focused and grow your business!

Goodwille takes a seat on the Council of the Norwegian-British Chamber of Commerce

Goodwille are active members of the Chambers of Commerce for our core markets. Last year we reinstated our Partner Membership with the Norwegian-British Chamber of Commerce to strengthen our position in the Norwegian business community. In early 2019, our Marketing Manager James Service joined the Council of the Norwegian-British Chamber of Commerce to work more closely together with the Chamber to further support its important mission and role for the Norwegian business community in the UK.

In this interview with James, he shares his thoughts about taking a seat on the Council of the NBCC and the important roles of international Chambers of Commerce!

Why did you join the Council of the NBCC?

I think it’s an exciting time to be part of the Norwegian-British Chamber of Commerce! There has been a new sense of energy in the Chamber over the past 18 months and there is real opportunity for development and growth in the NBCC. I really look forward to being part of the journey!

There were three reasons why I chose to join the NBCC Council;

  • My experience and the value I can offer the Chamber
  • My own personal development
  • Goodwille investment (to get an understanding as to the direction of the Chamber)

What knowledge and experience do you bring to the Council and the Chamber?

I have been marketing the Goodwille brand into the Nordic region for about 10 years. There is a direct link between the work I do in my job at Goodwille and the areas I can support the Chamber with. I think with my personal connections and the experience I have working across the marketing mix (especially with websites, social media and event organising), we can spread the message further and ensure more companies benefit from joining the NBCC.

How do you think it will benefit you to be on the Council?

 It’s great experience for me to sit around the table with people who have such a wealth of experience. I sit on the Council with people from KBR and DNB, among other. When you are regularly in an environment with people who have this level of experience it can only benefit you both personally and professionally.

Why is it important for Goodwille to have a representative on the Council of the NBCC? 

I chose to join the Council mainly for my own personal development. However Goodwille puts a significant investment, both time and financially into all the Nordic Chambers, and it’s important for us to get an understanding as to the direction they are moving.

Why should companies get involved with Chambers of Commerce?

The NBCC offers a great platform for members to spread the message about their company. It’s a great context to be seen in, especially if you have Norwegian-British ties. Through direct introductions, industry leading events and networking opportunities, you never really know who you will meet. The NBCC provides the platform for you to meet new people, and if you have the resource to make the most of it, it will undoubtedly benefit you and your business.

Interested in knowing more about the Norwegian-British Chamber of Commerce? Read about their membership options, business and networking opportunities and upcoming events on the Norwegian-British Chamber of Commerce’s website

Advice for launching a fintech startup in London

If you’re looking to expand your international fintech business or start up a new venture in the London area, you are probably already aware that London is known as the world’s fintech capital. It is an attractive startup location for foreign businesses wanting to expand internationally, and the most popular destination for Asian and American companies expanding into Europe.

Goodwille specialises in assisting international businesses set up companies in the UK. Check out our advice for setting up a fintech company in the UK:

UK business climate

Despite Brexit, the UK startup scene is thriving and many businesses still look to London to launch European operations. The UK government offers comprehensive guidance for overseas businesses thinking about launching in the UK.

Setting up a UK company

Setting up a UK company is a pretty straight-forward and quick process. Company incorporation is done via Companies House, UK’s registrar of companies, which is responsible for holding information about all companies in the UK. Albeit the incorporation process in itself is simple, we recommend you seek specialist advice to make sure your company is set up with Articles of Association, minutes and other legal essentials. Goodwille’s Corporate Legal department can help with setting up a UK entity and help with ongoing compliance for your UK company.

Payroll issues

If you plan to employ workers in your company, you will also need to be registered for UK PAYE. PAYE, pay-as-you-earn, is the system used for the deduction of income tax and National Insurance contributions. The UK is in the process of making tax digital, so it is important to opt for a payroll provider that can meet all required obligations, now and in the future. Statutory pension contributions may also need to be deducted from employee salaries and your business is likely to be required to contribute towards employee pensions, too. Goodwille specialise in payroll and pension and can answer any questions about payroll or pension requirements in the UK.

Potential grants or funding

The UK offers access to a mature and streamlined business grants and funding sector. London fintech providers could well qualify for R&D tax credits or other funding awarded by Innovate UK.

Goodwille can help you launch your London fintech business. We offer legal, finance, HR, payroll and insurance advice to ensure your new company meets all UK requirements. Get in touch with us today to find out more.