Milton Keynes is a growing city. It has attracted more than 500 inward investors and is home to some of the largest concentrations of International firms in the UK, with global brands such as PwC, Domino’s Pizza, Aston Martin Redbull Racing and Santander continuing to thrive here.
It’s close to the capital (only 35 minutes by train) but with more affordable living costs, international destinations are easily accessible via nearby London Luton Airport and it’s consistently ranked at the top of economic benchmarking surveys. It therefore comes as no surprise that Milton Keynes is Britain’s most successful business city, attracting interest from international companies wishing to set up operations outside of London.
With the breadth of experience of the team at Keens, any business seeking to operate internationally, can be sure they are provided with a high level of knowledge, expertise and advice in this area. As well as taxation and accounting, Keens can help its clients with business structure, rules and regulations, compliance and accounting services, reporting to parent companies overseas, and payroll services.
Any owner of a UK subsidiary or branch office, will be aware that there is often the added requirement to report to the parent company, or their auditors, in respect of the financial performance of the subsidiary during the year. This is in addition to the UK reporting, which has to comply with UK legislation, and sometimes does not meet parent company requirements.
“Our specialised team here at Keens have worked for large international firms, with a number of global brands in our existing client base. We are quite used to meeting group reporting deadlines, completing audit questionnaires and responding to group queries, as part of the year end process,” explains Senior Partner Paul Davis.
With their experience, they can provide the parent company with formal responses on a timely basis, and deal with all audit queries, which may arise from the parent company auditors, and all at a significantly reduced cost when compared to the rates charged by international firms.
The basis of taxation (what is taxed, when, and how much) varies hugely between different countries and there are wide-ranging anti-avoidance laws aimed at preventing people channelling wealth into low-tax environments.
Careful planning and experience are required to make sure you enjoy the lowest rates of tax available to you, avoid double-taxation, and do not waste unnecessary time on processes and form-filling. Keens can advise you on many aspects of international tax,
Individual residence and domicile
Dual-resident companies and individuals
“Controlled foreign companies”
Tax treatment of permanent establishments, branches and agencies
The application of international Double Taxation Treaties and related claims
Transfer pricing enquiries and arrangements
Foreign currency transactions
Tax aspects of emigration/immigration
Overseas workers coming to the UK
Paul added: “We are used to working in partnership with overseas tax lawyers and accountants to meet our clients’ worldwide tax obligations and to minimise the overall tax burden.”
If you would like more information on our International Services, get in touch with the team at Keens Shay Keens MK 01908 674484. Next month, read about how we can help you with all of your tax planning and compliance requirements.