Call for Assistance: 02033 259 341
Spondoo Accounting
Call for Assistance: 02033 259 341
Spondoo Accounting

I have a UK company with a branch in another country - what are my UK compliance requirements?

July 17, 2023

When a UK business creates a branch in an overseas jurisdiction, they will often focus on their compliance requirements in that foreign country, not necessarily their obligation back in the UK.

This is in indeed the correct approach, for example, if a UK company registers a branch in Singapore, they do not need to notify Companies House of this fact at the point of registration.

However, you will need to consider the following for your UK reporting requirements:

  • You will need to operate something know as segmental reporting – this essentially means that you need to maintain a separate Trial Balance from your UK operations.
  • You will need to incorporate all your income and expenses of your foreign branch producing consolidated accounts before filing your accounts – you can use apps https://accounting.bi/ to help you.
  • You will need to account for foreign tax credits within your CT600.

Note – it is important to note that UK companies that fall within the definition of a Micro or Small Business for financial reporting purposes, still need to purpose the consolidation accounting process described above. This is different for Micro or Small Businesses with an overseas subsidiary, that are exemption from need to do this consolidation as they do not need to prepare group accounts.

If you need help prepare your UK accounts and corporation tax, please contact us.

 

more tips

Can You Claim Food as a Business Expense?

The golden rule when claiming business expenses is that the cost must be “wholly and exclusively” for business purposes. So, where do you stand when it comes to food and drink? After all, everyone needs these things to survive. When does it become an allowable expense? Read on to find out when your business can claim food and drink as an expense.
READ MORE

Self-Employed National Insurance Class 2 and Class 4 Rates

If you are sixteen and over, self-employed (sole trader or in a partnership) and making a profit befitting the ‘small profits threshold’, you are liable to pay national insurance.
READ MORE

Key UK Personal Tax Year Dates & Deadlines 2021/2022

Are deadlines creeping up on you? Spondoo is here to ensure you keep on top of things and take control again. These are the important dates you should take note of.
READ MORE

How To Set Up A Limited Company 

A Step-by-Step Guide  This is an easy-to-understand, step-by-step guide, to opening a successful limited company. But before we dive in, let’s check the legality surrounding it. 
READ MORE

Accountants in Haslemere, Surrey

We are qualified accountants providing personal and professional services for start-ups, established companies and individuals in and around the Haslemere area in Surrey. With the rise in technology, we have embraced the digitisation of accounting using efficient digital accounting tools to offer reliable services to our customers. Our goal remains to get our clients the best accounting and taxation services at the most affordable rates.
READ MORE

Onsite Canteen and Lunch Vouchers - Are They Taxable?

The provision of food and drink to an employee by their employer is a lovely thing to do. Eventually, it promotes teamwork, loyalty, a sense of belonging and even improves productivity. Taking it at face value makes it look like a simple act of kindness. However, unless it is done correctly, it can cause tax and national insurance compliance issues for the employer.
READ MORE
1 2 3 43
LEARN MORE
What the service includes, and how much it costs?
Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
© Copyright 2023 - Spondoo - All Rights Reserved
How, can we help?
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram