We help organisations and their owners and directors.
The organisations are UK based as well as international groups looking to invest into the UK. They tend to be established and growing entities.
We love working with clients across a broad range of sectors but have particular expertise in the areas listed.
We also work with private individuals and families with their own personal tax matters, whether their wealth is UK-based or international.
Goodman Jones are not just Chartered Accountants and Auditors – but advisers who are passionate about providing an outstanding tailored service to each of our clients.
Our range of services are our response to listening to what our clients value.
We are not just Chartered Accountants and Auditors – but business advisers who are passionate about providing an outstanding tailored service to each of our clients.
We share insights regularly on issues and topics that affect our clients. Find out what our people think...
The UK is the world’s fifth-largest economy. With a population of around 67 million, the country has large, sophisticated consumer, business-to-business, industrial and financial markets.
Here’s our quick guide to the essential information you’ll need if you’re thinking of setting up here.
Among the many benefits of doing business in the UK are:
The UK is a constitutional monarchy, with a government made up of a lower and upper house.
The House of Commons is the lower house; its members are democratically elected, usually once every five years. The upper house is The House of Lords, where membership is appointed, hereditary or by official function.
Economic, fiscal and spending policy are set by HM Treasury – the UK’s ministry of finance – which is headed by the Chancellor of the Exchequer.
The UK financial year ends on 31 March, and the fiscal year on 5 April. The Chancellor makes an annual Budget Statement (usually in March), laying out the Treasury’s key policies and priorities for the year ahead. Significant changes often go through a consultation period, so there is ample notice that a tax may be under review. The Chancellor also makes an Autumn Statement where changes can be announced.
His Majesty’s Revenue and Customs (HMRC) is responsible for collecting tax and enforcing fiscal rules.
Trade between the UK and other countries and economic blocs is the responsibility of the Department of International Trade (DIT). The DIT is overseen by the Secretary of State for International Trade.
Like in most countries, Value-Added Tax (VAT) is charged on the purchase of goods and services.
Being a tax on transactions, VAT works in real time. So registering for VAT, and being prepared to comply with the rules, should be a priority for firms setting up in the UK.
As noted, the UK has a relatively competitive businesses tax framework:
The UK property market is unique, and the tax rules surrounding it are highly complex.
Our property specialists can guide you through the legislation, support you with compliance, and help you take advantage of the relevant reliefs.
The UK ended its membership of the European Union (EU) at the beginning of 2021.
This means that EU trade arrangements – such as free movement of goods, services and people within the Union – no longer apply in the UK. The same goes for trade agreements between the EU and other non-member states.
The EU remains the UK’s biggest trading partner, accounting for 48% of the UK’s foreign trade in goods in 2019. And the UK is the EU’s third-biggest trading partner, after the US and China.
The Trade and Cooperation Agreement between the UK and EU is set out on the EU’s website. This came into force once the UK left the EU.
The UK has trade arrangements with a number of countries outside of the EU – you can find out about these on the DIT website.
The government has committed to making the UK carbon neutral by 2050, and has published its strategy to achieve this.
The Build Back Greener strategy aims to support business with the decarbonisation of their operations. It outlines policies and proposals for decarbonising all sectors of the UK economy, and is supported by a 10-point plan.
Significantly, the UK was the first country to embed climate disclosures into the reporting requirements for corporates with over 500 employees and £500m turnover. Based on the Task Force on Climate-Related Financial Disclosures (TCFD), these became mandatory as of April 2022.
A substantial proportion of the country’s commercial and economic activity is concentrated in London and the South-East. The government’s stated aim is to improve other regions as places to live, work and do business.
Announced in February 2022, the government’s ‘levelling up’ strategy is intended to “transform the UK by spreading opportunity and prosperity to all parts of it”.
It plans to achieve this via 12 cross-government, cross-society ‘national missions’. The strategy is the responsibility of the Department for Levelling Up.
Entering a new national market inevitably means getting used to its cultural norms and common business practices. Here are some of the UK’s key business customs to be aware of:
In a business or social setting, introductions usually involve a brief handshake while maintaining eye contact. People usually introduce themselves by their first name, and people are generally on first-name terms with their colleagues and business associates.
Traditional business wear in an office environment is a plain suit for men and women, or a dress for women.
Over time, however, many sectors and companies have adopted more casual dress codes. And since the pandemic, casual dress on video calls has become widely accepted.
If you’re unsure, it’s best to check before going to a meeting, or starting at a new workplace. If that’s not possible, then dressing more formally is better than being too casual.
There aren’t many formal rituals surrounding business meetings. But they generally start on time – people often arrive a few minutes early. Try to call or message if you’re running late.
Attendees are likely to exchange small talk for a short time before the meeting begins properly. The meeting host will typically be the one to move proceedings on from casual conversation to business matters.
The U.K. is made up of four countries: England, Scotland, Wales and Northern Ireland. Each has its own strong, national identity, so avoid referring to anybody as ‘English’ unless you know they’re from England.
An important aspect of UK culture is the friendly rivalry between the four countries, and between the different regions and cities. People will often poke fun at friends and colleagues for being from other parts of the UK. To avoid causing offence, it’s better not to join in, unless you’re very familiar with the complex relationships involved.
British people often avoid direct statements or commands, seeing gentle suggestions and indirect expression as more polite.
For example: “Perhaps you could finish that later” may be a way of actually instructing you to finish the task later. If somebody says, “That’s an interesting point, but...”, they probably aren’t agreeing with your idea.
In the workplace, people will regularly offer to make tea and coffee for the team. It’s a good idea to take your turn!
Outside of the office, colleagues often go out for a meal at lunchtime or a drink after work, especially on special occasions – such as to celebrate a success, or for somebody’s birthday.
Obviously, these occasions are a great opportunity to get to know your colleagues or business associates, and to feel part of the team.
While nobody expects you to go along every time, constantly declining social invites may be seen as unsociable. That said, you won’t be expected to stay until late – joining for a short while is more than acceptable.
Goodman Jones is part of GMN International, a worldwide association of accounting firms.
We’re also listed in the Department of Business and Trade's UK Investment Support Directory. This brings together business service providers across a range of disciplines, giving you access to advice on all aspects of establishing your business in the UK.
What’s more, we have relationships with leading law practices, who can help you manage the legal aspects of setting up and operating a business in the UK.
We offer a range of accounting, audit and advisory services to help you set up in the UK; comply with local regulation; and improve the performance of your operation.
We also work closely with a range of employment law specialists, who can advise on legal issues such as visa requirements.
Our extensive experience of supporting international organisations includes:
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