Setting up a UK business

Stepping Stones

There’s no on-size-fits-all for setting up a business, especially for US citizens in the UK. The cross-border US/UK rules are as complicated as can be and you might find yourself the CEO of your own nasty tax bill. Subpart F, Check-The-Box, PFICS, GILTI – we’ve unjumbled the jargon with advice to build you up, not knock you down.
Our experts discuss the tax and legal steps for US citizens setting up a UK business:

- Step one: Choosing the right structure - check-the-box and S.962, personal ownership implications, Controlled Foreign Corporations, Global Intangible Low Taxed Income, Subpart F and Passive Foreign Investment Companies

- Step two: Business fundamentals – business bank accounts, Companies House, employees and Value-Added Tax

- Step three: Business growth and expansion - enterprise investment schemes and debt vs. equity funding

- Step four: Exit strategy – cashing out, advance planning and tax reliefs
Speakers

Scott Barber, Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. Scott has over 25 years’ experience both in the US, his country of birth, and the UK where he has settled, dealing with expatriate tax issues. Scott helps to iron out the complex cross-border tax regulations and is also able to help senior executives working in financial services and owner-managed businesses with temporary or longer-term relocations.
Paul Baker, Director at Buzzacott, works with high-net-worth US citizens, small business owners, partners and US/UK dual qualified charities and foundations. He helps his clients navigate through both US and UK tax systems, to ensure they are not double taxed, through offering proactive cross-border tax compliance services and bespoke personal US and UK tax advice tailored to individual circumstances. Paul is an expert on the US Global Intangible Low Taxed Income (GILTI) regime and its impact on US citizens with Controlled Foreign Corporations (CFCs).
Liam McKeevor, Partner at Buzzacott, is a corporate and business tax specialist advising clients ranging from large international groups and private equity structures to entrepreneurial start-ups. He assists clients on the implications and appropriate structuring for expanding to the UK or growing overseas. He also helps businesses deal with the changing international tax landscape, including advice on transfer pricing, the diverted profits tax and the growing compliance obligations demanded of companies.
Kristin Konschnik is a Partner at Butler Snow, a law firm with practice areas in bankruptcy, construction, labour and employment, tax, immigration, intellectual property, and real estate, among others. She is a US tax attorney advising companies and individuals on the US and international tax aspects of transactional matters, including cross-border sales and acquisitions, hedge and private equity fund transactions, and tax-efficient US inbound and outbound business and investment structures, including partnerships.

Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you in the UK.