Key Compliance Checklist – When You Start A Business In The UK – Corporate/Commercial Law

Introduction

Whether you are an overseas business looking to expand into the
UK, or already in the UK with plans for an exciting new busines,
your time is valuable. Getting the compliance and administrative
elements setup at an early stage is crucial to allow the business
to grow efficiently, but can be a drain in terms of the time
required. 

At the Dixcart office in the UK, our combined team of
accountants, lawyers, tax advisers and immigration consultants make
this process as easy as possible for you.

Bespoke Advice

As every business is different, there will always be some
specific items to consider for your particular business, and taking
bespoke professional advice at an early stage will always be the
right thing to do. 

Please see below a checklist regarding the key compliance
matters that every new UK business looking to take on employees
needs to consider. 

Checklist

• Immigration: Unless you are looking to only employ workers
  already with the right to work in the UK, you may need to consider
  business related visas, such as a sponsor license or sole
  representative visa.

• Employment contracts: all employees will need to have an
  employment contract compliant with UK employment laws.  Many
  businesses will also need to prepare staff handbooks and other
  policies.

• Payroll: UK income tax rules, benefits-in-kind, pension
  auto-enrolment, employer’s liability insurance, all need to be
  understood and implemented correctly.  Administering a UK
  compliant payroll can be complex. 

• Book-keeping, management reporting, statutory accounting and
  audits: well- maintained accounting records will help provide
  information for considered decision-making and financing and
  remaining compliant with Companies House and HMRC.

• VAT: registering for VAT and filing, in compliance with
  requirements, will help ensure there will be no unexpected
  surprises and, if dealt with promptly, can help with early-stage
  cash-flow. 

• Commercial contracts: whether an agreement with a; vendor,
  supplier, service provider or customer, a well prepared and robust
  contract will help protect your business and ensure it is well
  placed for any future exit strategy. 

• Premises: whilst many businesses are operating more and more
  online, many will still require office or warehousing space.
  Whether renting or purchasing space we can assist. We also have a
  Dixcart Business Centre in the UK,
  which may be helpful if a serviced office is needed, with
  professional accounting and legal services being available, in the
  same building.

Conclusion

Failing to take the right advice at the right time can prove
costly in terms of time and finance at a later stage.  By
working as one professional team, the information Dixcart UK gain
when we provide one professional service can be shared
appropriately with other members of our team, so you do not need to
have to have the same conversation twice.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.