If you have a business in the UK, whether it is a sole trade, partnership or limited company, you cannot simply take it with you when you leave the UK. Many individuals think they can simply ‘up sticks’ and move everything including their business: regretfully it is not that straightforward. There are number of factors to take into consideration depending on the nature of the business activity and how involved you might be in its operation.
Any successful business will be valuable with its value generally deriving from goodwill, brand, customer base, intellectual property or existing contracts. These assets cannot generally be transferred from the business into the ownership of another entity outside the UK without a tax charge arising. There are other non-tax factors also need to be considered as well as the level of your ongoing involvement.
You also need to consider how a business outside the UK will be taxed in the UK and how much of the business needs to be involved in the UK market going forward.
How can we assist?
We can assist by:
- Considering your existing business and the issues you might have in attempting to ‘relocate’ both you and your business operations and run them outside the UK;
- assisting you as to how you might start up a new operation overseas; and
- explaining the tax and other issues you might face when trading in other jurisdictions and how this trade might be structured.