1. PERS ASWANI BSc (Econ) ACA FCCA Partner Hazlems Fenton LLP Chartered Accountants London Doing Business in the United Kingdom

2. 1.Business entities 2.Business administration 3.Taxation Corporate taxes Personal income taxes Withholding taxes and double tax treaties International aspects Other taxes 4.Legal aspects 5.Political and economic stability Contents

3. Business entities Possible to do business through a variety of different entities including: Sole trader Partnership/LLP Company Branch Joint ventures Trusts

4. Business administration Accounting requirements: - Accounts required every year Audit requirements Only for Limited Companies and LLP (if exceed two criteria): - Turnover > £6.5m - Gross assets > £3.26m - Average employees > 50

5. Taxation Corporate taxes Rates Income determination Chargeable gains Loss reliefs Corporate tax incentives Research & Development enhanced reliefs Enhanced capital allowances on green technology Patent box

6. Taxation Personal taxes Rates and bands Income determination Chargeable gains Loss reliefs Tax incentives EIS/Seed EIS R&D Patent box

7. International aspects Withholding taxes Double tax treaties/EU Interest and Royalties Directive UK as a holding company jurisdiction: - Most dividends exempt from UK taxation - Changes to CFC regime for accounting periods commencing after 1 January 2013 - Extensive network of double tax treaties - No withholding taxes on dividends paid - New tax incentives such as Patent Box regime

8. Other taxes Value added tax Social security Stamp duty/Stamp duty land tax

9. Other legal aspects Major labour laws Minimum pay Financial services Money laundering Bribery Data protection

10. Political and economic stability Elections usually every 5 years Currently Conservative led coalition in power UK is not a member of the Euro (European currency) UK is considered both politically and economically stable

11. THANK YOU Email: persaswani@hazlemsfenton.com http://www.HazlemsFenton.com