Please provide a company background including when it was established, where it is located, how many staff you employ etc.
RSM is the UK’s seventh largest firm of audit, tax and consulting services with revenues approaching £300m a year. The firm has 3,400 partners and staff operating from 35 locations throughout the UK including Nottingham and Leicester.
The UK firm is a member of RSM International, the sixth largest network of independent audit, tax and consulting firms, encompassing more than 120 countries, 760 offices and more than 38,000 people.
Please provide an overview of the products and services offered and areas of specialisation.
RSM provides many of the services needed for established businesses looking for continued or accelerated international growth, including:
• Accounting and Financial Reporting;
• Audit and Assurance;
• Corporate Finance;
• Forensic services;
• Growth programme;
• Insurance services;
• Internal Audit;
• Restructure and Recovery;
• Risk Advisory;
• Social Impact services; and
RSM works across multiple sectors, with particular specialisms in Telecoms Media and Technology, Manufacturing, Financial Services, Private Equity, Real Estate and Construction, Logistics, Leisure, Retail, Not for Profit, Professional Services, and Energy and Natural Resources.
How did you find out about emita and what benefits do you find the most valuable?
We have been involved with emita for many years. We assist regional businesses with their activities in international trade development and export. Our expertise in providing support to such business in matters of tax, VAT, duty and set up overseas is particularly important. We find the emita events and networking opportunities most beneficial giving us the ability to meet other members.
How has RSM helped businesses who are active in the export / import market?
Providing support and advice to importers and exporters is a key element of our service offering. For example we recently assisted one of our Netherlands based clients within the setup of UK operations. We advised and assisted with the setup of the UK companies, providing tax advice to ensure the most tax efficient structure. Our support for this business included a fully outsourced finance function including preparation of annual statutory accounts and tax computations, accounts payable and VAT compliance; HR consulting advice and payroll services. In addition we have given detailed corporation tax advice particularly focusing on the corporate tax reliefs available for this business through research and development tax credits and the patent box regime. This is typical of the support we provide to growing international businesses.
What are the latest developments in international trade?
1 May 2016 saw the implementation of a new Union Customs Code (UCC) which aims to radically modernise the current duty system and introduce widespread changes to the regime. Businesses that import to any significant extent are likely to be affected by a number of key changes, such as:
increase in the financial guarantee required;
loss of relief on certain special regimes and procedures;
the absence of Authorised Economic Operator (AEO) accreditation (effectively a ‘kite mark’ to demonstrate the robustness of your duty process) may result in additional cost and slow clearance processes;
duty liability of royalty payments; and
customs valuation changes.
We have been talking to our clients so that they can consider key questions to assess the impact of the UCC changes as follows:
• do you pay the correct amount of duty to HMRC?
• do you take full advantage of available reliefs to reduce the amount of duty payable?
• do you defer payment of customs duty where possible?
• do you have procedures for classifying new goods to ensure the lowest rate of duty is applied where possible?
• how will changes to the UCC impact our business and what do you need to do before 2016?
• crucially, who in our business is responsible for ensuring that customs duty is correct?
If you would like more information and advice, please contact Jacky Kinsey or Andy Ilsley on 0115 964 4450 or email email@example.com or andy.Ilsley@rsmuk.com