Who they are:
A creative design agency with offices in Manchester and Berlin, they have a range of international clients based in Mainland Europe, USA, and Asia such as SoundClound, E.ON and Hello Fresh.
How we helped:
RJF was approached by a creative design agency as they were unhappy with their current accountant’s responsiveness.
With RJF’s experience of working overseas, dealing with cross border transactions, foreign currency and international taxes, the first thing that was discussed was the method of payments from overseas clients.
It became quite clear that their accountant had never discussed hedging their currency risk and because the company received payments in local currency they were losing out on massive savings each year.
Similarly, their accountant has never discussed permanent establishment (PE) in Germany. Because of their Berlin office the agency was at risk of double taxation in Germany.
Many accountants do not have the experience of cross border transactions and overseas working and therefore aren’t away of the problems that can arise and their simple solutions.
● Savings of thousands of pounds per year by hedging their currency risk.