Virtual Subsidiary International PEO and Accounting

👀 Take a look at Virtual Subsidiary's latest on Customer Success 👉 The Head of Customer success is a slightly peculiar job title from a British or European perspective, it is a relatively new title we see increasingly often in clients and prospects across Europe. What we have noticed and can categorically say, is that where clients have dedicated personnel compared to it being a sideline job in the sales teams, it tends to work very well and quickly so. This is interesting because it isn’t precisely clear why and begs the question of why companies don’t do this much earlier in their evolution, even if their sales teams are relatively small in number. Something we have absolutely observed over time is that the more successful sales representatives are, they will always ask how the customer is getting on with the software. Perhaps it is a question so blindingly obvious that it’s often missed, but then again it appears if sales teams fail, it’s often because they don’t know what to say to a customer. We are in the process of compiling some statistics around the role of Customer Success, we’re pretty confident we know what these will say in due course. For further insights from Virtual Subsidiary contact: www.v-sub.com

Virtual Subsidiary’s latest insights into employee length of service – read all about our findings 👀 👇   Here at Virtual Subsidiary, clients have been asking us about recruitment trends and general themes that we see. We had a think about this and have compiled some stats from our client base of over 15 years, comparing employees that have worked out well over time versus those that have not and then measured the length of service in a role. The results might appear a little counterintuitive but in order of time in a role these were the top 3 factors involved:   1. How far someone lives from the office by far seems a key reason for why people have stayed the longest in one role.  In the UK at least, working from home full time is still relatively alien as a concept though of course, it is changing. Having a hybrid work location is gaining in popularity for employers and employees, but we can see an absolute pattern in our data which correlates to how far someone has to commute.   2. Being paid allowances versus fixed company benefit policies – you wouldn’t think this makes much of a difference as such amounts are a relatively small percentage of someone’s total salary, but our stats would suggest otherwise. Company benefit policies are rigid, they don’t always suit a persons’ circumstances or needs and can have a damaging tax effect on an employee.  However, allowances give the individual freedom to choose things that are right for them, so a good allowance package can contribute to how long an employee stays.   3. A promotion from an employee’s previous role - whilst there’s a little less science on our part on this point, as it’s hard to gauge precisely what an employee was doing previously, but generally our stats lead to a difference in length of employee service when they are given an opportunity to progress.   Based on our stats of lesser important influences interestingly, prior sector experience at a very niche level and education level are included too.   For further insights from Virtual Subsidiary’s experienced team contact: www.v-sub.com

📢 Local Employment Laws -  What companies need to do to be compliant with overseas employees 👉 It’s of critical importance to use local lawyers in the country where your employees are registered. We’ve lost count of the number of times that attempts are still made with companies applying US rules to European employees and this can only lead to HR disaster. It applies to the beginning of employment with a locally compliant contract, without this HR failure is practically guaranteed for the future. It also applies to letting employees go either through poor performance or redundancy. Following the local due process is essential at every stop, it’s an unwritten rule that a foreign employment tribunal will naturally bias in favour of their own national versus a US company, no matter how extreme an individual case can be. Virtual Subsidiary is a PEO (Professional Employment Organisation) with a wealth of experience and advice that can support and guide your growing global company when employing staff in Europe.  Be sure to get in touch to talk with our experts: www.v-sub.com #employmentlaw #employmentcontracts #PEO #HRcompliance #globalexpansion

📢 Local Employment Laws -  What companies need to do to be compliant with overseas employees 👉 It’s of critical importance to use local lawyers in the country where your employees are registered. We’ve lost count of the number of times that attempts are still made with companies applying US rules to European employees and this can only lead to HR disaster. It applies to the beginning of employment with a locally compliant contract, without this HR failure is practically guaranteed for the future. It also applies to letting employees go either through poor performance or redundancy. Following the local due process is essential at every stop, it’s an unwritten rule that a foreign employment tribunal will naturally bias in favour of their own national versus a US company, no matter how extreme an individual case can be. Virtual Subsidiary is a PEO (Professional Employment Organisation) with a wealth of experience and advice that can support and guide your growing global company when employing staff in Europe.  Be sure to get in touch to talk with our experts: www.v-sub.com #employmentlaw #employmentcontracts #PEO #HRcompliance #globalexpansion

Read the latest from Virtual Subsidiary on global payroll and the benefits of outsourcing for globally growing companies 🌍: https://wix.to/07kTmPG #newblogpost

Partnering with an experienced PEO can help your business grow faster when it's time to grow globally. Check out our latest blog and read about the benefits of using a PEO for your international growth: https://wix.to/ZdSpsRU #HRcompliance #internationalgrowth #globalexpansion #PEO

🌠 Celebrating a Fabulous Fundraising Cake Sale for Macmillan Cancer Support 🍰 🌟 What a team?!! Thanks so much again to everyone who bought, baked or donated to this wonderful cause. We raised a fantastic £515.67 for Macmillan Cancer Support through a Charity Cake Sale last week – amazing work!! 🎂 Because cancer can affect peoples’ lives in so many ways, Macmillan Cancer Support plays a crucial role in supporting those affected, offering invaluable support and services to patients and their families. Through everyone's generosity and contributions to this cause, you're helping and making a difference to many people affected by cancer – so thank you so much! 🙏 #Fundraising #MacmillanCancerSupport #CancerSupport #Macmillancakesale #Charitycakesale

📣 Crypto Awards - what you need to know 👉 Crypto currency awards are gaining prevalence from technology vendors, perhaps due to consistent application of awards to employees in multiple countries. Do please be aware across Europe, the legislative frameworks for these are in their infancy and even where they do exist, they can be subject to dynamic changes. In the UK for example, there is no legislation to universally govern the treatment, but the general guidance is that these are taxed in the same way that traditional stock options have been, i.e. via a payroll, as they are payments to employees. Ascertaining the value of a volatile asset is problematic so due care and attention is required there. Therefore, it is advisable to have an up-front conversation with the relevant local tax authority prior to granting crypto awards with a view to attaining pre-approved structures. Get in touch if you want to learn more: www.v-sub.com

Read our valuable insight into pension contributions 👉 It is a statutory requirement for companies with UK employees to have employers provide pension contributions for employees through payroll. Where employees ‘opt out’ and don’t make a personal contribution then no employer contribution is required by statute. Competition for qualified individuals in the workplace, make it not unusual for employer contributions to exceed statutory rates. Employees may also increase their own contribution and there is a theoretical tax advantage to doing this, but within certain limits.  Furthermore, advanced voluntary contributions are usually made by employees in the higher rate tax band to help minimise their own tax due to an optimal level. Food for thought? Do get in touch for further information or advice on this subject: www.v-sub.com

ECCT (The Economic Crime and Corporate Transparency) Act – what you need to know … The new ECCT (The Economic Crime and Corporate Transparency) Act passed at the end of 2023 is an attempt for having corporate transparency. The implications of the new rules are quite far reaching for Companies House, the administrative body for UK companies. In particular, new companies will come under greater scrutiny by Companies House, with identifying shareholders and UBO’s (Ultimate Beneficial Owners), who are defined as having a shareholding of 25% or more of a company – this is applied to the group company as a whole. As an example of disclosure care here, if an individual shareholder happens to have further investment in an outside firm that also has a shareholding, then the cumulative shareholding now requires disclosing. Naturally, it will take some time for Companies House to implement all these changes but it’s highly likely to lead to increased compliance checks on company secretarial documentation and activities. If this applies to you and you need advice, do get in touch: www.v-sub.com