United Kingdom

Global Japanese Practice - UK  

Japan is the UK's largest export market after Europe and the US, and Britain is Japan's ninth largest market. Total export of goods in 2008 stood at £3.68b. (Source: UK Trade & Investment).

Glass World Globe

KPMG's Global Japanese Practice supports Japanese companies with global operations, as well as non-Japanese companies needing strategy assistance in Japan. For over three decades, we have seen firsthand how our services can help Japanese companies not only adapt to the UK business culture but also succeed in the UK and global economies.

 

Today, KPMG firms have one of the largest Japanese Practice networks in Europe with more than 70 Japanese speaking professional staff in major cities in Europe, coupled with around 70,000 local professional staff many of whom have particular experience with Japanese companies.

Contact

Contact

Hiroshi Miura

 

Head of EMA Global Japanese Practice

KPMG UK LLP (UK)

 

020 7311 2911

Many Japanese manufacturing companies have established multiple operating companies in Europe. Historically this was regarded as the right approach, but changes in tax regulations, markets, products and customers now mean that these structures are increasingly inefficient, incurring higher costs and not able to rapidly respond to local market and customer needs.

 

The International Financial Reporting Standards (IFRS) is a single set of accounting standards developed by the IASB (International Accounting Standards Board). Public companies in at least 100 countries now prepare financial statements using IFRS.

 

Since 2005, the Accounting Standards Board of Japan (ASBJ) and the IASB have been working on the convergence of accounting standards.  They agreed to try to achieve convergence by June 30, 2011 on key areas identified by the boards and to continue to work closely after this target date.


The changes to pensions tax relief from 2011 announced in the budget add yet more complexity to the pensions world and will surely have unintended consequences in terms of how employers may react. Employers will face a raft of questions from their high-earning employees and they will need to get their heads around the new rules very quickly.

Succeeding in a Changing World - A guide to strategic positioning for Global Japanese Companies

A Japanese language publication Succeeding in a Changing World, A guide to strategic positioning for Global Japanese Companies is now available. The publication raises a number of important issues that many Japanese companies may want to consider as a priority in the current climate in Europe.

 

XBRL filing - Are you ready? (Japanese language)

HM Revenue and Customs (HMRC) has made it compulsory for all organisations filing CT600s, regardless of size or ownership status, to file both entity accounts and tax returns for accounting periods ending after 31 March 2010 online in an electronic format called iXBRL.

 

Recommended reading

Global Japanese Practice in the UK produces a bilingual newsletter to provide an update on current issues and a wide range of KPMG services.