What you need to do to set up a business in the UK mostly depending on what your business does, where your management based and whether you take people on to help.
Main steps are:
Sole traders must register with HM Revenue and Customs (HMRC). Sole trades must follow certain rules on running their business.
You can register a new company in the UK according to a role and procedure of the UK legislation. You can register it online by yourselves or use a professional service.
It is depends on what type of the company you are going to set up and other services you are going to use. If you are going to do it yourself than the cost is only includes company registration £ 15.00 which you pay to the companies house.
It is possible to buy a limited company with bank account?
HMRC UK requires companies to apply for a VAT registration if company’s VAT taxable turnover goes over the threshold of £85,000 in the next 12 months.
If your company’s turnover of VAT taxable supplies exceeds £85,000, or if you believe that it will, you must register for VAT.
How many years do you have to keep accounting records?
How long do you need to keep tax records UK?
Main Characteristics and the basic rules of Company registration in the UK
|UK Limited Liability Partnership Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||Yes Treaty Access with many countries|
|UK Tax Information Exchange Agreements:||Yes, United Kingdom signs Exchange Agreements|
|Account Filing Requirements:||Yes accounting / reporting requirements|
|Annual Return Filing Requirements:||Yes annual return/ reporting requirements|
|Audit Requirements:||Yes audit required (small companies excluded).|
|UK Limited Liability Partnership Company Formation||Registration Requirements|
|Share Capital:||Minimum capital contribution for the UK Limited Liability Partnership Formation: GBP 2|
|Classes of Share Available for UK company formation:||Contributions|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in UK|
|Shareholders:||Minimum number is two. Can be any nationality and need not be resident of the UK|
|Disigned Partners:||Minimum one and need not be resident of the UK|
|Your Company language:||English|
|Name of your Company must be ended:||LLP|
|Documents required for UK company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|UK Company Formation||Restrictions|
|For UK company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|UK Limited Liability Partnership Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||Yes, accessible|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Secure jurisdiction and Financial Centre.|
|Region:||An island nation in northwestern Europe|
|Governing corporate legislation:||Companies Act 2006 as amended|
|Type of Law:||Common|
|Currency:||Great British Pound (GBP)|
|Language of Legislation and Corporate Documents:||English|