UK  PRIVATE  LIMITED  COMPANY  FORMATION

• If you feel that you need a help than you better to contact an agency who provide such service in the UK
• Select the appropriate package with the agent
• Pay the incorporation fees
• Receive the Incorporation package
• Appoint a director and shareholder.
• Issue share certificates
• Register your corporation with the HMRC

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:

• Register your business with companies house
• Register your business with HMRC online
• Check if you need a licenses for your business activities or insurance
• If you employ employees you have to register with HMRC for tax and National Insurance contributions (NICs)

Sole traders must register with HM Revenue and Customs (HMRC). Sole trades must follow certain rules on running their business.

• keep records of your business’s sales and expenses
• You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business.
• You must register for VAT if your turnover is over £85,000.
• pay Income Tax on your profits and Class 2 and Class 4 National Insurance – use HMRC’s calculator to help you budget for this
• send a Self Assessment tax return every year

1. Chose a suitable company name
2. Provide an address for the company
3. Appoint at least one director
4. Appoint least one shareholder and work out your shares
5. Check your SIC code which identifies what your business activities
6. Make sure that shareholders agree to create the company and the written rules of Memorandum and Articles of association
7. Find out details of people with significant control ( anyone with more than 25% shares or voting rights)
8. Than you can start the application and registration. Once the application is done you can submit the form and wait for the Companies House approval and certificate of registration.

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.

• Yes, you can choose the package with an assistance of the bank account opening in the UK

It is possible to buy a limited company with bank account?

• Yes, there are some ready-made companies in the market with bank account which you can buy.

Advantages:

• Cheap company registration
• Shareholders are protected beyond value of their shareholding.
• The profits of companies have a rate of 20% Corporation Tax.
• Prestigious jurisdiction for the business
• limited companies are considered to be more established, credible and committed.
• Secretary is not required any more, it is of your chose

Disadvantages:

• Physical director is compulsory.
• There are certain restrictions with regard to the company name.
• The information relating to the owner of the company, directors and shareholders and the company itself are displayed on public record.
• Requirements to maintain and submit companies house annual report and financial report to the companies house and financial report to HMRC (sometimes need to be involved an auditor).

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?

• You must keep records for 6 years from the end of the last company financial year they relate to.

How long do you need to keep tax records UK?

• You must keep your records for at least 6 years