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Company Formation UK

Abolishment of Class 2 NI from 6 April 2018

From 6 April 2018 Class 2 contributions will be abolished and Class 4 contributions reformed to include a new threshold (to be called the Small Profits Limit).

The self-employed currently have to work with two separate classes of NICs, the Class 2 NI and the Class 4 NI. You usually pay 2 types of National Insurance if you’re self-employed:

On Class 2 a self employed pays £2.80 a week if your profits are £5,965 or more a year

On Class 4  9% if your profits between £8,060 to £43,000 or 2% on profits over £43,000 more a year

This measure will mean that from April 2018 they will only have to engage with one class of NICs, delivering a simpler overall regime for the self-employed. In particular this will have a positive impact on sole traders, small partnerships and unincorporated enterprises with profits above the new Small Profits Limit. . For those with profits above the Small Profits Limit this measure is likely to have a positive impact as they will now only have to deal with one Class of contributions (Class 4) instead of Class 2 and Class 4 contributions reducing system complexity.

All those with profits at or above the Class 4 Small Profits Limit will gain access to the new State Pension, contributory Employment and Support Allowance (ESA) and Bereavement Benefit.

File Your Tax in UK

Tax Return UK

TAX RETURN TO BE FILES BY 31ST JANUARY 2017

You may need to file your tax return online if you have missed the deadline of 31st October, 2016 for filing your paper return. You will be filing your tax return for the tax period 6th April 2016 to 5th April 2016.

Who needs to file Self Assessment:

If you are self employed

Employed persons whose income was over £100,000

Director of a Company

Partner in a partnership

Retired People who are on the registered pension scheme

If you got £2,500 or more untaxed income from renting out property or savings and investments-

Your savings or investment income was £10,000 or more before tax.

You made a profit on selling things like shares, a second home or other chargeable assets and need to pay Capital Gains tax.

If either your income or (your partner’s) was over £50,000 and one of you claimed Child Benefit

You had income from abroad that you needed to pay tax on

You lived abroad and had a UK income

You got dividends from shares

You were a trustee of a trust

Other people for example religious ministers or Lloyd’s underwriters

If the HMRC sends you a letter telling you to send a return then you must send your tax return.

To file your tax return you need to obtain your 10 digit UTR (Unique Taxpayer Reference). You can first register online to obtain your UTR. This can take up to 10 days.

You can start by keeping your paper work in order so that you can get a few weeks before the deadline date. The penalty for filing late is £100 and can cost more. If you are confused about what information to add and how to fill in the details and the forms required follow our blogs for more information. You can also consider getting professional help.

TAX RETURN TO BE FILES BY 31ST JANUARY 2017

TAX RETURN TO BE FILES BY 31^ST JANUARY 2017

You may need to file your tax return online if you have missed the deadline of 31^st October, 2016 for filing your paper return.  You will be filing your tax return for the tax period 6^th April 2016 to 5^th April 2016.

Who needs to file Self Assessment:

If you are self employed

Employed persons whose income was over £100,000

Director of a Company

Partner in a partnership

Retired People who are on the registered pension scheme

If you got £2,500 or more untaxed income from renting out property or savings and investments-

Your savings or investment income was £10,000 or more before tax.

You made a profit on selling things like shares, a second home or other chargeable assets and need to pay Capital Gains tax.

If either your income or (your partner’s) was over £50,000 and one of you claimed Child Benefit

You had income from abroad that you needed to pay tax on

You lived abroad and had a UK income

You got dividends from shares

You were a trustee of a trust

Other people for example religious ministers or Lloyd’s underwriters

If the HMRC sends you a letter telling you to send a return then you must send your tax return.

To file your tax return you need to obtain your 10 digit UTR (Unique Taxpayer Reference). You can first register online to obtain your UTR. This can take up to 10 days. 

You can start by keeping your paper work in order so that you can get a few weeks before the deadline date. The penalty for filing late is £100 and can cost more.  If you are confused about what information to add and how to fill in the details and the forms required follow our blogs for more information. You can also consider getting professional help.

We will help YOU: https://www.globalcompanyformation.co.uk/

Business Startup Bristol|Company Formation Bristol|Online company formation Bristol

Company Formation Bristol

Bristol has seen more business start ups in UK in the recent years.  Bristol has recently been awarded the European Green Capital for 2015.  It has a population of 442,500.  The University of Bristol and the University of the West of England are both research led universities.  The educated working age population is approximately 135,200.

Bristol witnessed at least 3000 start ups in 2004 and has been increasing. It has a skilled labour force, above average business survival rates, good broadband speeds, lots of helping hand for new start ups from successful business people in terms of advices and giving free desk spaces around the offices in the city to help sole traders who are not working from home. There is an excellent opportunity for networking and getting to meet people with diverse economic background.

Bristol Council invests in transport infrastructure to reduce energy usage and is looking to make further inroads with its Smart City programme. They are also working to implement several smart technologies such as smart metering, electric vehicles and open data. Bristol has seen business grow around the Royal Portbury Docks. The Docks reaches over 42 million people and has become a central attraction for businesses wanting to gain access to international markets.  Other areas such as Queen Square, Lewins Mead and Clifton have also become increasingly popular with small businesses; particularly those in media, public sector and IT.  Another boost to new start ups is the Bristol Temple Quarter Enterprise Zone, to drive economic growth. And the Cabot Circus provides retail opportunities and commercial spaces to lease, currently has over 120 stores with an alleged one million sq ft of shopping and leisure facilities. 

HOW TO STRIKE-OFF A COMPANY IN UK,London,Watford

HOW TO STRIKE-OFF A COMPANY IN UK

A limited company can be closed down by getting it ‘struck off’ the Companies Register,  

v  Only if it hasn’t traded or sold off any stock in the last 3 months,

v  Hasn’t changed names in the last 3 months

v  Has no agreements with creditors eg, A Company Voluntary Arrangement (CVA);

If a company doesn’t meet these conditions, you’ll have to voluntarily liquidate your company instead. When you apply to ‘strike off’ your company, there are certain steps to follow.

STEPS TO FOLLOW FOR STRIKE OFF

Before applying to strike off your limited company, you must:

·         Intimate your plans to interested parties and HM Revenue and Customs (HMRC) regarding company strike off.

·         You’ll need to tell HMRC that your company has stopped employing people.

·         The business assets are shared among the shareholders before the company is struck off.  

Final accounts

Ø  Prepare and File your final statutory accounts and company tax return, to HMRC stating that these are the final trading accounts and that the company will soon be dissolved. You don’t have to file final accounts with Companies House.

Ø  Pay all Corporation Tax and any other outstanding tax liabilities.

            Keeping records

           You must keep business documents for 7 years and copies of its employers’ liability insurance policy and schedule for 40 years from the date the company was dissolved.

 Apply to strike off

To apply to strike off your limited company, you must send Companies House form DS01 which must be signed by a majority of the company’s directors. You should deal with any of the assets of the company before applying and it costs £10 to strike off a company.

What happens Next

You’ll get a letter from Companies House if you’ve filled in the form correctly and your request for the company to be struck off will be published as a notice in your local Gazette. If nobody objects, the company will be struck off the register once the 2 months mentioned in the notice has passed.

HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. Global company formation Ltd covers company strike off services in Lambeth, Salisbury, Hastings, Leeds, Lewisham and Merton.

HOW TO REINSTATE A COMPANY AT UK?

        HOW TO REINSTATE A COMPANY AT UK?

A company can only apply to Companies House to get their company restored (known as ‘administrative restoration’) if:

·         He/she was a director or shareholder

·         it was struck off the register and dissolved by the Registrar of Companies within the last 6 years

·         it was trading at the time it was dissolved

Otherwise a court order is needed to get the company restored.

HOW TO APPLY FOR RESTORATION?

·         A completed form RT01

·         a cheque for £100, payable to ‘Companies House’

·         any outstanding documents

·         any filing fees or penalty payments

·         if your company had assets, a waiver letter from Bona Vacantia

WHAT HAPPENS NEXT?

If the application has been successful, the company will be restored as soon as the registrar sends a confirmation letter.

If the application is refused, then:

·         Apply for a court order to have the company restored.

·         Get a discretionary grant (if you were a shareholder and need to claim some money back).

  HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. Global company formation Ltd covers reinstating company services in Westminster, Wandsworth, Waltham Forest .To know more about our services and charges log on to: www.globalcompanyformations.co.uk

Contact us: + 44 020 799 359 29

Payroll in UK|Online Payroll payment in UK|Payroll paye in UK|Payments to your employee in UK|Payroll Records in UK|HMRC in UK|Payment of Tax & NI deductions to HMRC

PAYROLL IN UK

As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment. You don’t need to register for PAYE if none of your employees are paid £112 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records. Tax month runs from 6^th of one month to the 5^th of the next month. Tax year starts from 6^th of April to the 5^th of April

1.    How does it work?

When paying your employees through payroll you also need to make deductions for PAYE(Pay As You Earn).

Payments to your employees

·         Payments to your employees include their salary or wages, as well as things like any tips or bonuses, or statutory sick or maternity pay.

Deductions from their pay

·         From these payments, you’ll need to deduct tax and National Insurance for most employees. Other deductions you may need to make include student loan repayments or pension contributions.

DEADLINES:

·         Claim any reductions on what you’ll owe HMRC by sending an EPS by 19^th.

·         Pay HMRC by 22^nd (or 19^th if paying by post).

·         Payment of Tax & NI deductions to HMRC remain the same, either on 19^th or 22^nd of the month or quarter following the representing period.

2. Compliance:

   Reporting pay and deductions

     If you run payroll yourself, you’ll need to report your employees’ payments and deductions to HMRC on   or before each payday. Your payroll software will work out how much tax and National Insurance you owe, including an employer’s National Insurance contribution on each employee’s earnings above £155 a week. You’ll need to send another report to claim any reduction on what you owe HMRC, e.g. for statutory pay.

Paying HMRC

 You’ll be able to view what you owe HMRC, based on your reports. You then have to pay them, usually every month .If you’re a small employer that expects to pay less than £1,500 a month, you can arrange to pay quarterly.

3. Cost: Cost for payroll management depends upon the number of employee.

 4.  HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. To know more about our services and charges log on to: www.globalcompanyformations.co.uk

Contact us: + 44 020 799 359 29

We cover Payroll services in the following places : Redbridge,Southwark,Sutton,Tower Hamlets,Waltham Forest,Wandsworth and Westminster.

VAT at UK|VAT services UK|VAT Registration UK|Online VAT Registration in UK|VAT rate and where is it Charged?|Who should pay VAT in UK|VAT Registration for Business|VAT Return UK|Register for VAT|cost for VAT Registration is £60.00

VAT AT UK

1.      Who needs to register for VAT?

All businesses that provide "taxable" goods and services and whose taxable turnover exceeds the threshold must register for VAT. The threshold to register for VAT is £83,000.  Businesses may choose to register even if their turnover is less than that amount. All registered businesses must charge VAT on the full sale price of the goods or services that they provide unless exempted or outside the VAT system.

2.      What are the different kinds of VAT rate and where is it charged?

VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union

The VAT rates used in UK are 20% (standard rate), 5% and 0%.

3.      Who should pay VAT?

 You can only charge VAT if your business is registered for VAT.

VAT is charged on things like:

·         business sales - e.g. when you sell goods and services

·         hiring or loaning goods to someone

·         selling business assets

·         commission

·         items sold to staff - e.g. canteen meals

·         business goods used for personal reasons

·         ‘non-sales’ like bartering, part-exchange and gifts

   These are known as ‘taxable supplies’.

4.      What should a VAT registered business do?

          VAT-registered businesses:

·         must charge VAT on their goods or services

·         may reclaim any VAT they’ve paid on business-related goods or services

5.      When should the VAT returns be filed?

The deadline for submitting the return online and paying HMRC are usually the same - 1 calendar month and 7 days after the end of an accounting period. You need to allow time for the payment to reach HMRC’s account.

     6.Cost: cost for VAT registration is £60.00

7. HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. To know more about our services and charges log on to: www.globalcompanyformations.co.uk

Contact us: + 44 020 799 359 29


We cover VAT services in the following places : Hammersmith and Fulham,Haringey,Harrow,Havering,Hillingdon,Hounslow,Islington,KensingtonandChelsea,Lambeth,Lewisham,Merton and Newham.

Online company formation UK|Fastest online company formation UK|Free online company formation UK|Cheap online company formation UK|Simple company formation UK|Best company formation UK|Better company formation UK|Company Formation UK|UK company Formation UK,London,liverpool,belfast,barnet|Online company Formation UK|Online business Start up UK

The aim of our company is to provide different types of services to start a business mainly in UK and anywhere in the world. We have expert and experienced team for managing accounts and business consultation. If you start a business with us our specialized and dedicated team will help you at any time. If you have any complaint about our services you are always welcome to communicate with us. Our business team is always ready to hear your complaints and solve it.

Services of Company Formation UK

1. Company Formation
2. Business Consultancy
3. Accountancy
4. Taxation services
5. Payroll services
6. Other business services

Register your UK Company in 4 simple steps

1. Search UK company name
2. Choose package
3. Check out
4. Completer registration

Don’t waste your time to start a company. It’s your right time to start your own company.

Address

Global Company Formation UK.Ltd

suit-6 westward House, Glebeland Road,

Camberley, Surrey, GU15 3DB,United Kingdom

Ph:+44 02079935929

Email: info@globalcompanyformation.co.uk

Website: www.globalcompanyformation.co.uk

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We Cover our Company Formation UK services in the Following Places : Aberdeen,Armagh,Bangor,Belfast,Bristol,Canterbury,Cardiff,Carlisle,Chelmsford,chester,chicheste,conventry,Derby,Derry,Dundee and Durham.

HOW TO FORM A SCOTTISH LLP?|company formation Scotland|Scotland company formation|Business in Scotland|Accounting work Scotland|Online work UK,London,Watford

HOW TO FORM A SCOTTISH LLP?

Like a general partnership, Limited liability partnership must consist of two or more partners who carryon business with a view to profit. Scottish LLP is a unique vehicle. It has been used in the recent times for private equity and property investment fund structures. The Scottish LLP can be a main funds vehicle because: it can hold assets in its own name; there can be multiple but passive investors (the limited partners); only one person manages the investments and business of the partnership (the general partner).

1.      Requirements:

·         At least one general partner.

·         One limited partner.

·         LLP Agreement: A limited liability partnership agreement sets out the details of the LLP, its members, their profit shares, capital contributions and, most crucially, the rules for leaving the LLP.

·         Management functions are only for general partner.

·         Limited partners are liable only to the extent of their capital contribution.

2.      Advantages: 

·         Separate legal entity: it can own its own assets, enter in to contracts, sue or be sued, own property, borrow money and grant certain types of security.

·         Tax transparency: no tax is payable by Scottish LLP itself. Instead UK tax authorities will look through the partnership structure and partners are taxed on their profit sharing ratio.

·         Limited management participation: management and control rests with general partner or manager appointed by the general partner.

3.      Cost: cost forming Scottish LLP is £60.

4.      Can non-UK resident be a partner in Scottish LLP?

·         Yes, a non- UK resident can be a partner in Scottish LLP.

·         The tax rate for a company will depend on the residence of a partner.

·         If your partner is a resident of UK then he or she will have to pay tax on their shares of profits in UK.

·         If the partners are not residents in UK and do not conduct any business in the country, they will not pay any tax in UK only at their own jurisdiction.

5.      HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. To know more about our services and charges log on to: www.globalcompanyformations.co.uk

Contact us: + 44 020 799 359 29