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Types of British companies and major taxes

British company types and taxes
Located in the western island of Europe. It is made up of Great Britain (including England, Scotland, Wales), northeastern Ireland and some islands. Across the North Sea, the Dover Strait, the English Channel and the European continent. Its land is bordering the Irish Republic. The total length of the coastline is 11450 kilometers. The whole territory is divided into four parts: the southeastern plains of England, the Midwest mountains, the Scottish mountains, the Northern Ireland plateau and the mountains. Is a marine temperate broad-leaved forest climate, mild and humid throughout the year.
Britain is one of the world‘s economic powers, its GDP in the forefront of Western countries. The proportion of UK manufacturing in the national economy has declined; the proportion of services and energy has increased, including commercial, financial and insurance industries developed rapidly. In 2002, the British economy ranks fourth in the world, is the world‘s second largest overseas investor. Private enterprises are the main body of the British economy, accounting for more than 60% of gross domestic product. The service industry is one of the criteria for measuring the degree of modern state development. The service sector in the UK accounts for 77.5% of the total employed population and 63% of the gross domestic product (GDP). Britain is the EU‘s most abundant energy resources in the country, but also the world‘s major countries producing oil and gas.
British Justice
There are three different legal systems: the common law system in England and Wales, the implementation of civil law in Scotland, and the implementation of a legal system similar to that of England in Northern Ireland. The judiciary is divided into civil court and criminal court.
UK Company classification:
limited liability company
Unlimited liability company
Branches of overseas companies
Joint venture limited liability company

Individuals, including overseas investors, can set up a partnership company in the UK. The partners share the total liabilities separately or separately. There is a special form of cooperation called the two companies, it must apply to the registration authority and the location is located in the United Kingdom. But it does not have to submit a report on the income and expenditure to the registry. The registration is also a limited liability cooperative system. Limited liability co-operation company that has a large shareholder and a small shareholder. Often, the number of collaborators is limited to twenty people.
Overseas limited cooperative companies are generally not registered in the UK because the principal place of business for such companies must be in the UK, while the overseas business partners are outside the UK.
The major shareholder is responsible for the operation of the company and assumes all the debts. Small shareholders do not participate in the company, its responsibility depends on the company‘s contribution to the funds.

In the UK, the cooperative company (limited liability company, unlimited liability company) is not common. Since 1995, the limited liability company has been asked to publish the "EU Cooperation Guidance Clause" (statutory document No. 1820/93) in certain circumstances.

Joint venture

Overseas companies can establish cooperative enterprises with local companies. Such companies can be limited or can be a partnership. Overseas companies should listen to expert advice when attempting to establish a joint venture. Information on the possibility of co-operation may be obtained from the relevant UK Trade Association.

Select the company name

There are many rules when choosing a company name. For example, there are legal restrictions on the use of certain sensitive vocabularies. Guidance on this can be found in the "Company Name" published by the Corporate Committee. The name can not contain royal, emperor, royal family, or conflict with the government can not.
Registered information provided by the British company:
1: to determine the company name (English)
2: Provide proof of identity of at least one director and secretary
3: Provide UK company registration guarantee (provided by our company)
4: Provide registered address in the UK (provided by the company / London)
5: to determine the registered capital of the British company, a minimum of 1-1 million pounds, higher than this number to be paid an additional 5 per cent
6: Sign the registration of the British company power of attorney
7: the correct registration (the British company registration basic situation registration form), and provide all shareholders and secretaries (18 years of age) ID card or passport photocopies. (Shareholders for the legal person to provide a copy of the business license and a recent financial Reports and company accounts, corporate tax registration documents and the company‘s previous year‘s tax statements, the articles of association, at least two members of the company‘s identity card or a copy of the passport, and shareholders to participate in the investment of other enterprises of the business registration file);
8: to pay commission fees; and pay the stamp duty;
9: 10 work days the new company completed a complete set of procedures to speed up the car 7 working days to complete the client to pay the balance and receive the new company information.
UK company annual review and tax return:
The UK Tax Office stipulates that all registered companies must file a tax return to the government, but after the registration of the company is not registered in the field business, to the annual audit, the company can be used as a non-operating company to declare to the Inland Revenue, the company will be No business and no profit of the company. Therefore, such companies do not have to pay any taxes. The government to determine whether a company has the operating standards, the main verification of the company‘s bank entry and exit records.
The main taxes for local business in the UK are:
VAT and income tax. VAT is payable by any business and individual in the UK, which is 17.5% of the goods or services, and if the business turnover is £ 60,000 per year, the firm must apply for a VAT number. When the firm obtains the number The UK government will refund all the VAT paid by the company to its corporate account at the end of each quarter, whereby the government can retrieve any data from the account and be informed of the company ‘s almost all sales records. Know its real profit situation.
Income tax: refers to the company‘s annual profit of more than 60,000 pounds to pay income tax. Income tax rate is a minimum of 15%, up to 30%. Personal income tax refers to regardless of nationality, as long as the people working in the UK must pay personal income tax
Each company can inquire about the NEXT RETURN DUE through the UK government website after the annual review. At the same time, you can inquire about the company‘s business nature (NATURE OF BUSINESS), which is indicated as a non-operating company (NON -TRADING VUSINESS), each company after the annual review, the British Inland Revenue Department will issue a successful annual audit receipt and no operating tax file (referring to the local business is not the company)
British companies can open bank accounts in any bank in the world and pay a reasonable income tax compared to other mainland jurisdictions
Follow-up service is simple, the company‘s image of excellent reputation, strong confidentiality, the international status of higher.

Company registered

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