Frequently Asked Questions
Feel free to ask us about anything.
How can I start a business in the United Kingdom?
The United Kingdom has a favorable company formation system and is one of the simplest countries to establish a business in. Only minimal information about directors, shareholders, and trade is necessary to create a UK business. Although you do not need to nominate a UK-based director, you will need a UK registered office location to start a UK business.
Bloom Financials can serve as your adviser and assist you in getting your business registered in the United Kingdom. For an annual charge, we will assist you in obtaining a company address and managing this administrative duty.
What submissions are required of UK companies?
There is a requirement to produce accounts at Companies House in addition to the UK tax authorities (HMRC) obligations to submit a corporation tax calculation and return. In the United Kingdom, statutory financial statements must be prepared and filed to the registrar (Companies House), and these accounts must be audited for bigger organisations.
The United Kingdom is likewise a fairly transparent nation, with all firms required to confirm their owners, directors, and control on a yearly basis. A Confirmation Statement is used to do this. The Companies House WebFiling system may be used to submit your company’s confirmation statement/annual return, annual accounts, and director/secretary changes.
Who can assist with tax returns in the UK?
Employees may be required to file their own tax returns. These would have to be disclosed on their individual tax returns. It covers the period from the 5th of April to the 31st of January each year, with filing required by the 31st of January.
HMRC’s secure web gateway allows you to complete and submit personal tax returns digitally. Individual requirements may vary based on specific circumstances, and unless you’re familiar with the procedure, items of income to report, and tax computations, it’s strongly recommended that you get expert guidance early to avoid financial penalties.
What are my alternatives for raising funds for my company’s expansion?
Before you go to the bank, get some independent advice from your accountant. A good business plan will be required by a bank. Consider obtaining equity funding (sharing the risk and benefits by selling shares in the company), but be prepared to give outside shareholders a stake in the company if you go this way.
What do I need to start up a business in the UK?
Bloom Financials will provide you with a datasheet to complete in order to set up a corporation in the United Kingdom correctly. This document will contain any particular requirements you may have and help our staff map your needs to the submission process while also ensuring we have performed the essential client take-on checks, such as anti-money laundering. It is a prerequisite of all UK professionals and must be completed prior to the formation of the new UK firm.
Do I have to register for vat in the UK?
In many situations, UK sales will surpass the low level, necessitating VAT registration. However, the UK business is frequently set up as a support office for its foreign parent company operating in the UK, using a cost-plus model. It’s possible that the UK company’s sales are ‘Outside the Scope of VAT’ in this case. This would imply that VAT registration would be entirely optional.
We always urge that you obtain expert counsel to better understand your present VAT requirements as well as any strategic developments that may affect your future VAT obligations. We can explain the best solutions for ensuring compliance based on these conversations.
How long does it take to start a company in the UK?
Although same-day UK company registrations are possible, a normal application (if completed online) can be reviewed and turned around in as little as 48 hours.
Why do I need to hire an accountant before I start my new company?
Even if you don’t have any accounts to examine, you may get a lot of basic recommendations. Much of this information is accessible on the Bloom Financials website. Still, you may need expert assistance determining whether to operate as a sole trader, a partnership, or a limited company. Each option has ramifications for legal contracts, VAT registration, and the amount of credit your suppliers will extend to your company. Most accountants provide a free first consultation during which you can ask a variety of basic (or complicated) questions to determine whether you and that particular accountant are a good fit!
