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United Kingdom: The Legal Obligations of a Limited Company.

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A few weeks ago we talked about  incorporating a Limited company (LTD) in the United Kingdom. This is often an interesting solution that presents many advantages, including simplified administrative management and legal requirements.

An LTD in the United Kingdom allows you to combine advantageous taxation, ease of management and excellent brand image.

Below, you will find a detailed list of all of the formalities required by the state to properly manage your Limited company.

The annual return

The annual return is a report required every year by the Registrar of Companies, Companies House. It is used to update any structural changes in your Limited company: shareholders, director, address … no financial information is requested in this document.

The annual accounts of your LTD

Every year, you must transmit the abbreviated version of your company’s accounts, even if no activity has been recorded. Only a simplified balance sheet is required, without the income statement.

Detailed accounts are transmitted every 2 years in a full report.

The VAT declaration

If your Limited company has a VAT number, it will be necessary to make quarterly statements. VAT payment is based on this same interval. In the event that you trade with foreign companies based in the European Union, you will need to provide a detailed report: the EC Sales list.

Taxes and social charges for the employees of your Limited  company

If your Limited company has employees, you will need to declare their wages each month on the Internet. In the United Kingdom, taxes are actually collected at the source. Taxes and social charges are deducted each month and paid to the government.

The United Kingdom, in addition to its advantageous taxation, makes a great effort to facilitate the lives of entrepreneurs. The simplicity of administrative requirements and the greater use of IT tools to make statements are only brief illustrations.

 

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