We all know how the economic and labor situation is in the UK. It doesn’t take much more than reading the newspapers, watching the news, listening to the radio, or only going outside to find out what’s going on. The lack of job opportunities in the UK has forced many people to start and create their own company. Something that is not easy in the national territory, due to the massive documentations that must be carried out, nor cheap, due to the taxes and requirements that exist to pay and fulfill.
For this reason, many entrepreneurs value and consider other alternatives, such as going outside the borders of the UK to set up their own company. One of the first destinations that come to mind for many is London. The British capital offers endless opportunities, both for those looking for work. Also, for those who want to create their own company in the country. There are many company formation services in London.
In the case of wanting to work in London, we have spoken to you on numerous occasions about what it means to work for someone else in this city, either through an internship in English in this city or other positions in the service sector. But many do not settle for just working in London, and many want to undertake and fulfill their dreams in London.
In our social networks, we have offered you content about the possibility of self-employment in the United Kingdom. Still, we have not spoken at length about this subject that deserves a special mention due to the times. For this reason, what do you think of the idea of creating a company in the United Kingdom? If you feel like an entrepreneur and want to grow both personally and professionally, you should know that you are currently facing the creation of a Limited Company in the UK or a Limited (LTD) in the United Kingdom.
So that you see everything more precisely and it is easier for you to decide if you are in a situation full of doubts, we explain those aspects that make the difference, and that will make you opt for one country against another.
For what type of business would it be better to create a company in the United Kingdom? It would be ideal if you want to develop an online or offline business, such as e-commerce, it would be much easier and more profitable to do it from the United Kingdom. Besides, if customers can access their services from anywhere in the world, this option will also benefit you. And finally, if your business does not have an infrastructure in the UK, that is, if it does not need physical space, such as an office or a store, you can also choose this alternative. Therefore, LTD will be an ideal option for all those entrepreneurs who want to sell a product or service to individuals within the European space online.
Tax payment. Related to the previous point, we speak, for example, of VAT and personal income tax returns. While in UK VAT varies depending on the activity to be carried out, and only a few are exempt from paying the tax, if you have to declare it, you must do it quarterly. Like income tax, either annually or quarterly. For its part, in the United Kingdom, you will forget about the obligation to declare taxes as long as the activity does not exceed 68,000 euros per year in invoicing, unlike in the UK, where you must pay whether you have benefits or not.
The only step to create the company in the United Kingdom is to file the entity with Companies House. This British government body is in charge of the constitution and registration of companies. The second will be the communication to the HMRC (the organization whose task includes everything related to taxes in the United Kingdom) that the company is incorporated and begins its activities. This is how LTD is officially formed in the UK.
As you will have seen, creating a company in the United Kingdom is simple, secure, and, above all, fast. You save a lot of time without the necessary bureaucracy that you must carry out in the UK if you want everything to start working.
Therefore, you have to think carefully about where you want to create a company if you have an idea and want to carry it out. Not everything is as difficult as it often seems. Mint Accountax can help you to form company of your choice with all the required services.