The steps required to start a business in the UK depends on several factors. That is, the type of business in question, where the entrepreneur works and have people to help.
Entrepreneur nationality
The first step to a non-British citizen to realize is whether you can legally start your own business in this country. The freedom of movement of EU regulation means that European citizens can live and work in the UK without restriction. However, given the political instability that exists in this country due to Brexit, this situation may change in the future.
If the entrepreneur is not a European citizen or a country belonging to EFTA (European Free Trade Association) it is necessary to apply for a visa and a residence permit.
Company opening
Register a company in the UK costs between £ 12 and £ 100, depending on the method chosen and the type of business to open. The cheapest and easiest way to register is online. However, there is the option to register a station, these being the main means of business registration request in the UK.
It is necessary to note that there are additional rules and responsibilities for the type of company in question. Depending on the nature of the business, there may be additional requirements. As licenses or permits, insurance or rules to follow if made purchases or sales of goods abroad or storage / use of personal information.
All UK companies are required to keep track of your accounts in order to be consistent for tax and audit purposes.
Fees and taxes
Other costs that a company has to take into account are:
Corporation tax
Corporation tax is a tax on the taxable income or profits of limited companies being the rate of 20% on these less any deductions and relief.
VAT
Companies in the UK will also need to register for VAT if your annual turnover exceeds £ 85,000 and may have to pay capital gains tax if the company's assets are sold profitably. The value of this rate varies but is usually of 20%.
national insurance
National insurance is a deduction from profits, originally created to finance various state benefits, such as the NHS, the state pension and other schemes related to welfare.
Pay As You Earn (PAYE)
It is a scheme operated by HMRC to receive income tax from employees as they earn. If the type of company in question is a limited company and receives a salary, then you are an employee (even a director) is therefore necessary to understand the PAYE and what your obligations as an employer. It is a complicated matter deeply, with many rules and it would be advisable to get professional advice on your specific situation.
Depending on the workplace, whether working from home either through a lease or purchase a space to manage the company, it may be charged business rates sent by the local council.
