Thousands of new businesses are incorporated in the UK each year, excluding freelancers and sole traders. The Companies House keeps a register of all the businesses. If you are planning to establish your business in the UK, you must know that it can be a complicated process.
To start or establish your business in the UK, you must do proper research about it. Your business’ foundation is an important factor to consider. It will play an important role in determining whether or not you can be successful.
If you are a non-resident UK citizen, you have the flexibility to start or register the business as a freelancer or sole trader. Various business registration processes can assist you in the process. You need to contact a consultant if you do not know where to start your business.
To register your business in the UK with the Companies House, you must have an official legal address. The official document must have that address. Furthermore, the government authorities can also use the document for contact purposes.
For self-employed people, they are primarily working from home. Therefore, these individuals can use this address for registration purposes. They may put themselves at risk of disturbances and intrusions. It is your official address where the authorities may contact you.
As a non-resident UK citizen, you must know how to start a business. You can operate as the sole trader or limited company. Understand the fee structure for the business. Once you know the structure, you can start the business accordingly.
Irrespective of where you live and which place’s passport you hold, you can actively start your business in the UK as a non-resident. However, the main requirement is that you set up the physical address. The official and government authorities will further be contacting you at that address.
If you do not live in the UK and yet want to register the business, you may consider using any relative’s or virtual office address. Various companies help with business registration. Therefore, you can use those services to get in terms with the registered address.
The business consultants can also help you with communications with HMRC. Therefore, if there is any urgent tax-related query, you can work on solving it. If there are issues with paperwork, professionals can help you solve them.
If you plan to start your business in the UK as a non-UK resident, you must comply with the rules. Since you will be the sole trader, you must submit the required documents. Therefore, some of the common documents that you must submit include:
Apart from the documents, there are other specific concerns that you need to focus on. Before you set up your company in the UK as a non-UK resident, you must consider the following factors:
All EU citizens were allowed to start a business in the UK without a visa. However, times and situations have changed ever since Brexit happened. After the transition, new rules began to come in. All non-resident UK professionals need to apply for a work visa. Before setting up their business in the UK, they must be familiar with the procedure and eventually set up the visa and apply for the business setup.
Whether you’re operating as a sole trader or a limited company, you need to be familiar with the taxes. Suppose your company has been incorporated outside of the UK. However, you must know about it as a permanent establishment.
You must register with Companies House and pay the corporation tax as a limited company. As a sole trader, you may need to pay income tax based on the tax you generate. If your business has been making income from various consumers in multiple countries, you need to pay tax for the share that you make in the UK.
You must get a business bank account. Even when operating as a sole trader, you must have a separate business bank account to keep a record of your transactions.
The non-UK residents can operate their businesses in the UK. However, they must know how to open a bank account. Furthermore, it will also prevent the risk of higher transaction fees. Starting as a small business or sole trader, you can transfer the earnings to your domestic account. Nonetheless, the only condition is that you will be eligible for higher international charges.
Even while operating as a non-UK resident sole trader, you must be familiar with the tax filing laws. You need to comply with the regulations for each year and quarter. The filings are, however, separate entities. Your consultants can help you understand the extensive procedure of filing.
Various companies, even the ones belonging to UK residents, depend on their accountants for filing the taxes. The accountants can also help you with the procedure of registering the business. You can get your entire business-related work done without worrying about endless paperwork.
Since your accountant will manage everything, you don’t have to worry about huge filing. They will not miss a date. Therefore, there is no way you will suffer from the huge penalty.
When you’re starting your business as a sole trader, all you need to do is comply with the laws. These professionals can assist you in the process of getting started. You might as well hire an accountant to look into the process and help you with the business setup. Make sure that you file the application and register with complete transparency. Any kind of discrepancy or misinformation can lead to your business being penalised.
Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.
DNS House, 382 Kenton Road,
Harrow, Middlesex, HA3 8DP
“I recently started my own company and in need of a good accountant. With my friends reference, I started dns accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.”
“I have been dns for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend dns to all my friends.”
“Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of dns staff.”
“Been with dns Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you dns :-)”
“I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.”
“I've recently set up a Ltd. Company and signed up with dns for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”