Non UK Residents

Non UK Residents.

The United Kingdom encourages and promotes entrepreneurship. According to the Best Countries for Entrepreneurs report done by the US News & World Report, the UK is the fourth-best country in the world for entrepreneurs.

Starting a business in the United Kingdom can be difficult, especially if you are not a European Union citizen. In this article, we’ll cover all you need to know about starting a business in the United Kingdom, including the various forms of company structures, tax, administration, and more

Basic Package

UK Company Formation

Registered Address – Renewed Yearly
Scanning/Emailing Post – Renewed Yearly
Companies House Formation
HMRC Tax Registration
Bank Account Opening

£300.00

Get Started

Pay monthly options are also available.

Standard Package

UK Company Formation + 1 Year Accounting

Corporation Tax
Confirmation Statement
Monthly Transaction (QuickBooks)
End of Year Accounts
Self-Assessment Registration
Self-Assessment Yearly Filing

£1500.00

Get Started

Pay monthly options are also available.

Company Registration.

In the United Kingdom, there is a range of different business types, and you’ll need to pick the one that best fits your company’s structure.

• Sole Trader
• Partnership
• Limited Company
• Limited Liability Partnership

The legal business structure you choose will have an impact on many aspects of your firm, including taxation, personal liability, and the amount of administrative work you must perform. There is no “one size fits all” solution to the structure because enterprises come in a variety of functions and sizes.

The business must be registered with company's house, which includes director details and a registered office. For non-UK citizens, the director's address can be anywhere globally, however, the registered office must be a UK address. An annual confirmation statement must also be filed with company's house.

Choosing a Business Name

Coming up with a name for your business is an important step as it shows the personality of your brand and helps you stand out. Your name should be unique and appeal to your target audience – and it’s your chance to be creative.

It's also worth understanding:
• how to define your brand so you can stand out from your competitors.
• what you need to do to protect your intellectual property, including any patents and trademarks

You can see if the name you would like to register is available, by searching companies house In terms of forward planning, it is also worth searching to see if the corresponding domain name is available for the name which you would like to use. The last thing you want is to choose a name and then realise the website domain name is not available!

Tax Requirements

Running a business comes with legal and accounting responsibilities, so it’s important you’re clear on what’s involved

Sole traders need to:
‍• Register with HMRC
• Submit an annual Self-Assessment tax return

Limited companies need to:
• Register with Companies House
• Pay corporation tax on the profits you make from your business
• File a company tax return
• Pay VAT – mandatory if your turnover is over £85k
• As a self-employed person, a director also need to complete an annual Self-Assessment, and pay dividend tax on profits withdrawn from the company

One of the benefits of registering as self-employed is you can claim back some of your expenses and reduce your tax bill.

You may also be able to recoup some of the tax you pay with new business tax relief, such as business rates relief and VAT relief.

Further information with regards to tax brackets is available upon request.

Accounting Records

After you’ve worked out what you need to do for tax, it’s important to stay organised so you can meet your tax obligations at various points throughout the tax year.

If you don’t have a record-keeping system, you’ll spend a lot of time sorting paperwork when you have to do your Self Assessment – valuable time that could be spent running your business, or on relaxing and recharging.
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Firstly, it’s a good idea to keep your business and personal finances separate. That’s because allowances like tax-deductible expenses can only be for business purposes – it’s much harder to separate money coming in and out when you’re using one account.

What’s more, there’s lots of software available that can make record-keeping much easier. Software can do tasks like create and send invoices automatically, and monitor your income and outgoings.

Finally, you’re required to keep business records for a number of years. If HMRC asks for them, accurate and organised records can help keep you out of trouble in the event of a tax investigation

Bank Account

There is no legal obligation for a limited company to have its own bank account, but it is better to have one.

Business finances must be accurate and transparent, so a separate account will make it easier to keep track of your income, expenditure, and available profits. This will be of great help when you are preparing annual accounts and tax returns each year.

Employing Staff in the UK

If you’re launching a business in the UK that will employ people, you’ll need to register as an employer with HMRC and get employers liability insurance. You can hire foreign workers in your UK company if they have legal permission to work in the country. When hiring employees, you must follow minimum wage laws and pay social security and pension contributions per the law

Visas
‍A Visa is not needed to trade in the UK, or to register a company. However, if you wish to reside in or visit the UK on business, a Visa may be required. The exact requirements vary depending on your nationality and place of residence. Please get in touch to arrange a call one of our immigration specialists.

Can't find what you need?

If you are interested in any of the services above please do not hesitate to contact us. Alternatively, if there is a service not listed that you require, RDS Consultants may still be able to help. We look forward to working with you and improving your business.