UK taxes
Great Britain is an island country located in the north-west of continental Europe. The capital of the state is London, famous throughout the world for its huge number of places of interest. The country's population is 64 people.
As practice shows, the UK attracts a large number of foreign entrepreneurs and investors from all over the world. First of all, this fact is due to loyal tax system.
UK taxation
UK tax system represents taxes levied at the state and local levels. Resident companies of the country pay tax on profits they receive throughout the world, regardless of the state. Tax payments are made after submitting financial statements.
Thanks to its affordable tax rates, the UK is great for start-ups. Company specialists «E-COMMERCE BROKER is ready to provide competent advice regarding the current UK legislation, the tax system and other issues related to opening an organization or current account.
Main UK taxes:
- Income tax – 19%.
Resident companies pay this tax on all global sources of income. Non-resident organizations pay this tax payment only from UK sources.
Corporate income tax is an exception for enterprises that receive profits from activities related to oil production in the state.
- VAT is a fairly important tax, the intricacies and features of which need to be understood. Value added tax in the UK is divided into 3 rates:
- 20% - the bulk of goods/services are subject to;
- 5% - some types of activities (electricity, etc.);
- 0% - companies specializing in children's clothing, periodicals, postal services and insurance are taxed.
UK reporting
There is no single date for the preparation and submission of financial statements for UK companies. The first personal financial year starts from the date of registration of the company in the UK.
Private companies are given 9 months to competently prepare and submit the appropriate package of documentation to the tax inspectorate, and 6 months to public organizations.
Under current UK law, businesses are required to keep all financial records. Each of the accounting forms must reflect the essence of the transactions performed and contain reliable and understandable information for every person to understand.
Moreover, the documents must be supported by the following primary documentation: accounts receivable/payable, monetary transactions of a legal entity, inventory of assets, information about clients and supplier partners, purchases/remains of products, and so on.
Records are stored for 6 years from the end of the reporting period. Operating companies inform Companies House representatives of the location where forms containing important information are kept if this address is different from the location of the company's main office.
If you want to run a successful business in the UK, then it is important to be fluent in all the intricacies of the legislation of this jurisdiction. Experts will help you resolve this issue. «E-COMMERCE BROKER.
We will provide you with up-to-date information on UK tax rates, tax deductions and existing benefits. To get in touch, use the contacts listed on the website.
