7 Tips for Running a Limited Liability Company in the United Kingdom
Here are some responsibilities and suggestions for UK and non-UK residents looking to run an LTD Company UK.
UK limited company directors are not required to reside in the UK, they must provide a UK service address for your business, which is made public on the Companies House register. Most businesses use UK agent services to provide the required UK-registered address for a limited company.
- An LTD Company UK needs to pay UK Corporation Tax on its profit. A director of a UK limited company is required to attend meetings in the UK or receive a salary while spending a portion of the tax year there. You must take specialised guidance to make sure you pay the correct tax on any earnings while working in the UK due to the complicated rules surrounding PAYE and National Insurance for employers and employees.
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- A UK-limited company should have a bank account to ensure the company’s funds are completely separate from personal finances. It may be difficult to open a UK bank account if you don’t have an address in the UK.
You should take a UK Nominee Director service from an agent, which provides a director and his UK residency proofs to help you get a UK business bank account.
Also read: How to check company name availability UK?
- The directors of a UK limited company have a legal obligation to maintain statutory records, also known as statutory registers, after the company is incorporated. These books contain the following records:
Directors and secretaries
Persons with significant control
- The directors must file and report the company’s tax return every year on a date specified. It can be compiled by yourself or an accountant. It must be done whether the company makes a profit or not. you must submit your tax return to the government agencies - HMRC and Companies House.
Also, a confirmation statement confirming the company’s details must be filed at the Companies House Every year.
The directors must keep company accounts and these accounts must be filed at Companies House every year.
The directors must also keep the Minutes of all meetings.
Also read: 8 Important Steps for the UK Company Setup
- You can change any details about your company that you have given to an agent until they submit your order to Companies House. Once your registration has been submitted to Companies House for approval, the details can only be changed after the company has been formed.
- You will need the following information for setting up a limited company UK.
- Company name and SIC codes
- UK Registered office address
- Details of Directors: name, residential address, service address, date of birth and nationality
- Details of Shareholders: name, residential address, service address, date of birth and nationality
- Several shares are to be allotted and the nominal share value
- Details of Persons with Significant Control