Company Formation in Great Britain

Taxation of companies in the UK

All limited companies in the United Kingdom are liable to corporate income tax. There are two levels of corporate income tax depending on profit (and not revenue) levels:

• 19% under 50,000 GBP;
• 25% over 250,000 GBP;
• A few tax reliefs and allowances are granted for companies earning less than 1.5 M GBP of profits;
• Your accountant will identify them and make the best of them.

DTAA signed by the UK for companies

Albania, Algeria, Anguilla, Antigua-and-Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bermuda, Bolivia, Bosnia-and-Herzegovina, Botswana, Brazil, British Virgin Islands, Brunei Sultanate, Bulgaria, Cameroon, Canada, Cayman Islands, Chile, Côte d’Ivoire, China, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Falklands Islands, Faroe Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Grenada, Guernsey, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Isle of Man, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, North Macedonia, Malawi, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint-Kitts-and-Nevis, Saudi Arabia, Senegal, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South-Korea, Spain, Sri Lanka, St Lucia, Sudan, Eswatini, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad-and-Tobago, Tunisia, Turkey, Turkmenistan, Turks & Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United States of America, Uruguay, Uzbekistan, Venezuela, Vietnam, Zambia, and Zimbabwe.

Accounting and audit requirements for a company in the UK

You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC). The documents must include full annual reports and a company tax return. The timeframe to provide the accounts to the Companies House is 9 months after the end of the period (12 months for the tax return).

Economic substance and residency requirements for companies in the UK

A Great Britain LTD company requires an address in Great Britain. This address will be publicly available.

• You can use a PO Box, but you must also include a physical address and postcode after the PO Box number;
• There are no residency requirements for members;
• An LTD needs at least a director. This director does not need to live in Great Britain (but must provide a contact address);
• You can appoint the director yourself or choose to use a nominee director;
• The actual control of the company is held by a publicly disclosed PSC (person of significant control).

LegalBison offers help with all of the above requirements. We assist and are local on the ground. Speak now for free with one of our consultants to get your business started.