It can be set up with one member or more. Operated solely by the appointment of a director, Ltd members receive a share of the proceeds of their financial contribution, however, they may only be liable for their assets invested in the company. This, however, cannot be said of the director, who, in turn, is responsible for the company with all its private assets.
Owners of the company, as a shareholder of an English Ltd, can “hide” from the public if the founder is paying attention to it during the formation. Thus, at most, only the Director’s name can be public, the rest of the data can be hidden from curious eyes.
You can find our comparison price table by clicking on the link below: https://symfalogic.com/english-company-formation-price-table-ltd/
Basic conditions for starting a company:
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- Must be 16 years of age or older
- Be an EU citizen
- Identity Card, License, and Passport
- Contact details (email, phone number, permanent address)
Nature of an LTD:
Ltd is the most popular company form in the UK. This is proven by the fact that the owner and the director can be one person at a time. If more than one person is setting up a company, you need to determine who the owner will be and who will be the director of the company. The owner cannot be involved in the management of the company because the director is appointed for this purpose. The director is also the one who holds the company’s bank account.
As the company issues shares, it is easy to get an investor into the company. If you want to get listed on the stock market you need to switch to PLC (Public limited Company).
Steps to start a company:
The easiest way to start an English company is to go step by step to achieve your goal. As a function of this, we would recommend the cheapest start-up package, called the Basic Folder, to get you started. The Basic Folder includes the founding of the company itself and its one-year headquarters in England for only £ 120.
- In order to start a company yourself, you need to find out the name of the company in addition to your personal documents. We can help you with this by clicking on the link below: https://symfalogic.com/verify-your-business-name/
- Once you have verified the name of your prospective company, the next step is to select the scope of your prospective company. It is important to note here that a company can only flag up to 4 activity areas at a time! The Hungarian SIC-Code (Standard Industrial Classification) system can be the perfect solution for selecting the areas of activity: https://www.teaorszamok.hu. If, on the other hand, click on the link below to select an activity in English language: https://www.siccodesupport.co.uk/
- You then need to select who will be the director and owner of the company to be founded, and what percentage of the company or persons holding these two titles will share the company. Of course, the director and the owner can be a person, so you don’t have to think about sharing.. ?
At this point, we can say that you:
- You have chosen the company name
- We have the SIC codes
- You know who the director is and who the owner is
- You have a percentage of who shares the company. (It is important to note here that the company issues shares, and if a company issues 100 shares at a nominal value of £ 1, the company will be formed with £ 100 of equity, also called ordinary share. If there are more in the company, shares to be distributed, then the number of shares to be distributed will, by default, be equal to the percentage of the subsequent dividend payout.)
- The last step in establishing a company is choosing the accounting package. For a complete and comprehensive view of accounting packages, please see our accounting comparison price table using the link below:
Accounting in England
For start-ups, we always recommend the Dormant folder first, considering that this package already has all the mandatory taxes that an English company may be liable to. On the other hand, if the traffic increases over time, there is a possibility to change the accounting package during the year.
The next day after you set up, you will be billed and accepted, so you will not lose time when you start trading.
Once the company is established:
Once your company is registered, the following steps are required to run successfully
- Choose accounting package, contract for accounting
- Open a bank account (obtain Apostill to open a foreign bank account)
- Pick up a payment (Paye Registration)
- Report Employee (Payroll)
- Obtain privacy registration
- Obtain GDPR Regulation
- Obtain VAT registration for higher traffic
- Obtain EORI registration for foreign trade
You can get these step-by-step after your company is set up so that you can start your English business in a favorable way.
And if you want to know all the registrations at once, so that you don’t have to deal with them later, we can use our additional services on the company formation form.
LTD operation:
English Ltd is the most popular form of business. In terms of billing, you can even bill on a checkered paper. (of course, must include mandatory items such as “Invoice” or the details of the issuer and recipient, the date of issue, the invoice serial number, the name of the product or service, the number, the value, the total amount of the invoice, etc.
This also means that there is no strict accounting requirement, so a VHS Smith transcription pad is perfect for sending a receipt, or it can be a “floating bill” or an invoice issued online.
Taxation:
Taxation of Ltd. An English company was established on May 15, 2016. End of tax year: May 14, 2017 The first full tax year therefore runs from May 15, 2016 to May 14, 2017. The tax year for the fraction runs from May 15, 2017 to May 31, 2017. Accounting for a fraction of a period is counted separately, but there is no contract for that period if we contract for the first tax year. From now on, every subsequent accounting tax year will be adjusted to this date. So, for each company, the tax year runs from June 1 to May 31 of the following year.
This means that each company has its own accounting tax year, depending on which company was founded.
Accounting of costs:
Only reasonable and realistic costs necessary for the direct operation and maintenance of the company are eligible.
A business name credit card should only be used to offset the costs incurred by the company.
Do not apply:
- Museum, Theater or Concert Tickets
- Weekend family shopping (eg Aldis) for shopping
- Christmas family gifts
- For Friends / Girlfriends Lingerie Purchase
- To cover private health care costs (eg hair transplant)
- Refueling when using a non-business car
- Private Telephone, and utility bill payments
- For the purchase of non-business furniture (eg bunk beds, etc.)
- Meal and Coffee expenses (excluding corporate events) Etc.
Returns:
An English ltd has a 3 + 1 reporting obligation each year, regardless of whether the company has had this turnover or not. The sleeping company must also submit the following returns:
- Confirmation Statement (formerly called Annual Return)
- Annual Account
- Corporation Tax (CT600)
+
- Self Assessment Declaration. Every director who has held a senior position with the company for only one day in a given tax year is required to submit a Self Assessment.
Accounting:
More info regarding accounting, visit our”Accounting in England” page.
Obligations of LTD:
With the formation of your new English company, the following obligations arise:
- Paye registration (if you want to pay the company)
- Privacy Registration (mandatory for all English companies and renewed annually. Fee: £ 70)
- GDPR – European Union Privacy Policy. (obligatory for all English companies and renewed annually. Fee: £ 150)
Company Dissolution:
Closing of English Ltd requires the filing of a final return (£ 120.- £) and the closing fee itself: £ 120.- £)
Closure of a company is approved by the authority if all the tax debts of the company have already been settled.
The closing time of the company is 3 to 6 months, depending on whether there is a creditor who will veto the closing of the company.
Additional services:
- Apostille Certified Company Statement (To open a foreign bank account. Price £ 220. Two weeks before it arrives and is only valid for 30 days.)
- Privacy Registration (All businesses in England are required to complete this registration with the English Data Protection Authority. It must be renewed annually at a cost of £ 80 / occasion
- Paye Registration (without Paye registration, the company cannot provide salaries to its employees, so this registration is essential if you want to employ an employee)
- Payroll (payroll refers to how much a company pays to its employees for hours worked)
- GDPR (This privacy policy pretty much limits the way you handle your personal information and company data. At the latest when you start trading, all companies must have this policy. It must be renewed annually and costs £ 220 / occasion
- VAT registration. In the UK, all new companies start up without VAT registration. You can apply at any time on a voluntary basis, but once your company reaches the £ 85,000 mark, this registration is already required. In the UK, VAT is currently 20% , and quarterly VAT returns)
- EORI registration
- Corporation Tax Registration
- Goverment Gateway Registration
- Directors Self Assessment Registration
- MLR Registration (Anti-Money Laundering Registration. This is mandatory for businesses that are in the financial industry)
- UTR Number
The United Kingdom is waiting for you! – get started in English company formation,
and ask for help filling out the form, or if you have any questions, contact us on any of the details below:
Phone: +44 (0) 1357-340-000
Email: info @ symfalogic.com
Skype: Symfalogic Corporation
Fill out the form below to place your order with Private Limited Company (LTD):
To continue ordering, select the ordered package in the side window (or click on the “Store” link in the top menu bar). The system will then guide you through the payment process.
As soon as the payment arrives, we will start the registration and send you information about any further steps.
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