Knowledge base

Self-employment in the UK

Self-employment in the UK is the simplest and most popular form of business structure in the UK. From the construction business to cleaning, hairdressing and cosmetic services to professionals & doctors, many of these and other professions choose self-employment as their form of business. The registration process is very simple and it is enough to have a NIN number and a registration address to register.

Company Registration

Regardless of whether your company has already started to operate and needs registration, or you are thinking about starting the business, our form – Registration of Limited Company Online is the perfect solution. Just think of the name of the company, decide under which address it will be registered, choose the management and determine the share capital, and the rest will be taken care of by our specialists.

Limited Company

Limited Company in the UK is one of the most common forms of doing business in the UK. Limited can be registered in the UK within 1 day, and the documentation package received from Companies House allows you to start your business immediately and complete further formalities, such as opening a company business account, registering your business as an employer or registering for VAT purposes.

VAT registration

The UK VAT (value added tax) rate is currently 20%. Additionally, companies whose turnover does not exceed £150,000 per year can benefit from preferential registration of ‘Flat Vat Rate’, i. e. paying 9% VAT instead of 20%. In order to make sure that the Flat Rate VAT registration is beneficial for your company, please contact our consultants and get free advice on VAT.

Tax Return in the UK

Tax Return in the UK is a service addressed to people running their own business or those who are subcontractors for other companies or individuals. In the UK, there are two deadlines for filing your tax return: 31 October for paper and 31 January for online filing. The financial year for all self-employed persons running their own businesses starts on 6 April and ends on 5 April.

PAYE Registration

Employer registration is necessary in any company that wants to have legally registered employees, even if they are only directors/owners of the company. All entrepreneurs should remember that registration with Companies House is not sufficient to employ employees and only after receiving the PAYE number is the employer’s registration legally binding. For workers who do not have a NIN, there is a 3-month transition period during which they must produce one.

Payroll

Each company employing people is obliged to prepare a weekly or monthly Payroll List. While previously the tax office (HMRC) required only annual reporting by employers, from April 2013 the obligation to submit RTI (Real Time Information) reports was introduced with the frequency with which the employees receive remuneration. By entrusting your business to us, you can be sure that London Business Solutions will take care of the tax and social security calculation of your employees, the preparation of pay slips (Payslip) and the submission of an RTI on your behalf.

Contact us if you need help with accounting, business administration or advice.