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GoSolo Q&A - Answers to your most common recent questions

GoSolo Q&A - Answers to your most common recent questions

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Thinking of launching a business in the UK? Whether you’re a British national hoping to realise your entrepreneurial dreams or a foreign resident wanting to expand into the UK and international market, GoSolo can help you with everything you need to get your new venture up and running.

Of course, you’re bound to have questions about how it all works. Here are the most common queries received recently by the GoSolo team - along with their answers.

What taxes do I need to pay as a non-resident operating a UK business?

All businesses registered in the UK are obligated to pay corporation tax on their income and capital profits. Currently, that equates to 19% - although if your profits are above £50,000 per annum this will rise to 24% in April 2023.

If you have directors or employees, you’ll also be responsible for operating a PAYE scheme which deducts income tax from their earnings and distributes it to HMRC. 

Can I open a UK bank account for a company registered abroad?

If you’re a foreign national looking to reap the benefits of a UK business, the good news is that you don’t need to be resident in the country to apply. But you will need to register your business as a limited company in the UK. Thankfully, GoSolo is on hand to guide you every step of the way.

What are the requirements for opening a UK business bank account?

Typically, you’ll need to prove that you live in the UK in order to open a business bank account, as well as attend a meeting in person to sign all the paperwork. But with GoSolo, all that’s required is proof that you are resident in one of the 90 supported countries, along with photographic ID. 

 

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How much does it cost to open a UK business bank account with GoSolo? 

Depending on your country of residence, you could be looking at upwards of $2000 in fees to register your company in the UK and open a business bank account - if you use an expensive agency or accountant package. Or, you could take advantage of GoSolo’s Global Account and get everything you need for the low price of just £250 a year.

How long does it take to open a UK business bank account with GoSolo?

Although solicitors and law firms can draw the process out for weeks, opening a UK bank account with GoSolo can take as little as 15 minutes. After that, your account should be up and running within the next 48 hours.

Can I open a UK business bank account with GoSolo remotely?

Yes, you don’t need to physically attend any meetings in the UK in order to open a business bank account with GoSolo. Instead, your documentation and ID will be checked via a secure ‘selfie’ video system.

Do I need to register my company with Companies House?

Yes, if you want to operate a limited company in the UK you will need to register with Companies House, the government agency which keeps track of company information and makes it available to the public. Although some packages charge expensive fees to assist with this process, it is included as part of GoSolo’s Global Account.

Do I need an accountant to operate a company in the UK?

The short answer is no, you don’t need an accountant to operate a company in the UK. Once you establish your business and start trading, you’ll want to get an accounting system in place, but there is no legal requirement to hire a professional. That said, many businesses find it helpful to employ the services of an accountant at the end of their first year of trading, when it’s time to file your annual accounts.

Can I open an account remotely without company representatives present?

Unfortunately, GoSolo is unable to assist anyone looking to open a business bank account without company representatives present. Although directors do not need to sign any paperwork in person, they are required to confirm their identity via a secure video system. 

Does GoSolo provide additional support for UK business owners?

Yes, GoSolo prides itself on supporting a community of businesses and entrepreneurs, guiding them through the process of establishing and operating a company in the UK. So whether you need technical assistance getting started or help connecting with a UK accountancy firm, you’ll find what you’re looking for.

Still got a query? Get in touch with GoSolo to find out more.

 

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By GoSolo Better Business Account