Whether you’re currently conducting a lot of trade in the UK, or you’re looking to expand in that direction, there are many benefits to establishing your business on British soil. But how exactly does it all work? Well, you could spend thousands on an accountant or lawyer to help you through the process — or you could let the experts at GoSolo lend a hand.
Here, we’ve addressed some of the most common questions that Polish nationals might have when opening a business in the UK.
What are the benefits of having a UK Ltd. company and business account?
As we’re sure you’re aware, the taxation system in Poland is about to undergo a serious overhaul. And as a result, business owners are likely to see their costs rise higher than ever before — particularly bad news for start-ups and anyone looking to build their business. Luckily, by setting up a UK-based company and business account, you can avoid some of these charges and focus on making your venture a success.
On top of this, a UK business bank account will make it much easier for your company to operate in the region, with simplified transactions, less fees, and a more streamlined accounting process. If you think this might be for you, the team at GoSolo are on hand to talk you through everything you need to know.
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What are the responsibilities of a Company Director in the UK?
If you’ve decided to establish your business in the UK, you might be wondering what your responsibilities will be. As company director, there are a number of things to consider, such as:
Once a year, all UK-registered businesses must submit what’s known as a ‘Confirmation Statement’ to Companies House. Essentially, this is a document confirming that all of the information held by the government about your company is correct. This is typically due 14 days before the anniversary of your registration date, and can be completed easily online.
As company director, you’ll also be responsible for submitting your company’s accounts at the end of the tax year - and paying any tax owed to HMRC. If your business has a turnover of more than £85,000 a year, you’ll need to complete a VAT return as well. Many UK businesses employ accountants to help them with this, but it’s not essential - see below for more on this.
As your business progresses, it’s only natural that some things will change; the address of your registered office, perhaps, or the names and details of your company officers. When they do, though, it will be your responsibility as director to notify the UK government via Companies House.
On top of these responsibilities, there are seven duties laid out by the Companies Act 2006 that all directors must legally perform. These are:
- To act within the powers of the company’s constitution
- To promote the success of the company
- To exercise independent judgement
- To exercise reasonable care, skill and diligence
- To avoid conflicts of interest
- Not to accept benefits from third parties
- To declare interests in proposed transactions or arrangements
Do I need an accountant to set up a company and business account in the UK?
At first, establishing your business in the UK can seem a little overwhelming, which is why many people turn to qualified accountants to guide them through the process. But this option is expensive - and sometimes completely unnecessary.
First of all, you can register a company in the UK, open a business account and begin trading all without an accountant. In fact, it is not until the end of your first year of trading that you will need to file your annual accounts — and this is where you might want to get an expert to help. Depending on the complexity of your business, though, this is also something that you might be able to do yourself. In other words, there is no legal requirement for you to employ the services of an accountant as the director of a UK business.
Interested in setting up a business bank account in the UK but want to avoid pricey accountancy fees? Click here to find out more about how GoSolo can help.