Frequently Asked Questions About Taxation and Company Formation

Not at all. Once you complete our questionnaire, we can start the process of registering your limited company with Companies House and set up your online account profile with HMRC. Within a couple of days, your new company will have a registration number and you will receive your Certificate of Incorporation and Memorandum of Association.

You can start doing business as self-employed as soon as possible, however, you will need to register with HMRC before 5th October of your second tax year. If you have never been registered for a self assessment tax return before, you will be issued with a Unique Taxpayer Reference within ten days. If you have filed a tax return previously, you will be able to use the same self-assessment account by supplying the tax regulator with your UTR

Yes. You can offer different types of services within the same company. Our team will assist you on this from legal and technical point of view. For more efficient bookkeeping, you can set up a different invoice numbering system. For even more efficient bookkeeping, our online accounting solutions partner, Xero, has developed excellent tools to help you manage different parts of your business, so you can prepare independent profit and loss statements for each of them.

Of course. You can count on our guidance and assistance with setting up your limited company. The process of transition is simple and straightforward. Please, note that you may not be able to use the same business name for your new company, which you have operated under as a sole trader unless you have ensured to protect it beforehand through the formation of a dormant company.

Yes. We can assist you in restarting your business if it was made dormant temporarily. The same applies if your company has never been active and was formed for the purpose of protecting your business name, so you can use it some time in the future.

It is mandatory for sole traders and companies to register for VAT if their turnover exceeds the current threshold of GBP 85 000 for the year 2019-2020. We can consult you on the different VAT schemes, available to choose from, so you can make an informed decision to suit best your business needs. Some businesses opt for a voluntary VAT registration, depending on their particular circumstances and the type of business operations they have.

It is simple. Income tax applies to individuals, whether they are self-employed, company directors or employees. It is paid, based on your self-assessment tax return form or via the PAYE system (Pay As You Earn). Corporation tax is owed by companies and it is paid annually before the company tax return is submitted to HMRC.

Intermediary reports are filed with HMRC on a quarterly basis when your business works with self-employed individuals or with “middleman” companies, which provide the end client with services instead of you. HMRC’s new regulations are put in place to combat abuse of the tax system. You can take advantage of Tax Navigator’s professional advice on intermediaries and employment and decide what would be best for your business. Our additional intermediary reporting services are designed to save you time and hassle.

Yes. Tax Navigator can consult you on the new legislation changes with regards to compulsory automatic pension enrolment if you are an employer. You can rely on our competent advice on staging dates and your legal duties, such as re-enrollment and the completion of your re-declaration of compliance. We can help you avoid facing any enforcement actions from the Pension Regulator, such as being issued with a compliance or a penalty notice. Please, get in touch with us and we will provide you with information and assistance, regarding your pension enrollment options.

As per the new regulations from 6th April 2019, tax on dividends is applicable if they exceed the new dividend allowance of 2000 GBP. However, there are more than one factor involved when your tax liability is calculated (non-dividend taxable income, income tax band, personal allowance, etc.). For more information on how to optimise your tax position, you can count on our qualified accountants’ assistance.

We can consult you on your best options to set up your business. Many non-UK nationals opt for registering as self-employed. We will endeavour to assist you with your business venture, based on your specific circumstances.

We offer comprehensive bookkeeping services at competitive hourly rates. However, our Privilege accounting package for limited companies covers 1 hour of bookkeeping per month. Furthermore, Tax Navigator will provide you with one month of bookkeeping for free when you refer a new customer to us.

Xero is a leading online accounting and business management solutions provider, which takes data security to a new level. You need not worry about your personal and financial information with the layers of protection and safeguard measures Xero provides.

Not at all. We understand our customers’ business needs and always strive to create a flexible working relationship with them. With technology today and the wide range of easy-to-employ cloud-based business management solutions, contemporary accounting could not be any easier. Don’t we all find ourselves doing business on the go from anywhere these days?