Setting up a UK Companyby Russell Black

ABOUT GLAZERS

Glazersisalong-established6-partnerfirmofCharteredAccountants,basedinLondon.Weactasaccountants,auditors,taxadvisersandbusinessconsultantstoUKandoverseas-basedindividualsandorganisations,engagedinalmosteverytypeofbusinessandvocation.OurclientsincludemanybasedintheUSA,Canada,SouthAmerica,Europe,TheMiddleEast,CentralAsia,SouthAsia,EastAsia,Africa,AustraliaandNewZealand.

Weareheretoansweranyquestionswhichyoumayhave,aboutsettinguporrunningacompanyintheUK.Ifyouwouldliketohaveadiscussionwithus,pleasetelephone020 8458 7427 (+44 20 8458 7427 fromoutsidetheUK)andasktospeaktooneofourpartners,orsendan e-mail to quality@glazers.co.ukordirectlytoanyofourpartners,whoseemailaddressesareshowntowardstheendofthisguide.

Youwillnotbechargedfortheinitialdiscussionandwealsooffera freemeeting.

Russell Black

Contents

INTRODUCTION 1

TYPES OF COMPANY IN THE UK 2

NAMING YOUR COMPANY 3

HOW TO FORM A UK COMPANY 4

COMPANY REGISTRATION DOCUMENTS 5

• CertificateofIncorporation• MemorandumandArticlesofAssociation

DIRECTORS AND SECRETARY 6

• Company Directors• Company Secretary

SHARES AND SHAREHOLDERS 7

REGISTERED OFFICE 8

COMPANY REGISTERS 8

COMPANY LAW 9

• TheCompaniesAct2006• LimitedLiability• Right to Contract and Sue

BANK ACCOUNTS 10

COMPANY STATIONERY AND WEBSITES 10

VAT REGISTRATION 11

ACCOUNTS 11

AUDIT 12

EMPLOYING STAFF 13

• Payroll,PAYEandNationalInsurance• EmploymentLaw• Visas• TaxConcessionsforEmployees• Staff Pension Schemes• P11DForms

DISTRIBUTING PROFITS 15

CORPORATION TAX 16

REPORTING TO COMPANIES HOUSE 17

• Accounts• Confirmation Statements• NotifyingChanges

REPORTING TO HM REVENUE & CUSTOMS (HMRC) 18

• CorporationTaxReturnandAccounts• VATReturns• PAYEandNIReturns• P11DForms

THE COMPANY CALENDAR (TABLE) 19

TAX-DEDUCTIBLE EXPENSES (TABLE) 20

APPOINTING GLAZERS AS YOUR COMPANY ACCOUNTANTS 21

CONCLUSION 22

OUR CONTACT DETAILS 22 MEET THE PARTNERS 23

GLAZERS SERVICES 24

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ThisguidehasbeendesignedbyGlazersCharteredAccountantsespeciallyforbusinessownersfromoverseas,whoareplanningtoincorporatealimitedcompanyintheUnitedKingdom.ItmayalsobeusefultoanyonealreadybasedintheUKwhowantstoknowmoreaboutsettingupacompany.

TherearemanyreasonswhytheUKisanideallocationinwhichtotrade.TheUKoffersahomemarketofapproximately61millionpeople,andcanalsobeusedasabasetotradewiththeEuropeanUnion,whichhasapopulationof380million.

TheUKismulticultural,liesinthecentraltimezonebetweentheUSAandtheEast,andhasgoodtravellinkstotherestofEurope.

TherateofcorporationtaxthataUKcompanypaysisalsoverylowcomparedtomanycountries.

SomeaspectsofsettingupaUKcompanymayseemdaunting, buthereatGlazers,wecansimplifytheprocessforyouandofferexpertadviceincompanyformation,sharestructuring,accounting,audit,bookkeeping,ValueAddedTax(VAT),corporation tax,payroll,statutorycompliance,andmore.

Introduction

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Whenwerefertoa‘company’intheUK,wearenormallytalkingabouta‘limitedcompany’.Thismeansacompanywhoseshareholdershavetheirliabilitylimitedtotheamounttheyhaveinvestedinthecompany,intheeventofliquidationorwindingup,unlesspersonalguaranteeshavebeengiventothirdparties(forexample,thebank).

Itisalsopossibletohaveanunlimitedcompany,acompanylimitedbyguarantee(ratherthanbyshares),oralimitedliabilitypartnership(LLP),butthesearemuchlesscommon,soforthepurposeofthisguide,wearefocusingonlimitedcompaniesthathavesharecapital.

Therearebroadlytwotypesoflimitedcompany;privatelimitedcompanies,andpubliclimitedcompanies.Privatelimitedcompaniesaredesignatedbytheword‘Limited’ortheletters‘Ltd.’attheendoftheirname.ThevastmajorityofcompaniesintheUKareprivatelimitedcompanies.

Publiclimitedcompaniesaredesignatedbytheletters‘plc’attheendoftheirname.Thisisalsooftenwrittenas‘PLC’.AcompanyhastobeaplctobequotedontheUKstockmarket.However,manyplc’sareunquoted,andinfactprivatelyowned.

LimitedcompaniesareincorporatedundertheCompaniesAct2006,whichimposesaccounting,reportingandpublicdisclosurerequirements,aswellasamandatoryauditforsomecompanies,mostusuallythoseoveracertainsize,asexplainedinmoredetaillateroninthisguide.

Types of Company in the UK

There are broadly two types of limited

company; private limited companies, and

public limited companies.

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Ingeneralanynamecanbechosenforacompany,providedthatthe name has not already been registered by another company and providedthatthenameisnotmisleading,offensive,orotherwiserestrictedorforbiddenbycompanylaw.

Acompany’snamecanbechangedatanytime.Itisthecompany’sregistrationnumber,ratherthanitsname,thatidentifiesthecompanythroughoutitslife.

Naming your Company

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Therearevariouswaystohaveyourcompanyformed.

• Forconvenience,manynewclientswhocometoGlazersaskustodothisforthem,andwedothisusingacompanyformationagent.Theprocessisveryfast.Onceweareinapositiontoorderthecompanyforyou,thisisnormallydonethesamedayorwithin 24hours.Wearesenttheincorporationdocumentselectronicallyandweforwardthemtoyoustraightaway,soyouhaveyourcompanynumberandthebasicdocumentsquickly.

• Asecondmethod,ifyouhaveengagedalawfirmintheUKforcompanymatters,isforthemtohandlethecompanyformation.

• Athirdmethodistodealdirectlywithacompanyformationagent.

• Finally,andthisisonlyanoptionforthosewhohavethetimeandtheinclinationtodoit,youcanformthecompanyyourselfatCompaniesHouse.

Itispossibletobuyready-made,off-the-shelfcompaniesfromcompanyformationagents(eitherdirectly,orthroughGlazers)andthentochangethecompany’snametooneofyourownchoosing,ifrequired.However,thisisrarelydonenowadaysastheprocessforforminganewcompanyissofastandstreamlined,thatthereisusuallynoadvantageinbuyingonethatisready-made.

How to Form a UK Company

Nowadays, the process for forming a new

company is so fast and streamlined.“ “

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Whenyourcompanyisformed,youwillreceive,amongotherdocuments:

• Certificate of Incorporation-thisiseffectivelythecompanyequivalentofabirthcertificate.Itshowsthecompanyregistrationnumber,whichispermanent,andthedateonwhichthecompanywasincorporated.Italsoshowsthecompany’sname.

Ifthecompany’snameissubsequentlychangedatanytime,CompaniesHousewillissuea‘CertificateofIncorporationonChangeofName’.

• Memorandum and Articles of Association-thisiseffectivelythecompany’sconstitution,andcanbevariedatanytime,subjecttothenecessaryresolutionsbeingpassedbytheshareholders.

IfGlazersformacompanyonyourbehalf,wewillsupplyyouwithelectroniccopiesand/orhardcopiesofthesedocuments,as youprefer.

Company Registration Documents

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• Company Directors-Aprivatecompanymustappointatleastonedirector,whoisresponsiblefortheconductofthecompanyandthefilingofaccountsandreturns.Forthevastmajorityofsmallercompanies,thedirectorsarealsotheshareholders,thoughthisdoesnothavetobethecase.WhereaUKcompanyisasubsidiaryofanoverseascompany,theparentcompanywillbetheonlyormainshareholder.

Aplcmusthaveatleasttwodirectors.FulldetailsofthelegalobligationsplacedoncompanydirectorsareavailablefromCompanies House www.companieshouse.gov.uk

• Company Secretary-Appointingacompanysecretaryisoptionalforaprivatecompany,unlessitsArticlesofAssociationrequireone.Foraplc,itiscompulsorytoappointacompanysecretarywhoholdsanappropriatequalification,details ofwhichcanbefoundintheguidancenoteson www.companieshouse.gov.uk

Directors and Secretary

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Thereisnominimumsharecapitalforaprivatelimitedcompany.Onlyoneshareholder,andoneshare,isrequired.Assharesaremostcommonlydesignatedas£1ordinaryshares,theminimumsharecapitalis,inreality,normally£1.

Aplc,however,hasaminimumsharecapitalof£50,000,ofwhich25%mustbepaidup.Soeffectively,theminimumsharecapitalforaplcis£12,500.Nearlyallstart-upcompaniesintheUKareprivatecompanies,soyoucanprobablyignorethesharecapitalrequirement.

Sharescancomeinvariousshapesandsizes.Forexample,theycanbe‘voting’or‘non-voting’,‘ordinary’or‘preference’,and‘redeemable’or‘non-redeemable’.Acompanycanalsohavemultipleclassesofordinaryshares,forexample‘A’,‘B’,‘C’or‘D’shares,whichcanbeusefulinsomecircumstances.

Generallythough,mostcompaniesaresetupwith£1ordinarysharesonly.Wewillbepleasedtoadviseonthesharestructure.

Shares and Shareholders

There is no minimum share capital for

a private limited company. Only one

shareholder, and one share, is required.

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Allcompaniesarerequiredtokeepacompanyregister,showingthenamesofitsdirectors,secretary(ifapplicable)andshareholders,andrecordingallchanges.AcompanymustalsokeepaRegisterofPeopleWithSignificantControl.ThestatutoryrecordsalsoincludetheCertificateofIncorporationandtheMemorandumandArticlesofAssociation.

Glazerskeepsthecompanyregistersformostofourclients,andwedothiselectronically,sothateitheranelectroniccopyorahardcopyoftheregisterscanbeproducedonrequestatanytime.

Company Registers

Everycompanymusthavearegisteredoffice.ThisistheaddresstowhichCompaniesHouseandHMRevenue&Customswillsendcorrespondence.Asitneednotbethebusiness’tradingpremises,many clients of Glazers use our address as the registered office for theircompanies.Theregisteredofficecanbechangedatanytime.

Registered Office

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• The Companies Act 2006isthemainlegislationgoverningUKcompanies.Thissetsouttherequirementsforcompanyformation,appointmentofdirectors,filingofaccountsandothermatterssuchastheformthatcompanyaccountsneedtotake.Normally,thiswillallbetakencareofbyGlazersinthecourseoflookingafterthecompany’sUKaffairs.

• Limited Liabilityisanimportantfeatureofalimitedcompany.Thisprinciplegivestheshareholdersofacompanyfinancialprotectionintheeventofthecompanybecominginsolventorclosingdownduetofinancialadversity.Withlimitedliability,ashareholder’sfinancialriskinacompanyisrestrictedtotheamountthattheyhaveinvestedinthecompany,unlesspersonalguaranteeshavebeengiventoathirdparty,forexampleabank,thoughthisnormallyoccursforsomeonewhoisalsoadirectorofthecompany.

• Right to Contract and Sue-ItisimportanttounderstandthatacompanyintheUKisaseparatelegalentity,distinctfromthepeoplewhoownitandrunit.Assuch,itisnormallythecompany,ratherthantheshareholdersordirectors,thatentersintocontractswithsuppliers,landlords,customersandemployees.Thereforeitisthecompanythatcansueorbesuedintheeventofabreachofcontract.Thereareoccasionswhenthedirectorscanalsobesued,but that is usually because directors are responsible for the proper runningofthecompany,notbecausetheyarethepartycontracting.

Company Law

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It is important to understand that

a company in the UK is a separate

legal entity...

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ThereisnolegalrequirementforaUKcompanytoopenabankaccount,butitwouldbeveryunusualforacompanynotto,ifitisactive.AUKcompanycanhaveasmanybankaccountsasthedirectorsdecidetoopen,andthesecanbeinsideoroutsidetheUK.TherearenocurrencycontrolsintheUKsomoneycanpassfreelybetweeninternationalaccounts.Therearehowevermoneylaunderingregulations in the UK so it is important to be able to account for the sourceofallfundsbroughtintotheUK.

Bank Accounts

Acompany’sletterheadmustshowthecompanyname,registerednumber,theaddressofitsregisteredofficeandtheplaceofregistration(forexample,England).Youdonothavetoshowthenamesofthedirectorsonthecompanystationery,butifyoudoshowanyofthem,thenthenamesofalldirectorsmustbeshown.

Companiesarealsorequiredtodisclosetheirname,registerednumber,registeredofficeaddressandplaceofregistrationontheirwebsitesandinallemailsandelectronicdocuments.

Company Stationery and Websites

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AUKcompanymustkeep‘properbooksandrecords’inaccordancewiththeCompaniesAct2006anditsaccountsmustbepreparedinaccordancewiththeCompaniesActandwithUKGAAP(‘GenerallyAcceptedAccountingPrinciples’),andmustalsocomplywithInternationalAccountingStandards.

Acompanycanselectanydateasitsyearend.

Accounts

In many cases it is advantageous for a

UK business to register for VAT even if

the VAT registration threshold has not

been reached.

“ “

UK-basedcompanies,aswithmostUKbusinesses,generallyneedtoregisterforVAT(ValueAddedTax)iftheirturnover(salesincome)exceedstheVATregistrationthresholdprevailingatthetime.ThereareexemptionsforcertaintypesofbusinessactivityandGlazerswillbepleasedtoadviseyou.InmanycasesitisadvantageousforaUKbusinesstoregisterforVATeveniftheVATregistrationthresholdhasnotbeenreached.

Glazerscandealwithyourcompany’sVATregistrationonyourbehalfandwedothisformostofournewclients.

ThecurrentVATregistrationthresholdandstandardVATratecanbefound on www.glazers.co.uk/resource-centre/tax-tables/vat

VAT Registration

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AUKlimitedcompanyisgenerallynotrequiredbylawtohaveitsaccountsauditedunless:

• Itsturnoverexceeds£10.2mandithasmorethan50employees,or

• Itsturnoverexceeds£10.2manditsassetsexceed£5.1m,or

• Itsassetsexceed£5.1mandithasmorethan50employees,or

• Itisaplc,or

• Shareholdersholdingatleast10%betweenthemrequestanaudit,or

• Thecompanyispartofagroupwhichexceedssetlimits.

Auditors,whenappointed,areresponsibleforreportingonwhetherthecompany’saccountsarepreparedinaccordancewithUKaccountingstandardsandwhethertheycomplywiththeCompaniesAct2006.Whereanauditisrequired,Glazersnormallycarrythisoutforourclientcompaniesinconjunctionwiththepreparationoftheirannualaccounts.

Audit

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Asyouwouldexpect,thereareresponsibilitiesthatgowithemployingstaffintheUK.

• Payroll, PAYE and National Insurance-YouwillneedtodeductPayasyouEarn(PAYE)andNationalInsurance(NI)fromyouremployees’salariesorwages,andpaythisovertoHMRevenue&Customs.PAYEisadeductionofincometax.NIistheequivalentofwhatisknownassocialsecurityinmanycountries.Astheemployer,youwillberesponsibleforcalculatingtheseamountsandyouwillneedtokeeptaxdeductionrecordsforeverybodythatyouemploy.Youwillalsobeliabletopayemployer’sNIcontributions.

Glazersoperatesapayrollserviceandwecanprepareallyourpayrollrecordsifyouwish.

• Employment Law-Limitedcompanieshavethefollowingobligationsasemployers:

- Employer’sliabilityinsuranceiscompulsorybylawifthecompanyemploysanyone.Itcoverspersonalinjuryanddamagetopersonalpropertyofemployees.

- ThecompanyneedstocomplywithUKHealthand Safetylegislation.

- Employmentcontractsaregenerallyalegalrequirementonceanemployeestartswork.

Wewillbepleasedtogiveyouinitialguidanceintheseareasandreferyoutoemploymentlawspecialists.

• Visas-Ingeneral,individualsfromoverseasneedavisainordertotakeupemploymentintheUK,exceptnationalsoftheEuropeanUnion(forthemoment,atleast).Therearesomeexceptions,andtherearedifferenttypesofvisa,dependingonparticularcircumstances.WestronglyadviseyoutotakeadviceonthisfromaUKimmigrationlawyer.

Employing Staff

• Tax Concessions for Employees-WhileemployeesfromoverseasareusuallyliabletoUKtaxandnationalinsuranceontheirsalaryandbenefitsintheUKinthesamewayasUKnationals,certainconcessionsareavailablewhereanemployeeofanoverseascompanyhasbeensecondedtotheUKforuptotwoyears.Thisallowstheemployertoprovideaccommodation,travelandothersimilarbenefitstax-free.TherearealsocertainconcessionsforemployeesservinglongerintheUK,entitlingthemtotaxreliefontravel.

• Staff Pension Schemes-Subjecttocertainexemptions,employersintheUKmustsetupaworkplacepensionschemeforitsemployees.OurPayrollteamandourin-housepensionspecialistscanprovidemoreinformationonrequestandarrangeapensionschemeonyourbehalf.

• P11D Forms-Ifacompanyprovidesbenefitsinkindtoanyofitsdirectorsoremployees,(suchasacompanycar,privatehealthinsurance,etc.)orreimbursesadirectorormemberofstaffforcompanyexpensesthattheyhavepaidforpersonally,thenthecompanyisrequiredtofileanannualP11Dformforthatdirectororemployee.Glazershandlesthisformostofourclientcompanies.

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Therearetwomainwaysofdistributingcompanyprofits.Oneoptionisforcompanyownerswhoarealsodirectorsoremployeesofthecompanytotakeasalary.Inthiscase,PAYEandNIneedtobedeductedasdescribedearlierinthisguide.

Analternativeisforshareholders,whoforthispurposedonotneedtobeadirectororemployeeofthecompany,totakeadividend.Adividend,unlikeasalary,comesoutofthecompany’spost-taxprofitsandthereforedoesnotreducethecompany’staxliability.Itcaninsomecasesbemoretax-efficientthanasalarybecausethereisnoemployee’soremployer’sNIonadividend,andbecausethereisadividendallowancethatcanmakeadividendtax-freeuptoacertainpoint.Weadviseourclientsonthebestcourseofactionineachcase.

Distributing Profits

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UKcompaniespayUKcorporationtaxontheirprofits.Withtherateofcorporationtaxbeingaslowas19%,andabouttobecomeevenlower,theUKisaveryattractivetaxjurisdictionforcompanies.Thedetailedcurrentratesofcorporationtaxcanbefoundon:

www.glazers.co.uk/resource-centre/tax-tables/corporation-tax

MostUKcompaniespaytheircorporationtax9monthsaftertheiraccountingyearend.Somelargercompaniesarerequiredtomakequarterlypaymentsonaccount.

Corporation Tax

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CompaniesHouseisthegovernmentofficewherecompaniesareincorporated,andwherecompanysecretarialformsandaccountsarefiled.DocumentsfiledatCompaniesHouseareavailableforpublicinspection(inmostcasesforaverysmallfee),andthesearemostcommonlyaccessedonline.

• Accounts-Acompany’sannualaccountsmustbefiledatCompaniesHouse.Formostprivatecompanies,otherthanthoseaboveacertainsize,lessdetailedaccountscanbefiled,ratherthanfulleraccounts,althoughitisstillnecessarytohavefulleraccountspreparedforthetaxauthorities.Glazerssubmitsclients’accountsontheirbehalfoncetheaccountshavebeenfinalisedandsignedeachyear.

• Confirmation Statement-EverycompanymustsubmitaConfirmationStatementtoCompaniesHouseannually. Althoughitistheresponsibilityofthecompany’sdirectors (andthecompanysecretary,ifthereisone)todealwith companysecretarialmatters,GlazershandlestheConfirmationStatementonbehalfofmostofourclients.Theformisnormally filedelectronicallyatCompaniesHouse.

• Notifying Changes-TherearenumerousformsfornotifyingCompanies House of changes that may take place from time to time,suchasappointmentofdirectors,terminationofdirectors,changesinaddressforthecompanyordirectors,shareissuesandchangesrelatingto“PeopleWithSignificantControl.”Glazersnormally handles these forms as part of our company secretarial supportservicetoclients.

Reporting to Companies House

Every company must submit a Confirmation

Statement to Companies House...“ “

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HMRCadministersalltaxesintheUK,includingcorporationtax,VATandPAYE(PayAsYouEarn).

• Corporation Tax Return and Accounts-Thecorporationtaxreturnispreparedusingthefiguresinthecompany’saccounts,andfiledelectronicallyatHMRCeachyear,togetherwithacopyofthefullaccounts.ThisishandledbyGlazersonbehalfofourclients.

• VAT Returns-CompaniesthatareregisteredforVATneedtofileVATreturnswithHMRC.Thesearemostcommonlyfiledeverythreemonths,thoughacompanycanopttofilethesemonthlyorannually,whichisappropriateincertaincases.ThisisaservicethatGlazerscarriesoutformanyofourclients,thoughsomecompaniesfiletheirownreturns.

• PAYE and NI Returns-PAYEisasystemofdeductingtaxpayments from salaries paid by an employer to its directors and employees.AnycompanythatoperatesapayrollmustfilemonthlyPAYEreturns.ThesereturnsalsoincludeNIcontributions.Glazersoffersacomprehensivepayrollservicetotakecareofeverything.

• P11D Forms-Asmentionedearlierinthisguide,companiesthatprovidebenefitsinkind,orreimburseexpensestoitsdirectorsoremployees,arerequiredtoreportthesedetailstoHMRCeachyear.Glazers’taxdepartmentwillprepareandsubmittheseformsonyourbehalf.

Reporting to HM Revenue & Customs (HMRC)

Companies that are registered for VAT

need to file VAT returns with HMRC.“ “

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Date Event Applies to

Accounting reference date (the year end)

Accounts to be prepared to this date All companies

9 months after year-end Corporation tax for the year to be paidMost companies (except larger companies that may have to pay quarterly)

9 months after year-end Accounts for the year to be filed with Companies House

Private companies only. (PLCs have to file within 6 months)

12 months after year-end

Accounts for the year to be filed with HMRC, together with corporation tax return form CT600

All companies

Annually (normally on anniversary of incorporation)

Confirmation Statement to be filed with Companies House, within 14 days together with filing fee

All companies

Quarterly (unless monthly or annual accounting opted for)

VAT Return to be filed with HMRC, together with VAT due

VAT registered companies

May 31stCopies of forms P60 (year-end payslips) to be given to all current employees (and to any ex-employees who request them)

Companies that pay wages or salaries

July 6th Forms P11D (returns of benefits in kind and reimbursed expenses) for the year ended 5th April to be filed with HMRC

Companies that provide benefits in kind or reimbursement of expenses to directors or employees

July 6th Copies of forms P11D to be given to all current employees (and to any ex-employees who request them)

Companies that provide benefits in kind or reimbursement of expenses to directors or employees

July 19th Class 1A NI payable for the year ended 5th April based on forms P11D (benefits in kind)

Companies that provide benefits in kind or reimbursement of expenses to directors or employees

19th of each monthMonthly payroll return to be made, and PAYE and NI due for the previous month

Companies that pay wages or salaries

14 days after each calendar quarter and 14 days after company year-end

Form CT61 to be filed with HM Revenue & Customs

Companies that pay interest where income tax is deducted at source

As and when it occursChanges relating to “People With Significant Control” to be filed with Companies House

All companies

Thefollowingtablecontainsasummaryofthedatesandtimelimitsforfilingdocumentsandpayingtax.Thelistiswritteningeneralterms,sospecificadviceshouldalwaysbetaken.

The Company Calendar

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Thefollowingtableshowswhichitemsofbusinessexpenditurearedeductibleagainstacompany’sprofitsforUKcorporationtaxpurposes,andwhicharenot.Thelistiswritteningeneralterms,sospecificadviceshouldalwaysbetaken.

Tax-deductible Expenses

Date Deductible Against Profits Not Deductible

Normal business expenses generally

Expenditure incurred wholly and exclusively in the course of business

Personal expenditure and all entertaining (other than entertaining your own staff)

Capital items (i.e. items expected to be used for more than 2 years)

An annual capital allowance is available on most items of equipment

Freeholds and long leaseholds of most non-industrial premises

Computer software If bought separately from hardwareOtherwise, capital allowances can be claimed

Gifts to customers Gifts costing up to £50 and bearing the business name

Any item of food, drink or tobacco

Home expensesReasonable proportion of home running expenses, depending on the extent of use of home for business

Domestic expenses not related to the business

Telephone bills Business proportion based on calls Private element and home line

Motor expenses Business proportion based on mileage Private element

Travel expenses Business travelTravel between home and normal place of business

Subscriptions Professional subscriptions, relevant magazines and journals

Non business-related subscriptions

Wages and salariesStaff (including family where duties are genuinely carried out)

Gratuitous wages to family

Bank charges and interestCharges on business accounts and business related loans

Interest for personal overdrafts and loans

Insurance Business-related policiesLife assurance, and health and sickness insurance

Bad debts Specific bad debts from business transactionsGeneral provisions and debtswritten off voluntarily

Accountancy fees Normal business-related feesCosts of unsuccessfully defendingan HMRC enquiry

Legal fees Most business-related adviceCompany formation, shareholders’ agreements, property acquisition and renewing long leases

Personal expenditureModest subsistence expenses in certain cases when working away

Lunches, private expenses and bills, gifts, and clothing (unless a uniform)

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AppointingGlazersasyourUKcompanyaccountantsisstraightforward.

• First,yougetintouchwithusbyphone,emailorthroughoneofthecontactformsonourwebsite–www.glazers.co.uk

• Wewillgiveyouaquoteforourservicesbasedontheinformationyouprovideuswith.Wewillalsoofferyouafree,no-obligationmeeting,ifyouareabletomeetusface-to-face,oraSkypevideoconferenceifthatismoreconvenient.Assumingyou’rehappywithourquote,youjustgiveusthego-ahead.

• We’llthensendyoualetterofengagementtosign,withourtermsofbusiness,andwe’lldealwithanyothernecessaryformalities.

Appointing Glazers as Your Company Accountants

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Wehopeyouhavefoundthisbriefguideuseful.

GettinggoodprofessionaladviceisessentialifyourUKcompanyistostartontherightfooting.Pleasetelephoneoneofourpartnerson020 8458 7427toarrangeanappointmentwithus.Oralternativelysend an email to quality@glazers.co.ukortooneofourpartners,whoseemailaddressesarelistedonthenextpageofthisguide.

WewillbepleasedtohearfromyouandhelpyougetsetupintheUK.

Conclusion

ADDRESS

GlazersCharteredAccountants843 Finchley RoadLondonNW118NA

TELEPHONE

• fromwithintheUK:02084587427• fromoutsidetheUK:+442084587427

EMAIL

Our central email address is quality@glazers.co.uk

Alternatively,youcanemailanyoneofourpartnersdirectly- ouremailaddressesareshownonthenextpage.

Or you can click heretosendanautomatedenquiryform.

Welookforwardtohearingfromyou.

Our Contact Details

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Meet the Partners

russell.black@glazers.co.uk philippe.herszaft@glazers.co.uk

darren.specterman@glazers.co.uk jessie.kho@glazers.co.uk

paras.shah@glazers.co.uk

Russell Black Philippe Herszaft

Darren Specterman Jessie Kho

Paras Shah

rita.wader@glazers.co.uk

Rita Wader

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Glazers offer the following services for companies. Click on any menu item to be re-directed to www.glazers.co.uk for more details:

Ifyoudon’tseewhatyouarelookingfor,orhaveaqueryonanysubject,clickheretoemailus,ortelephone+44(0)2084587427andasktospeaktooneofourpartners,withoutobligationorcharge.

GlazersCharteredAccountantsisregisteredtocarryonauditworkintheUKandIrelandandregulatedforarangeofinvestmentbusinessactivitiesbytheInstituteofCharteredAccountantsinEnglandandWales.

©2018Thisguidehasbeenwrittenforgeneralinterestanddoesnotdealwithindividualcircumstancesofparticulartypesofbusinesses.Itisthereforeessentialtotakeprofessionaladviceonspecificissuesbeforeproceeding.Noresponsibilityforlossoccasioned to any person acting or refraining from action as a result of the material in thisguidecanbeacceptedbythepartnersofGlazers.

Glazers Services

• Accounting

• Audit

• Bookkeeping

• Business consultancy

• Businessstart-upadvice

• Cashflowandprofitforecasting

• Commercial loans

• Company formations

• Companyvaluations

• Companysecretarialservices

• Corporate finance

• Corporatetaxservices

• Dormantcompanyservices

• Due diligence

• Financial outsourcing

• Investmentplanning

• Lifeassurance

• Managementaccounts

• Payrollservices

• Pensions

• R&Dtaxrelief

• Retirement planning

• Taxplanning

• Trusttaxation

• VATconsultancy

• VATreturns

843FinchleyRoad • LondonNW118NA Tel:+44(0)2084587427 • Fax: +44 (0)20 8458 8504 quality@glazers.co.uk • www.glazers.co.uk

PARTNERS

RussellBlackBScFCACTA

PhilippeHerszaftBAACA

DarrenSpectermanBAFCACTA

JessieKhoFCCA

ParasShahBA(Hons)FCA

RitaWaderBA(Hons)FCCA