What is the right time to register my business for TAX return, if I am not trading and I register my company what happen? I incorporate my company 1 mounth ago and HMRC send to me a activation code for corporation TAX why maybe because I must symply open a account with HMRC?
You will need to register your UK company for Corporation Tax within three months of starting any business activity, which includes: -buying and selling goods with a view to making a profit -providing services -advertising -renting or buying property for business purposes employing people -managing investments -earning interest -receiving any other income (apart from payments for shares from the company’s first shareholders) When a limited company is involved in any such activities, HMRC views it as ‘active’ for Corporation Tax purposes. If your company is dormant (not trading), you must contact HMRC to let them know. You can also do this online here: www.gov.uk/tell-hmrc-your-company-is-dormant-for-corporation-tax. Please do note that even with a dormant company, it is still a legal requirement to file your Annual (Dormant) Accounts and your Confirmation Statement with Companies House.
Thank you for this information. Does this mean if I make £5000 profit in the US, I’ll pay tax in US and again pay corporation tax in UK, meaning I will be taxed twice ?
Thank you for getting in touch. If your company is incorporated in the UK, you will pay UK Corporation Tax on all profits generated here and overseas. Ordinarily, you won’t be liable to US corporate taxes unless you trade through a permanent establishment there.
Hi quick question please. If someone rented out their property overseas and received just over €3000 euros during the tax year just gone are they required to do self assessment for this foreign income? Thanks.
This could depend on the specific circumstances, however generally if you are a UK tax resident and you obtain over £1,000 of income from property rental (regardless of whether it is located in the UK or abroad) then this needs to be declared this income to HMRC. You would obtain tax relief in the UK for any tax suffered abroad to avoid "double taxation". This area can be complex and we would recommend seeking the assistance of an accountant with relevant experience.
If I incorporate my company but it's not active for various reasons, do I still have to file a tax return and pay taxes? When should I register with HMRC?
Thank you for your comment Giuseppe. You don’t need to pay Corporation Tax or file another Company Tax Return once you’ve told HMRC your company is dormant unless you receive a further notice to deliver a Company Tax Return. However, you must still file dormant annual accounts and a confirmation statement with Companies House. You can let HMRC know your company is dormant here - www.gov.uk/tell-hmrc-your-company-is-dormant-for-corporation-tax.
First I want thank to you because you always answer my question! I have a other question for register my Company for tax return on HMRC must I create a new account o can I use the Company house account I mean the governament gateway and password Who I used when I incorporate my company with company house
Thanks for getting in touch. I'm afraid we cannot advise on this particular query. We recommend getting in touch with an accountant for professional advice and guidance.
Hi I am UK resident with With overseas citizenship i have investment in my domiciled country what kind of taxes i have to pay to hmrc if i bring that investment to uk. Because i have to pay taxes to domiciled country also That mean i have to pay 2 time taxes or what please enlighten me. Thanks
Great video, I have a concern this is in regards to Directors from countries that are now required to have a visa to enter into the UK after Brexit, this might be an odd question but what type of Visa Directors would need to apply to?
Thank you for your comment. I'm afraid we cannot advise on this. We recommend contacting the Home Office or seeking professional advice from an immigration advisor or lawyer.
Thank you for your advice. Please answer. I live in UK. Want to start amazon FBA(Amzon fulfill order and deliver worldwide), ebay, shopfy, trading and other business model. For those I need a llc(us) or ltd(uk). Soletrade or private account not gonna work. llc(us) no tax for non residence.(I am non residence and I don’t have tax in US). Problem is I need pay taxes in UK If deposit the money from US to uk bank account. So, in that case if I open ltd company (in uk) rather than opening a llc(in us). Am I gona save more money by ltd company in uk. Or doesn’t matter llc or ltd. Both gonna eat my money. Thinking that If I can save some money by paying less taxes.
Thank you for your comment. Although we are able to provide company formation services, we are unable to provide legal or tax advice as we are not regulated. We would recommend contacting an accountant for further assistance.
Please accept our apologies for any inconvenience caused. Kind regards, The 1st Formations Team
@@idefix237 All RUclips channel subscribers will be entered into our Prize Draw on Tuesday 30 April 2024 and have the chance of winning a £100 Amazon voucher. We will send the lucky winners their voucher by email on the day of the draw. Good luck!
What is the right time to register my business for TAX return, if I am not trading and I register my company what happen? I incorporate my company 1 mounth ago and HMRC send to me a activation code for corporation TAX why maybe because I must symply open a account with HMRC?
You will need to register your UK company for Corporation Tax within three months of starting any business activity, which includes:
-buying and selling goods with a view to making a profit
-providing services
-advertising
-renting or buying property for business purposes
employing people
-managing investments
-earning interest
-receiving any other income (apart from payments for shares from the company’s first shareholders)
When a limited company is involved in any such activities, HMRC views it as ‘active’ for Corporation Tax purposes.
If your company is dormant (not trading), you must contact HMRC to let them know. You can also do this online here: www.gov.uk/tell-hmrc-your-company-is-dormant-for-corporation-tax.
Please do note that even with a dormant company, it is still a legal requirement to file your Annual (Dormant) Accounts and your Confirmation Statement with Companies House.
Thank you for this information. Does this mean if I make £5000 profit in the US, I’ll pay tax in US and again pay corporation tax in UK, meaning I will be taxed twice ?
Thank you for getting in touch. If your company is incorporated in the UK, you will pay UK Corporation Tax on all profits generated here and overseas. Ordinarily, you won’t be liable to US corporate taxes unless you trade through a permanent establishment there.
Hi quick question please. If someone rented out their property overseas and received just over €3000 euros during the tax year just gone are they required to do self assessment for this foreign income? Thanks.
This could depend on the specific circumstances, however generally if you are a UK tax resident and you obtain over £1,000 of income from property rental (regardless of whether it is located in the UK or abroad) then this needs to be declared this income to HMRC. You would obtain tax relief in the UK for any tax suffered abroad to avoid "double taxation". This area can be complex and we would recommend seeking the assistance of an accountant with relevant experience.
If I incorporate my company but it's not active for various reasons, do I still have to file a tax return and pay taxes? When should I register with HMRC?
Thank you for your comment Giuseppe. You don’t need to pay Corporation Tax or file another Company Tax Return once you’ve told HMRC your company is dormant unless you receive a further notice to deliver a Company Tax Return.
However, you must still file dormant annual accounts and a confirmation statement with Companies House.
You can let HMRC know your company is dormant here - www.gov.uk/tell-hmrc-your-company-is-dormant-for-corporation-tax.
First I want thank to you because you always answer my question! I have a other question for register my Company for tax return on HMRC must I create a new account o can I use the Company house account I mean the governament gateway and password Who I used when I incorporate my company with company house
Thank you for your kind enquiry. You must inform HMRC by calling the following number: +44 300 200 3410. Let us know if this was of use
How does it work for a UK holding company with a foreign subsidiary?
Good video btw.
Thanks for getting in touch. I'm afraid we cannot advise on this particular query. We recommend getting in touch with an accountant for professional advice and guidance.
Hi I am UK resident with With overseas citizenship i have investment in my domiciled country what kind of taxes i have to pay to hmrc if i bring that investment to uk.
Because i have to pay taxes to domiciled country also
That mean i have to pay 2 time taxes or what please enlighten me.
Thanks
Great video, I have a concern this is in regards to Directors from countries that are now required to have a visa to enter into the UK after Brexit, this might be an odd question but what type of Visa Directors would need to apply to?
Thank you for your comment. I'm afraid we cannot advise on this. We recommend contacting the Home Office or seeking professional advice from an immigration advisor or lawyer.
www.gov.uk/find-an-immigration-adviser
Thanks for the great video
Thank you for your kind comment. Did you learn something new?
The I dint understand half of it.
We're sorry to hear you struggled to follow the video. Let us know if you have any questions and we'll be happy to help!
Very useful video
We're glad you found the video helpful, John. Is there a topic you'd like us to cover next?
Thanks for sharing this
Thank you for your kind comment. What would you like to see in our next video?
Thank you, this was very informative
We're glad you liked the video! What would you like us to cover next?
Incredibly useful content, 1st Formations have been remarkably helpful to me and my company!
Thank you for your kind comment, Sean. We're glad you found the video useful! Is there a topic you'd like us to cover in our next video?
Thank you for your advice.
Please answer.
I live in UK. Want to start amazon FBA(Amzon fulfill order and deliver worldwide), ebay, shopfy, trading and other business model.
For those I need a llc(us) or ltd(uk). Soletrade or private account not gonna work.
llc(us) no tax for non residence.(I am non residence and I don’t have tax in US).
Problem is I need pay taxes in UK If deposit the money from US to uk bank account.
So, in that case if I open ltd company (in uk) rather than opening a llc(in us). Am I gona save more money by ltd company in uk.
Or doesn’t matter llc or ltd. Both gonna eat my money. Thinking that If I can save some money by paying less taxes.
Thank you for your comment. Although we are able to provide company formation services, we are unable to provide legal or tax advice as we are not regulated. We would recommend contacting an accountant for further assistance.
Please accept our apologies for any inconvenience caused.
Kind regards,
The 1st Formations Team
@@1stformations Thanks.
No need apology. You good, Thank you for your reply.
👍👍
Thank you for leaving a comment. We're glad you liked the video!
Great information
Thank you for your kind message! Have you checked out any of our other videos?
Thank you For shedding more light, your services are just exceptional!
We're glad you liked the video! How long have you had a limited company for?
I hate taxes lol
Excellent content. It gave me better understanding with the tax income with overseas businesses.
We're glad you found the video useful, Paulina! Do you or your limited company earn foreign income?
Nice
Thank you for your kind comment. We're glad you enjoyed the video! Have you checked out any of our other videos?
I hate taxes too
Tax can be a challenging subject! Have you got a limited company?
Yea i have... Do i win the amazon voucher?
@@idefix237 All RUclips channel subscribers will be entered into our Prize Draw on Tuesday 30 April 2024 and have the chance of winning a £100 Amazon voucher. We will send the lucky winners their voucher by email on the day of the draw. Good luck!
Very useful information. Appreciate the help and support Ist Formations have provided me for my company. Highly recommend!
Thank you for your amazing comment! We're so glad we've been able to help. What would you like to see in our next video?
Shipping Jurisdiction UK & overseas
@@eternalgrowth360 I will share this with our content team. Thank you!
Useful information, thanks
We're glad you found the video helpful, Ling! Are you or your limited company earning foreign income?
Thank you for info. Nice
Thank you! Did you learn something new?
Thank you
Thank you for your kind comment. Have you checked out any of other videos?
Good stuff
We're glad you liked the video. Have you checked out any of our other videos?
Thanks
We're glad you liked the video Affnana! Did you learn something new?
Thanks.
You're welcome! Have you checked out any of our other videos?
Thanks for that infırmation