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By miguel-ingles
- In Uncategorized
The UK attracts companies from all over the world due to the existing trade agreements with international markets and the low tax rates. However, before deciding whether to start a business in this country, it is essential to investigate about the fees that the directors must pay during the formation process of the company. Therefore, in this article I will explain the costs of registering a company in the UK.
Which are the Costs of Registering a Company in the UK?
Before discussing the costs of registering a company in the United Kingdom, you should take into consideration that only the corporations with certain types of legal structures have to register with the Companies House. In this way, public and private limited companies and limited liability partnerships will be obliged to register with Companies House, while sole traders and partnerships will be exempt.
There will be two ways to complete the registration process: online or by post. The internet option will cost 50 GBP and that for messaging, 71 GBP. In addition, while the digital process can be finished in less than 24 hours, the physical process can be extended up to 10 days. Therefore, it is best, wherever possible, to complete an enterprise’s registration in the United Kingdom telematically.
Although the process is simpler and more agile than in other neighbouring countries, there are companies that decide to hire the services of experts. Their tasks focus on advising the corporation during the procedure and drafting key documents. Their rates vary between 100 and 1000 GBP.
Other Costs of Managing a Company in the UK
Web Services
If the business wants to have its own website, it will be necessary to buy certain services. In the first place, the corporation will need a tool to build the website. There are several options on the market, such as WordPress or Wix. Depending on the option that it selects, the prices can range from 4 GBP to thousands of pounds. However, these latest plans are designed for large companies.
In the second place, it is necessary to have a domain and a web hosting. The price of domains can fluctuate between 20 and 50 GBP per year. On the other hand, web hosting rates will depend on the type of server you choose. There are several options: a shared server, your own or cloud storage. Their rates vary between 5 and 100 GBP per month.
Finally, it will be essential to invest money in marketing to make the company recognisable to the public and to advertise the products and services it offers. There are no fixed marketing and advertising prices. This is because they will depend on the sales strategy, the scope or the budget available, among other factors.
Registered Office
The Companies House requires businesses to establish a physical registered office in British territory that is accessible for the delivery of official documents. There are companies that offer registered addresses in the British country that, once they receive the messages from official bodies, will send them to the directors to any country. The prices of these services may vary between 15 and 150 GBP per year.
Accounting Services
Some companies, especially those with larger entities or those with more complex business activities, hire the services of accounting or legal experts. They can take care of different tasks or give advice to a business on certain issues such as.
- Submitting the annual accounts to the Companies House. Their rates vary depending on the annual turnover of the company.
- Filing the annual Corporation Tax each year or the VAT return quarterly to His Majesty’s Revenue and Customs (HMRC).
- Presenting the payroll to the employees of the company.
- Drafting of legal documents.
- Conducting studies on the financial health of the corporation. They will find out how to improve its economy or how to reduce expenses. Additionally, they can even indicate possible uncovered market niches to which the business can expand to.
In ukstartcompany, you will find information about how to establish, register and operate companies with different legal structures and business activities in UK.