uk company no taxes

bugmyday

bugmyday

Regular Member
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hi so i open uk company for wise acc and it almost a year, i have not file any taxes etc but i do have funds in my wise.
company might strike off soon so will the wise acc close down?
 
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bugmyday said:
LTD

no i just use wise acc to buy digital services and some times receive payment stripe, etc
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Thats trading.

You need to file accounts to HMRC and update companies house. Hiring an accountant will probably cost you more, but at least you will get it done correctly and fast. Also, you did keep a receipt of all your money in, and money out, didn't you?
 
Just mentioning the word UK means you are liable for tax.

In all seriousness it appears you are technically "trading", do you have an accountant?
 
If you are UK resident, you should file it anyway.

if you aren't UK resident, you should havd gone with LLP option to be tax free
 
Copax said:
Just mentioning the word UK means you are liable for tax.

In all seriousness it appears you are technically "trading", do you have an accountant?
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no
i just buy and sell services on wise, like marketing etc all digital on forums,
 
KHer0 said:
If you are UK resident, you should file it anyway.

if you aren't UK resident, you should havd gone with LLP option to be tax free
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How is LLP tax free? You have income then you have to file taxes on llp also right?
 
KHer0 said:
If you are UK resident, you should file it anyway.

if you aren't UK resident, you should havd gone with LLP option to be tax free
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Is LLP really better for non UK residents that need a legal entity there?
 
Prodmoistwood said:
Is LLP really better for non UK residents that need a legal entity there?
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"An LLP as an entity isn't taxable, but the members are. So, no Company Tax Return, and no Corporation Tax for an LLP. Instead, the untaxed profits are distributed to its members. They then pay tax on the value of their portion, by completing a Self Assessment tax return."

You're still liable to pay taxes as individual as it seems, but hope that @KHer0 can share how he opened a LLP as sole individual, as it seems you need 2 partners to open one.
 
Setox said:
"An LLP as an entity isn't taxable, but the members are. So, no Company Tax Return, and no Corporation Tax for an LLP. Instead, the untaxed profits are distributed to its members. They then pay tax on the value of their portion, by completing a Self Assessment tax return."

You're still liable to pay taxes as individual as it seems, but hope that @KHer0 can share how he opened a LLP as sole individual, as it seems you need 2 partners to open one.
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You can use another company that you own in your home country as a partner. Or you can use anyone from your friends or family as a dummy partner with 0% share.
 
Setox said:
"An LLP as an entity isn't taxable, but the members are. So, no Company Tax Return, and no Corporation Tax for an LLP. Instead, the untaxed profits are distributed to its members. They then pay tax on the value of their portion, by completing a Self Assessment tax return."

You're still liable to pay taxes as individual as it seems, but hope that @KHer0 can share how he opened a LLP as sole individual, as it seems you need 2 partners to open one.
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I sent my father passport as a partner with no decision and 5% share.

And your company in UK but you are not UK residents. This means, you don't need to pay any tax in UK and you are left to deal with your country/residency.

Opening a company is Easy, getting bank or payment processors approvals is always the hard part. So, make sure your business is clean and you are earning a lot to get anyone to work with you.
 
NirvanaWolf said:
You can use another company that you own in your home country as a partner. Or you can use anyone from your friends or family as a dummy partner with 0% share.
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can i switch to llp from my current 1stformations llimited company package?
 
sscaz said:
can i switch to llp from my current 1stformations llimited company package?
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Cant convert LTD to LLP. You need to dissolve your LTD first and then register a new LLP.
Compliance is easier with LLP. Incomes gets passed on to the partners and since you're non resident alien, you don't owe any taxes. There's still compliance to be done but it's way easier than LTD.
With LTD you'll have to file taxes for your company in the UK.
 
NirvanaWolf said:
Cant convert LTD to LLP. You need to dissolve your LTD first and then register a new LLP.
Compliance is easier with LLP. Incomes gets passed on to the partners and since you're non resident alien, you don't owe any taxes. There's still compliance to be done but it's way easier than LTD.
With LTD you'll have to file taxes for your company in the UK.
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fuck i wish i knew this sooner what to do now, should i open llc and close my ltd that i run for a month or so? Will i have to open new stripe/wise accounts?
 
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