As accountants, we believe it is important that our clients receive fast, accurate and precise answers to their questions. We have put together a list of frequently asked questions so that they can be found in one place.

Frequently Asked Questions

How long does it take to set up a company?

It usually takes 72 hours to complete the company formation questionnaire, send identification documents and receive confirmation of payment of the administration fee.

How much does it cost to set up a company?

The fee for company formation ranges from £84 to £120 depending on the services provided.

What documents are required to incorporate a company?

All directors, secretaries, and shareholders must be identified under the Anti-Money Laundering Regulations.

For a face-to-face meeting, you will need an ID and proof of address. If you are not able to meet in person, you will need 2 photo identification documents (ID card, driving licence or passport) and 2 proofs of address (address card, utility bill, UK driving licence or bank account statement).

What is the minimum share capital required to incorporate a company?

A single person company can be formed with as little as £1 of registered capital.

Is it possible to incorporate a company online?

Yes. You do not need to be present in person to incorporate a company. The formalities of incorporation is also a fully automated, online process.

Do I need to open an UK bank account after incorporation?

For and LTD, a business bank account registered in the name of the company is mandatory, but the bank account can be opened in Hungary or in another country.

For VAT registered companies, HMRC will only refund VAT to a sterling bank account.

Do I need to appear in person when opening a bank account?

The easiest way to open a UK business bank account is for a UK resident director, who will need to provide proof of their identity.

For non-resident managers, a business plan is also required, but this varies from bank to bank. The business account manager of your current bank can provide you with more specific information on this.

What tax returns do I need to file for an LTD?

All active companies are required to file a corporate tax return and annual accounts after each financial year.

Once a year a confirmation statement to Companies House.

For VAT registered companies, usually a quarterly VAT return.

What tax returns are required for a dormant company?

Once a year a confirmation statement to Companies House.

All dormant companies are required to file annual accounts after each financial year.

How can I become self-employed in England?

As a sole trader you must have a UK address and NI (National Insurance) number, only one registration with HMRC is required.

What is the minimum wage in England?

The current minimum wage is £9.50 per hour. This is the amount that all full-time and part-time employees aged 23 or over will receive. For under 23s it is £9.18 per hour, for under 20s £6.83 per hour, and for under 18s it is £4.81 per hour.

What contributions are deducted from my salary?

For the tax year of 2022/2023, the tax-free annual income is £12 570,
over £12 570 the personal income tax is 20%,
over £50 270 it is 40%,
over £150 000, 45% is payable as personal income tax.
If the employee’s monthly salary is equal to or less than £1 048, it is exempt from National Insurance,
above the £1 048, 12% NI is deducted.

Auto Enrolment

What is Auto Enrolment and why do I have to take part?
Auto Enrolment is the compulsory joining of a private pension scheme with a staging date from which the employer has statutory obligations to its employees.

If only the director is registered in the company, is joining compulsory?
No, the director can decide whether or not to join.

Can a compulsorily enrolled employee opt out?
He/she has 1 month after joining to do so.

How do I pay the contribution?
The pension fund will deduct it from the company’s bank account by direct debit on a monthly basis.

What happens if the employee leaves the scheme?
In this case, the employee’s membership of the fund will also be terminated and he/she can transfer the accumulated contributions to the private pension fund of his/her new employer.

When is the earliest I can access my savings?

At the age of 55.

Can I take a break of my membership?


As a company, when can I rejoin?
Every three years from the original joining date.

Can I pay more contributions?
Yes, it is possible to increase both the employee’s and the employer’s contributions.


How do I acquire UK pension rights?

From April 2016, a new pension law came into force, the UK state pension was introduced, amounting to GBP 185.15 per week. To receive any amount of pension in England, you need a minimum of 10 years of pension qualifying years. To qualify for the full amount, you need 35 years of service.

The specific amount relevant to each individual is determined on the basis of their National Insurance record, so it is important that you have all the documents to prove your years of work.

Our accounting team

Ildikó Mokran

Owner, Managing Director

Csilla Fekete

Owner, Head of Office

Andrea Steele-Krajcsi


Mária Kempf-Bereczki


Andrea Sóki

general administrator & payroll manager