- How long does it take to form a company?
- How much does it cost to form a company?
- What documents are needed for the formation of a company?
- When forming a company, how much is the minimum capital?
- Is it possible to open a company online?
- After starting a company, do I need to open an English bank account?
- When opening a bank account, do I have to appear personally?
- What kind of tax return do I need to submit if my company is an LTD?
- What kind of tax return do I need to submit if my company is a dormant one?
- How can I become a sole trader in England?
- What is the minimum wage in England?
- How much contribution is taken off my wage?
- Auto Enrolment
- How can I get Britain’s pension rights?
- How can I pay national insurance contributions?
- From what age can I retire?
- Where can I check the payment for my pension?
- As a business, how much national insurance do I have to pay to qualify for a state pension?
- Can I pay voluntary national insurance in England?
- Can I pay national insurance retrospectively?
- How much will my pension be in England?
- What is the workplace pension fund?
- Can I pay contribution to a personal account?
- In which country do I need to pay the pension contribution?
1. How long does it take to form a company?
Normally, it is 72 hours after the completion of the needed questionnaire for the formation of the company, sending the documents to identify you and the confirmation of the payment.
2. How much does it cost to form a company?
The cost differs depending on the services from £84 - £120.
3. What documents are needed for the formation of a company?
We need to identify every director and secretary, as well as shareholders for the Anti Money Laundering requirements.
In case of personal meeting, an identification of you is needed with confirmation of your address. If we do not have the chance to meet, we will need two types of picture documents (ID card, driving licence or passport) and two types of address confirmation (address card, utility bill, English driving licence, or bank statements).
4. When forming a company, how much is the minimum capital?
A single person company could start with a capital of £1.
5. Is it possible to open a company online?
Yes. You don’t have to personally attend to form the company. The office administration for the formation of the company is completely automatic, an online process.
6. After starting a company, do I need to open an English bank account?
In case of an LTD, it is compulsory to open a bank account, but this can be in Hungary or in any other country. However, if the company is VAT registered, HMRC will only issue any refunds to a UK bank account.
7. When opening a bank account, do I have to appear personally?
Opening a bank account in England is easiest done by an English resident and so providing personal information is needed. In case of non-resident manager, there needs to be a business plan, however this varies through banks. For more and accurate information, contact the bank’s business manager.
8. What kind of tax return do I need to submit if my company is an LTD?
Every active company needs to give in corporation tax and yearly return after every payable year. Renewal of documents annually at Companies House. Tax registered companies submit tax return, usually quarterly. In the case of Union evaluation, monthly or quarterly EC sales list report.
9. What kind of tax return do I need to submit if my company is a dormant one?
Once every year, you must submit a Confirmation Statement to Companies House.
10. How can I become a sole trader in England?
To be a sole trader, you must have an English address and NI number. Also, there is only one registration needed to HMRC.
11. What is the minimum wage in England?
At the moment, the minimum wage is £8.72/h, as of 6 April 2020. According to the British government, by 2021 they are gradually going to increase the minimum wage to £9/h. This amount is for people who are above the age of 25, in full- or part-time jobs. The minimum wage for ages from 24 and 21 is £8.20/h, from the ages of 20 and 18 is £6.45/h, people to under 18 is £4.55/h and for apprenticeships it is £4.15/h.
12. How much contribution is taken off my wage?
In the tax year of 2020/2021, the tax free income is £12,500. Above £12,500 the person would pay 20%, while above £37,500 the person would pay 40% as personal income tax. The employee’s income is NI free until their monthly payment exceeds £792. If their income exceeds £792, they must pay 12% NI.
13. Auto Enrolment
1. What is Auto Enrolment and why must I participate in it?
Auto Enrolment is a joining to a mandatory pension fund, which has a staging date. From that date onwards, the employer has legal commitments to their employees.
2. If the company only has one director, is it mandatory to join?
No, the director can decide whether they want to join or not.
3. The employee that has been joined to the programme, can they quit?
They have one month after the joining date.
4. How do I pay the contribution?
Monthly. The pension fund deducts the money from the company’s bank account, with a previously agreed date.
5. What happens if the employee’s employment relationship ceases to exist?
In this case, their funding membership also ceases to exist, however the money that is already in the pension fund can be moved to the new employee’s private pension fund.
6. When is the soonest that I can get the money?
At the age of 55.
7. Is there a way to pause the savings?
8. As a company, when can I re-join?
There are possibilities in every three years, according to the date of entry.
9. Can I pay more contribution?
Yes, there is a way to increase the amount paid by the employee and employer.
14. How can I get Britain’s pension rights?
From April 2016, there has been a new pension law - Britain’s State pension, which is the amount of £155.65. In order to get any pension in England, there needs to be confirmation for a minimum of 10 years’ worth of pension rights. To get the full amount, 35 years of working is needed. The National Insurance record decides the accurate amount, which is why it is therefore important to have all of the confirmation documents for all of the working years.
15. How can I pay national insurance contributions?
The employees pay the National Insurance contributions based on their wages, making them eligible for state pension if they reach the appropriate age.
16. From what age can I retire?
The British government is constantly raising the age of retirement, in 2020, the age for both of the genders will be 66 years. However, at the moment the age of retirement is 65 for men born after 6 April 1951 and 65 for women who were born after 6 April 1953.
17. Where can I check the payment for my pension?
18. As a business, how much national insurance do I have to pay to qualify for a state pension?
After paying the weekly minimum of GBP 183, it is enough for the business to count as working time.
19. Can I pay voluntary national insurance in England?
Of course, you can always decide to pay voluntarily, for example, if you would like to raise the amount of money you get per week, you don’t have the years needed or if you have low income and therefore you don’t have to pay National Insurance, but you still want to.
20. Can I pay national insurance retrospectively?
Yes, you can pay back to 6 years. For opportunities, please visit this website:
21. How much will my pension be in England?
22. What is the workplace pension fund?
This is a widely spread system in England, many workplaces have pension schemes. Some of the monthly wage’s percentage is automatically paid in, which is organised by the employer. It’s an effective and liked mode to take care of pensions.
23. Can I pay contribution to a personal account?
If someone pays tax, they can decide to pay in to personal fund. In this case, the state pays in an extra 25% of the already paid amount, which is maximum £40,000/year. If they pay higher tax, they can require a bigger amount of money back from their tax.
24. In which country do I need to pay the pension contribution?
In the country where are you living and working.