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Tax System in the UK

Provided that profits do not exceed £300,000, tax on company profits in the UK is 21% (20% if the company was set up after 20th April 2011).

If profits are greater than £1'500'000, the rate of tax is 28% (or 26% if the company was registered after 20th April 2011).

If profits lie between £300,000 and £1,500,000, the rate of tax will be between 21% and 28% as shown in the following example : sample

A VAT number can be obtained in two weeks (UK bank account required). A VAT number is granted by the UK tax authorities; SFM cannot give any guarantee that it will be granted .VAT rate is of 20% as of 4th April, 2011 (previously 17.5%). VAT becomes mandatory only if the company’s turnover exceeds £77,000 within the last 12 months of operation.

When is it necessary to send in a tax declaration to the tax authorities?

Within nine months after the anniversary of the company.

Example: If the company was registered on 14th September 2010, there will be a nine-month period from 14th September 2011 for preparing and submitting the tax declaration. SFM will be able to contact you at the appropriate time to request the necessary accounting documents from you.

UK Accounting Price Sheet

The following price sheet includes the following services:
  • bookeeping;
  • balance sheet;
  • financial statement;
  • tax calculation; and
  • tax filing with authorities.
Transaction / Entry Price
1 - 25 £ 1,500
25 - 75 £ 1,950
75 - 150 £ 2,500
150 - 300 £ 2,950
+ 300 Upon request
Dormant Account
Company had no activity since incorporation (ie. no bank movement, no supplier invoices, no client invoicing).
£ 350
Non-Trading Account
Company had no financial activity in the 'last financial year' but had an activity in any prior periods.
£ 750
VAT declarations & ECSL returns Price
UK quarterly VAT declarations £ 200 per quarterly return
UK VAT declaration for 'Dormant' or ‘Non-Trading’ £ 90 per quarterly return
UK EC Sales list declarations (ECSL) £ 90 per quarterly return