4 ms·

I have no problem with them being strict as long as it's not very difficult or expensive to comply. Is this the case? I don't suppose IRS or any other authorit

by strls 11y ago

I have no problem with them being strict as long as it's not very difficult or expensive to comply. Is this the case? I don't suppose IRS or any other authority is particularly casual either. Thank you for mentioning the VAT issues. I've read about that, and as I understand, there's a bunch of services for dealing with VAT collection. Some payment solutions presumably even handle it for you.

pjc50 11y ago
(Experience: I have been a director for a tiny UK "company limited by guarantee", which is a funny-shaped nonprofit organisation.) It's not at all difficult or expensive to comply if you're a small business; the whole thing is pretty streamlined. You need to file accounts, but for a small turnover you can file "simplified" accounts which are just two tables. There is one subtlety - you can't be a limited company by yourself. The minimum is one director and one "secretary", but you can get company-secretary-as-a-service. VAT is a separate issue - you have to deal with it regardless of whether you're a company or sole trader, if your turnover is high enough or you're selling digital goods (VATMOSS disaster). Background info: https://www.gov.uk/topic/company-registration-filing/starting-company https://www.gov.uk/topic/company-registration-filing/startin... e.g. These people offer a full package for £70, which if your time is at all valuable is a good deal: https://www.rapidformations.co.uk/package/all-inclusive-package/ https://www.rapidformations.co.uk/package/all-inclusive-pack... - what UK taxes do you owe as a non-EU resident member of a UK company on salary (besides the obvious 20% of company income) http://www.hmrc.gov.uk/manuals/rdrmmanual/rdrm10425.htm http://www.hmrc.gov.uk/manuals/rdrmmanual/rdrm10425.htm : implies you don't have to pay UK income tax, which makes sense. You'd have to pay your local income tax instead. I'm not sure how this applies to national insurance (what Americans call "social security"). - can you deduct your salary from company's taxable income? Yes, companies are taxed on profit not turnover.
- UK-AL 11y ago
  The company secretary and director can be the same person. It used to be the case they had to be separate, however they changed it several years back. Now 1 person can run a company.
  - pjc50 11y ago
    Ah, you're right - it changed in 2009 as a result of the 2006 act (which otherwise made a whole bunch of things more complicated).
ams6110 11y ago
The IRS is actually fairly forgiving about honest mistakes, in my experience. Fraud is another matter of course.

by strls 11y ago

pjc50 11y ago

(Experience: I have been a director for a tiny UK "company limited by guarantee", which is a funny-shaped nonprofit organisation.) It's not at all difficult or expensive to comply if you're a small business; the whole thing is pretty streamlined. You need to file accounts, but for a small turnover you can file "simplified" accounts which are just two tables. There is one subtlety - you can't be a limited company by yourself. The minimum is one director and one "secretary", but you can get company-secretary-as-a-service. VAT is a separate issue - you have to deal with it regardless of whether you're a company or sole trader, if your turnover is high enough or you're selling digital goods (VATMOSS disaster). Background info: https://www.gov.uk/topic/company-registration-filing/starting-company https://www.gov.uk/topic/company-registration-filing/startin... e.g. These people offer a full package for £70, which if your time is at all valuable is a good deal: https://www.rapidformations.co.uk/package/all-inclusive-package/ https://www.rapidformations.co.uk/package/all-inclusive-pack... - what UK taxes do you owe as a non-EU resident member of a UK company on salary (besides the obvious 20% of company income) http://www.hmrc.gov.uk/manuals/rdrmmanual/rdrm10425.htm http://www.hmrc.gov.uk/manuals/rdrmmanual/rdrm10425.htm : implies you don't have to pay UK income tax, which makes sense. You'd have to pay your local income tax instead. I'm not sure how this applies to national insurance (what Americans call "social security"). - can you deduct your salary from company's taxable income? Yes, companies are taxed on profit not turnover.

UK-AL 11y ago
The company secretary and director can be the same person. It used to be the case they had to be separate, however they changed it several years back. Now 1 person can run a company.
- pjc50 11y ago
  Ah, you're right - it changed in 2009 as a result of the 2006 act (which otherwise made a whole bunch of things more complicated).

ams6110 11y ago

The IRS is actually fairly forgiving about honest mistakes, in my experience. Fraud is another matter of course.