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Wow, are tax regulations simple enough in the UK that you can reasonably do your taxes yourself for a simple Ltd? I'd love to see that in my native Belgium!

by markvdb 12y ago

lvh 12y ago
They most definitely are, although I've never really seen the problem with taxation requirements for BVBAs or even NVs myself. (BVBAs are roughly Belgium's idea of Ltds, NVs are public companies.)
michaelt 12y ago
A lot of company regulation in the UK is tiered - there are 'micro', 'small', 'medium' and 'large' categories which need different accounts and auditing, sales thresholds below which you don't need to register for VAT and things like that. The idea being to make it easy to start a company. However, if you want your income from the business to be counted as your income for purposes of a loan or mortgage, you'll have a much easier time if an accountant can certify that the business really exists! And for a small business you can get the accounts done for £200-300 a year, so I doubt many people do their own :)
walshemj 12y ago
yep takes around a week for a full LTD when my Father set up his consultancy the main concern of HMRC was that he could do the complex task of calculating VAT (sales tax) correctly. BTW I am being ironic it is not that hard to calculate 17.5%
- andy_ppp 12y ago
  20% VAT now but there's the flat rate scheme and other complexities to consider...
simbolo 12y ago
Yes I believe doing tax/accounts yourself is simple if your tax affairs are simple. All the online book keeping software nowdays is quite sophisticated. I just have to type in what I bought or sold. The VAT I pay each quarter is just a sum of the VAT I typed in on entry. So generating and submitting the VAT return is literally just one click. End of year tax is just the difference been costs and sales (profit). In the UK, HMRC, provide you this PDF form where you input the total sales etc, they calculate the tax for you. So it really is just form filling. I believe being a native Belgium there is nothing stoping you from forming a UK company, nor taking it's profits back to Belgium?

Wow, are tax regulations simple enough in the UK that you can reasonably do your taxes yourself for a simple Ltd? I'd love to see that in my native Belgium!

by markvdb 12y ago

Wow, are tax regulations simple enough in the UK that you can reasonably do your taxes yourself for a simple Ltd? I'd love to see that in my native Belgium!

lvh 12y ago

They most definitely are, although I've never really seen the problem with taxation requirements for BVBAs or even NVs myself. (BVBAs are roughly Belgium's idea of Ltds, NVs are public companies.)

michaelt 12y ago

A lot of company regulation in the UK is tiered - there are 'micro', 'small', 'medium' and 'large' categories which need different accounts and auditing, sales thresholds below which you don't need to register for VAT and things like that. The idea being to make it easy to start a company. However, if you want your income from the business to be counted as your income for purposes of a loan or mortgage, you'll have a much easier time if an accountant can certify that the business really exists! And for a small business you can get the accounts done for £200-300 a year, so I doubt many people do their own :)

walshemj 12y ago

yep takes around a week for a full LTD when my Father set up his consultancy the main concern of HMRC was that he could do the complex task of calculating VAT (sales tax) correctly. BTW I am being ironic it is not that hard to calculate 17.5%

andy_ppp 12y ago
20% VAT now but there's the flat rate scheme and other complexities to consider...

simbolo 12y ago

Yes I believe doing tax/accounts yourself is simple if your tax affairs are simple. All the online book keeping software nowdays is quite sophisticated. I just have to type in what I bought or sold. The VAT I pay each quarter is just a sum of the VAT I typed in on entry. So generating and submitting the VAT return is literally just one click. End of year tax is just the difference been costs and sales (profit). In the UK, HMRC, provide you this PDF form where you input the total sales etc, they calculate the tax for you. So it really is just form filling. I believe being a native Belgium there is nothing stoping you from forming a UK company, nor taking it's profits back to Belgium?