Any entrepreneur looking to manage their own business in the UK, but isn’t a resident or citizen, can still look forward to making their dream come true. Regardless of where your home country is and what passport you have, you can put up a business, given that you hold a physical address in the UK, to ensure you receive official posts. Here is a quick Guideline about How to start a business in the UK as being non-UK resident.
If you don’t have the luxury to own a home in the UK, you can consider other ways to push through with your business. You can opt to rent a flat, provide your family member’s or friend’s address, or even use a virtual office address.
Once you settle any potential issues with your address, you may begin your business and eventually think of hiring an accountant in London to sort your finances. Keep reading below to find out what it takes to start a business as a non-UK resident or citizen.
What Are the Restrictions for Non-UK Resident Business Owners?
Just because you want to open a business in the UK, it doesn’t mean you can start working without a permit, especially if you live in a country that requires you to obtain a working visa. You will still need to acquire the necessary license to establish your company in the UK legally.
If you lived in the EU and wanted to own a business or live in the UK before Brexit, you would have had a much easier time making it happen. However, due to the changes commencing on June 30, 2021, you will have to undergo stricter guidelines.
Will a Non-UK Resident Need a Bank Account in the UK for Your Business?
As a non-resident of the UK, you are not obliged to open a bank account for your business. However, a cheap small business accountant you hire to oversee your finances will ultimately advise you to set one up for better accounting handling purposes.
When you make up your mind and apply for a bank account for your business, then you will have an easier time looking after your savings and transactions. You can even acquire GBP through online transfers using platforms like TransferWise or Revolut.
How Do Non-Residents of the UK Manage Their Company’s Taxes?
If you are a business owner and you aren’t a resident or citizen of the UK, you will still have to address taxes on behalf of your company. As a foreigner, you do not have a personal allowance, but that can change if you have a working visa.
The country you live in plays a significant role in determining how much tax you will have to face once you establish your business in the UK. It’s also due to the various tax treaties implemented for each country. To ensure you won’t have any trouble managing your taxes and meeting deadlines, you should hire a cheap contractor accountant to assist you with your company’s finances down the line.
For entrepreneurs interested in starting a business in the UK yet aren’t residents or citizens, you should first guarantee you have a registered address for official correspondence reasons. You should consider opening a bank account for easier accounting and need to be familiar with the taxes you will face. If you want to make things less complicated, you can get affordable accounting help, so you can focus on running your business while an accountant works on your taxes for you.
Are you looking for cheap accountants for self-employed businesses in London? Cheap Accountants in London offers personalized accounting and taxation services to small and medium-sized companies, including corporate tax, auditing, landlord tax returns, and so on. Get in touch with us today to receive a quote!