UK Guide: Business
Starting a business in a new country is a challenge, as it is everywhere. Find information here about company creation, prospects in the marketplace and tips on how to avoid problems. Get in contact with other people in the forums and post a classified if you are looking for or offering business opportunities.
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Business Structures
Forms of company or business structures in the UK
There are several types of business structure that can be established and the most suitable form will depend on the nature and size of the enterprise. Typically, the most common forms of business likely to be of interest to individuals are the sole trader, partnership and the private limited company.
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UK Business Licensing
Licensing of business activity
Certain types of business require their owner to obtain a licence in order to operate legally; mainly operations relating to the sale of alcohol and tobacco and gambling operations (eg casino or bookmaker). However, other forms of licence are required for individuals operating in certain sectors (for example driving instructors).
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Foreigners in Business
Limitations on foreigners in business in the UK
A work permit is not usually necessary if you are a British citizen, a citizen of an European Union (EU), EEA (European Economic Area) country or a Swiss national. Citizens of countries that joined the EU in 2004 may not have the automatic right to work in the UK.
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Taxes in the UK
Value Added Tax (VAT)
VAT is charged on most goods and services. VAT can only be charged or reclaimed by a VAT-registered business or individual. VAT is charged on certain goods or services sold (output tax) and can be claimed back on VAT paid on goods or services purchased (input tax).
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Taxation
UK Individual Business Capital Gains Tax (CGT)
The Capital Gains Tax rate for individuals until June 2010 was generally 18%, although a 10% rate applied to the first GBP2m (over the taxpayer’s lifetime) in gains; claims could be made more than once up to the lifetime limit. Prior to the 2010-11 budget, the threshold was lower still, at GBP1m.
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