After British companies are registered, they need to go through relevant maintenance work every year-annual review and tax return. In addition, if the annual review and tax returns are not conducted on schedule, the government will also impose penalties on the company.
1. Annual review
The annual review of British companies means that the latest AR01 is filed every 12 months after the company is incorporated to go through the annual review procedures of the company. Pay the British company registration fee for the current year to the British Companies Registry, update and confirm the British company registration information, obtain annual inspection certificates, and ensure the legitimacy of the British company.
2. Tax return
British companies need to apply for tax returns based on their actual business conditions:
(1) No local activities in the UK
According to the British Companies Act, as long as British companies are not conducting business activities in the UK, they can declare as dormant companies, and dormant companies are not required to pay taxes.
Financial reports of dormant British companies need to be submitted once a year, and the latest submission date is 9 months after the end of the fiscal year. If a British company fails to complete the annual review on schedule and expires for 3 to 6 months, the company will be forcibly cancelled.
(2) There is actual operation in the UK
After a British company is successfully registered, if the company needs to actually operate in the UK or has any business behavior, it must file a tax return to the UK Internal Revenue Service.
From the time of successful registration of a British company, income and expenditure records and bookkeeping receipts must be maintained every month, and declarations must be made at least once every three months. Companies with an annual operating amount of more than £ 60,000 must apply for a value-added tax number, and annual profits exceeding £ 60,000 must pay income tax.
