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TaxAssist, Accountant
Category: UK Tax
Satisfied Customers: 3
Experience:  More than 15yrs as a CPA and managing multiple companies at the same time
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I am planning to set up a Import Export Company Incorporated

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I am planning to set up a Import Export Company Incorporated and based in the United Kingdom and paying taxes in the UK.

I need advice on the following areas.

(a) VAT implications,
(b) Company setup and how and what records are needed to be maintained.
(c) What are the benefits that can be derived from this business. (Benefits in kind etc)
(d) What are key risk areas where you will need to be very careful.
You will need at least one person to be the Director of the limited company. If that person is not UK resident, it will be virtually impossible to open a bank account for the company. In order to answer your queries more fully, kindly provide more information about your circumstances. Regards.
Customer: replied 3 years ago.



Yes the Director is British Citizen and is based in the United Kingdom.


Please advice me what information is required by your kind self.

a) VAT registration has a turnover limit after which it is compulsory, you will be able to claim input tax from expenses. Cross border transactions will probably be zero rated but you will also need to think about import duty on good brought into UK.
b) Incorporation can be done quite cheaply online that supply a company register already filled out. You notify changes to those details only when they happen and report them via the company Annual Return to Companies House (also online).
c) "Benefits in kind" are counted as employment income and incur employers national insurance, is that what you mean?
d) Risk area would be market value of goods at the point of sale, it's very easy to mis-judge costs in moving products to where they're needed and then not get the required sales price thus changing an activity into a loss.
HTH, regards
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