Company structure in England
Legal basis - Common law
Legal framework - UK Companies Act 1985, amended in 1985 and 2006
Company form - Private company limited by shares (Ltd)
Responsibility - The shareholders' liability for the company is limited to the amount of their respective shareholdings.
Share capital - The minimum paid-up share capital for a limited liability company is 1 GBP. There is no concept of authorized share capital in the company law. Share capital can be denominated in any currency and different classes of shares may be denominated in different currencies.
The shares can be issued in registered form, in preferred form and in shares with or without voting rights. Redeemable shares and bearer share subscription warrants may be issued. Shares without par value are not permitted.
Shareholders - A company limited by shares must have at least one shareholder, who can be a director. There is no maximum number of shareholders. Shareholders can be natural or legal persons, residents or non-residents, without limitation. The identity and personal information of shareholders are made public.
Administrators - A limited liability company must have at least 1 director, who must be a natural person. Company directors are authorized provided that at least 1 director is a natural person. Directors can be residents or non-residents. Details of directors are publicly available.
Directors of publicly traded companies must meet certain requirements, including, in certain circumstances, the obligation to be independent (i.e. not having a material relationship with the company or its management).
Secretary - The company can appoint a secretary, but this is not compulsory.
Registered address - The address of the registered office of the company A Ltd. is where official communications will be sent, for example letters from Companies House. The address must be a physical address in the UK and in the same country in which the company is registered, for example a company registered in Scotland must have a registered office address in Scotland.
A limited liability company can use a PO box but must include a physical address and postal code. This can be a personal address or the address of the person who will run the business. The company's address will be publicly available on the online register.
General assembly - Annual general meetings are not compulsory. If they do, they can be held anywhere and electronically or by proxy.
Electronic signature - authorized.
Re-domiciliation - Maintaining a foreign entity in the UK is permitted, subject to approval by Companies House.
Conformity - The company must keep records on the company itself, financial and accounting records and supporting documents, which must be kept for 6 years. The registers must be kept at the head office.
All UK businesses must file an annual return with their accounts with the publicly available Companies House and an income tax return with HM Revenue & Customs. Companies must appoint an auditor and file their audited accounts. A company can benefit from an audit exemption if it has at least 2 of the following:
Annual turnover not exceeding £ 10.2 million; assets of a value not exceeding £ 5.1 million; 50 employees or less on average.
Key Figures of Companies in England
|Official name||United Kingdom of Great Britain and Northern Ireland|
|Proper noun||United Kingdom|
|Subcontinent||Europe (outside the European Union)|
|Population||66,465,641 inhabitants (2018)|
|Population growth||0.64 % / year|
|Density||274.03 inhabitants / km²|
|GDP||2,825.208 billion $USD (2018)|
|GDP / capita||42,491 $USD (2018)|
|GDP growth||1.40 % / year (2018)|
|Life expectancy||81.20 years (2018)|
|Birth-rate||‰ 12.00 (2014)|
|Fertility rate||1.83 children / woman (2014)|
|Mortality rate||8.80 ‰ (2014)|
|Child mortality rate||3.50 ‰ (2015)|
|Literacy rate||100,00 % (2018)|
|Official languages||English (de facto)|
|Change||Pound sterling (£ GBP)|
|HDI||0,920 / 1 (2018)|
|Nature of State||Constitutional monarchy, parliamentary system|
|Head of state||Queen Elizabeth II; Prime Minister Boris Johnson|
|National Holiday||No national holiday, but the Queen's birth day, April 21, 1926|
|Codes ISO||GB, GBR|
|Tourists||37,651,000 people (2017)|
United Kingdom leaves the European Union
The United Kingdom is a country in Western Europe whose territory includes the island of Great Britain and the northern part of the island ofIreland, a country with which it has a border, as well as many small islands around the archipelago. It is located in front of the France, accessible by the Channel Tunnel, from the Belgium and Netherlands. It is made up of four constituent nations: England, Scotland, Wales and Northern Ireland.
After years during which the entire country began to decline demographically, the recovery has started since 2000. Immigration is now the main driver of this demographic growth, which reaches 0.65 % per year on average (2017) , particularly from Eastern European countries.
And recently, the birth rate has also picked up in the UK, although global aging remains inevitable for decades to come. In 2017, it exceeded 66 million inhabitants for the first time. However, Brexit is likely to upset this new pattern, and will certainly curb immigration, from the European Union at least. Many Europeans in the UK are also at risk of leaving the country in the years to come because of the Brexit vote.
A country underdeveloped during the 1980s and 1990s due to Margaret Thatcher's relentless austerity policies, and which saw millions of people fall into poverty, the UK is experiencing a second wind today , which propels him to countries with the highest level of wealth in Europe. It has indeed converted its industrial economy into a dynamic economy based on services, particularly finance. A reconversion which accentuated inequalities.
Since the vote for Brexit and the country's exit from the European Union on January 31, 2020, the outlook for the future has darkened a bit.
An important power within Europe, the United Kingdom still dreams of regaining its status as a great world power. But with the arrival in force of the Asian giants, it is an impossible bet to take in the long term.
Corporate Taxation in the United Kingdom
Corporate tax rate (IS)
|Global CIT rate (%)||19|
Corporate tax (IS) due dates
|CIT return deadline||The income tax return must be filed within one year of the end of the accounting period.|
|CIT final payment due date||Varies depending on the size of the company making the payment. See UK Company Summary for more information.|
|Estimated due dates for CIT payments||Varies depending on the size of the company making the payment. See UK Company Summary for more information.|
Personal income tax rate (PPI)
|Global PIT rate (%)||45|
Personal income tax (PIT) due dates
|PIT return due date||January 31 following the end of the tax year.|
|IRP final payment due date||January 31 following the end of the tax year.|
|Estimated PIT Payment Due Dates||Two payments, January 31 of the tax year and July 31 following the tax year.|
Value added tax (VAT) rate
|Standard VAT rate (%)||20|
Withholding tax rate (WHT)
|WHT rate (%) (Div / Int / Roy)||Resident: 0/20/20;
Capital gains tax rate (CGT)
|Corporate capital gains tax rate (%)||Capital gains are subject to the normal corporate tax rate.|
|Tax rate for individual capital gains (%)||See the UK personal income tax summary for capital gain rates.|
Wealth / Equity Tax Rate
|Global wealth / equity tax rate (%)||N / A|
Rate of inheritance and gift tax
|Rate of inheritance tax (%)||NP|
|Gift tax rate (%)||NP|