Legal services and protection offered to businesses in United Kingdom - COREDO

Legal services and protection offered to businesses in United Kingdom

The United Kingdom (UK) has always been one of the best countries for doing business. This jurisdiction is considered very prestigious for businessmen, and it has a good reputation. Great Britain is one of the world’s leading financial centres, and the Kingdom takes 7th place in the World Bank’s Ease of Doing Business ranking. At the same time, however, many legal subtleties must be considered both when starting a company and in its further operations. That is why many entrepreneurs prefer to hire a professional lawyer or outsource the legal support of a business to a specialised company.


The main challenges for many businessmen are getting used to an unfamiliar bureaucratic system, conducting all business in English, and getting used to British leisurely pace and meticulousness. There are also some nuances in taxation and reporting.


The English tax system is considered one of the most convenient for doing business in Europe. However, in some aspects, tax laws are tricky. Let us start with Corporate Tax. The government sets the corporate tax rate for each fiscal year (starting April 1st). The minimum fixed rate is 19%, nevertheless, it may be reduced for some companies. These are, for instance, legal entities using patents, research companies, and firms operating in the creative field. British companies also have to pay VAT, income tax, and tax on dividends received in British territory. The VAT rate depends on the type of activity. Taxation of companies registered by non-residents also has significant features.


Certain activities in the UK require a licence, including businesses related to alcohol, medicines, financial services, construction, gambling, animals, some products, and more. Licensing is handled by different agencies: small businesses can often obtain the required licence from local governments, the Financial Conduct Authority (FCA) handles financial licences, etc. Licence fees can range from £100 to £1,905.


All companies are required to prepare an annual financial report that reflects their activities throughout the year. The reporting period can be shortened, however, there are some restrictions on extending it. Limited liability companies must submit financial statements to Companies House and tax authorities. Tax computations (tax calculations) must also be submitted to the tax service. Some companies may be eligible to provide “abbreviated accounts”. Late filing of the reports leads to fines.


The need for legal services may arise at different stages of doing business. To be sure of the timeliness and high professionalism of assistance, it is advisable to use the comprehensive legal support from COREDO. Our experts can help to:

  • register a company in the UK;
  • handle taxation and accounting;
  • carry out financial, tax, and legal due diligence;
  • prepare any legal documentation;
  • represent business interests when interacting with regulatory authorities and courts;
  • review contracts and other documents, etc.

We will take care of all legal issues so that our clients can conduct business safely!


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