Thanks to its economy, the United Kingdom is advantageous for doing business and setting up a company. One of the benefits of starting a business in the UK is that its geographical location facilitates doing business and makes forming a company more favorable, attracting the attention of investors.
Moreover, criteria such as having many platforms like PayPal, Stripe, and other global marketplaces, VAT exemptions, the low rates of income tax, the easiness of establishing and closing a company, and the opportunity for company formation remotely make the UK the most optimal country in this regard.
In this blog post, we have explored the benefits of setting up a business in the UK and the things you should know before setting up a company in the UK.
Payment Agencies
Receiving payments from abroad is quite challenging in some countries. However, it will become a lot easier to have a PayPal account with the details and address information of the company you will establish in the UK. You can also integrate your UK company with many payment methods such as Stripe, Alipay, Apple Pay, and SOFORT.
Tax Rates
When you set up your business in the UK, you can benefit from the advantages of customs and taxation in the European e-commerce market led by the UK. Moreover, you can perform e-export with 19% annual income tax without being subject to VAT if your turnover is not more than 85,000 GBP.
Bank Account
After establishing your business in the UK, you can set up a business bank account in the UK through Wise or Revolut by providing your company details.
Accountancy Support
When you start your business in the UK, your accountancy and taxation procedures are initiated. Just like in any other country, tax-related issues are of great importance in the UK as well. You are obliged to follow your accounting-related proceedings and perform your VAT transactions and declaration processes. At this stage, it will simplify your work to get a service from accountancy providers that will constantly be in touch with you, declare the tax returns of your established company during the accounting periods, and follow all of your accounting-related proceedings.
Having an accountancy provider is highly important for you to fully follow the proceedings and understand the process. If you wish, you can conduct all of these proceedings through professional accountancy companies that are local to the UK, have provided services for many years, and are registered on Workhy. Accountancy companies registered on Workhy support you in every way and perform all of your tax-related and accounting-related proceedings. Thus, all of your accounting-related proceedings are carried out while you focus on your business.
Logistical Benefits
By establishing your business in the UK, you can take your e-exporting journey to a cross-border e-commerce level with the e-commerce systems that offer the management of the warehouse, logistics, orders, and customers in Europe, provide economic gain, and save time. Thus, you can grow your business by making savings on your logistics costs.
Other Benefits
With the advantages offered by Workhy, you can close sales in global and large-scale marketplaces such as Amazon or Zalando by setting up a business in London, the financial hub, and in the UK, one of the most prestigious e-commerce countries.
Start your business in the UK with Workhy
With Workhy, you can start your business in the UK by making an application from wherever you are. Moreover, you can stay in touch with your customers and service providers via your local address in the UK by benefiting from our yearly business address service. You can fill in the application form by clicking this link to set up your company in the UK with all its advantages and carry out all your accounting-related processes via Workhy.
