Limited Company


P

Pawel

Halo everybody,
My friend in Poland wants to set up Ltd in UK and open Registered Office
(branch) in Poland. Under Polish law Ltd branch in Poland have to make
full accounting and it will deal with Polish Inland Revenue (Urzad
Skarbowy).

The question is: if only the branch in Poland will trade, sent out
invoices and do full accounting in Poland is it necessary to doing full
accounting in UK or just filling Annual Accounts and Annual Return?

pawel
 
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J

Jon Griffey

Pawel said:
Halo everybody,
My friend in Poland wants to set up Ltd in UK and open Registered Office
(branch) in Poland. Under Polish law Ltd branch in Poland have to make
full accounting and it will deal with Polish Inland Revenue (Urzad
Skarbowy).

The question is: if only the branch in Poland will trade, sent out
invoices and do full accounting in Poland is it necessary to doing full
accounting in UK or just filling Annual Accounts and Annual Return?

pawel
A UK registered company will need to prepare and file accounts with
Companies House. It is likely also be subject to UK corporation tax.

--
Jon Griffey FCCA CTA
Hackett Griffey
Chartered Certified Accountants & Registered Auditors
2 Mill Road, Haverhill, Suffolk, CB9 8BD

Tel (01440) 762024

www.hackettgriffey.com

See website for disclaimers
 
P

Pawel

Jon said:
A UK registered company will need to prepare and file accounts with
Companies House. It is likely also be subject to UK corporation tax.
I know that, but corporation tax will be paid in Poland by the branch of
UK registered company. the company won’t send out any invoices. All
transactions will be taken in Poland by the branch.

pawel
 
T

Troy Steadman

Pawel said:
I know that, but corporation tax will be paid in Poland by the branch of
UK registered company. the company won't send out any invoices. All
transactions will be taken in Poland by the branch.

pawel
"If a company is a UK resident it pays corporation tax on its worldwide
profits, which are adjusted for tax purposes. This includes capital
gains tax on profits from the sale of assets. A company qualifies as a
UK resident if it is incorporated in the UK or if its central
management and controls are in the UK. Any foreign income on which a
company pays tax abroad is liable to tax in the UK. However, any
overseas tax paid can usually be credited against a company's tax
bill".

http://www.ukinvest.gov.uk/2/d/10235/en/GB/1.0.html
 
M

Mike Lewis

Jon Griffey said:
A UK registered company will need to prepare and file accounts with
Companies House. It is likely also be subject to UK corporation tax.
I'm not altogether sure it has to do UK tax returns. I'm not saying it
doesn't but I have this vague recollection from a discussion with a tax
inspector several years ago that you can get Revenue agreement not to do UK
returns if the company has no trade in the UK.

Mike Lewis
Chartered Accountant
 
P

Peter Saxton

Halo everybody,
My friend in Poland wants to set up Ltd in UK and open Registered Office
(branch) in Poland. Under Polish law Ltd branch in Poland have to make
full accounting and it will deal with Polish Inland Revenue (Urzad
Skarbowy).

The question is: if only the branch in Poland will trade, sent out
invoices and do full accounting in Poland is it necessary to doing full
accounting in UK or just filling Annual Accounts and Annual Return?

pawel
Why set up a limited company in the UK?

Is it so things can be more difficult or is there a sensible reason?
 
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P

Pawel

Peter said:
Why set up a limited company in the UK?

Is it so things can be more difficult or is there a sensible reason?
You can check Polish Companies Act (Kodeks Spolek Handlowych). It says:
if you want to set up Limited Company in Poland apart of a lot of paper
work you have to invest min. 50.000 zl. It’s almost £8.300. You have to
wait about 1-2 months to do all paper work.

There are a lot of people in Poland who want to set up Ltd company but
they haven’t enough money to do it. I have a lot of requests in this
matter. I have set up a few Ltd but they trade on Russian and European
markets.

Pawel
 
P

Pawel

Mike said:
I'm not altogether sure it has to do UK tax returns. I'm not saying it
doesn't but I have this vague recollection from a discussion with a tax
inspector several years ago that you can get Revenue agreement not to do UK
returns if the company has no trade in the UK.

Mike Lewis
Chartered Accountant
Great news, I will call to my tax officer tomorrow.

Pawel
 
P

Peter Saxton

You can check Polish Companies Act (Kodeks Spolek Handlowych). It says:
if you want to set up Limited Company in Poland apart of a lot of paper
work you have to invest min. 50.000 zl. It’s almost £8.300. You have to
wait about 1-2 months to do all paper work.

There are a lot of people in Poland who want to set up Ltd company but
they haven’t enough money to do it. I have a lot of requests in this
matter. I have set up a few Ltd but they trade on Russian and European
markets.

Pawel
Why have a limited company at all?
 
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P

Peter Saxton

Sorry, my mistake it’s not Tax Officer but HM Inspector of Taxes ;)

pawel
Don't expect to speak to them. You'll more likely get someone who was
washing cars a few weeks ago until they got sacked.
 
P

Pawel

Peter said:
Don't expect to speak to them. You'll more likely get someone who was
washing cars a few weeks ago until they got sacked.
Why? I speak to them time to time, they give me right advice. But it's
true, I am waiting over six weeks for Resident Tax Certificate from them.

pawel
 
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V

Valerio M

Pawel said:
I have a lot of requests in this
matter. I have set up a few Ltd
this seems interesting. do you actually make money out of it? how do people
trust you? usually "complicated" things like this require a lot of trust and
explanation.
in many cases you might not need a local branch (well, risking polish tax
authorities think you have a fixed place of business, but it's their duty to
prove it).

regards,
Valerio M
 

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