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Mo Tax Expert
Mo Tax Expert, Accountant
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From Bosnia and Herzegovina I want to start a company in the

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Hi
Im Aleksandar from Bosnia and Herzegovina
I want to start a company in the UK, I am interested in how much tax should I pay? I get most of my money from other countries but how much do I have to pay to the UK
JA: Which tax year is this for?
Customer: I want to start company
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: tell me all info about taxes. I will start company in UK (virtual office). I dont live in UK. Im citizen of Bosnia and Herzegovina
Mo Tax Expert

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

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With a limited company, the tax rate is 19% up to 300k profit.

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Customer: replied 11 days ago.
Its a pleasure to meet you Mr.Mo. If I have no income from companies and individuals from the UK, then do I pay taxes?

Likewise.

You would only pay tax on profit. If no income, no tax is due.

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Customer: replied 11 days ago.
For example, if I earn 20 thousand euros from Germany, the Netherlands, Switzerland, and 1000 euros from the UK, how much do I pay in taxes? I would found a LTD and be a director and the only shareholder

Do you have any expenditures?

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20,000 + 1000 = X in Euros

X is convertered to GBP - (expenduture) = Profits

Profit x19% = Tax due

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Customer: replied 11 days ago.
For an example of 20k euros a year in revenue for consulting services I have no costs, as much as I am obliged to pay UK for taxes. I read on some website once that non-residents who set up a company in the UK do not pay income tax outside the UK, but only pay on income earned in the UK. I wonder if that's true?

You might be referring to setting up an LLP.

Usually, with a Limited company, you have to pay company tax regardless of your status?

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Hi,

I haven't heard back from you.

Have I answered your question completely?

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Hello, do you need any further help?

Or do you now have the clarity that you need?

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I do hope that you now have the clarity that you need.

Thank you for the inquiry. It is my pleasure to assist you.

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Customer: replied 8 days ago.
Hello
Thanks on your professionalism.I was on my way so I wasn’t at the computer.
I would like to open a LTD in the UK as a foreigner with a virtual office (via Smart Formations). I would be the director of that company, I would not have employees and I would not have a salary, pension, social, etc ...
Most of the income would come from other EU countries and some from the UK. What are the tax opportunities in that case? Can I associate my business ID with Wise? And can I, as a legal entity, issue electronic invoices to individuals?

Thank you for your email.

The limited company would usually pay 19% tax on profits up to £300K.

Yes, you can set up an Ltd bank account with wise.

Yes, the Ltd company could issue invoices.

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Customer: replied 8 days ago.
What is the VAT limit?
As a foreigner, am I entitled to any tax benefits?
the Vat threshold is 85k

Unfortunately not.

Mo Tax Expert and other Tax Specialists are ready to help you
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Customer: replied 8 days ago.
Thanks a lot Mr.Mo
you helped me
Sincerely
Aleksandar

You are welcome.

Best wishes.

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Customer: replied 8 days ago.
sorry, one more thing. After paying profit tax of 10%, can I withdraw money and spend without additional taxes and obligations?
Customer: replied 8 days ago.
of 19% *

Hi Aleksandar,

A limited company is a separate entity from you. Hence if you extract funds from the company you would need to pay personal tax on it.

Thank you.

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