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Setting up a UK Limited Company - General FAQ's

FAQ Category - Bank Accounts and VAT

(a) Which company documents do banks require for an account?

A copy of the certificate of incorporation

A copy of the company's Memorandum of Association

A copy of the company's Articles of Association

Other documents pertaining to the business plan, this will be used to assess the company's credibility and to design a suitable plan to accommodate the interests of the bank and the company

(b) Value Added Tax

The vast majority of goods and services supplied by business is the UK is subject to VAT. Smaller businesses however are given an exemption for accounting for VAT until a certain level of trade is reached. From 1 April 2008 a business in the UK is required to register for VAT with HM Customs & Excise when:

The total turnover for the 12 months of operation reaches £67,000 or

Future turnover - where there are reasonable grounds for believing that the value of taxable supplies in a period of 30 days will exceed the given limit

A business may de-register if at any time HMRC are satisfied taht thevalue of his taxable sullplies will not exceed £65,000

A business may also register voluntarily for VAT if they are below the threshold, thus seeking the benefit of reclaiming the input tax on purchase of goods for resale.

The current rate of VAT from 1 December 2008 until 31 December 2009 is 15%


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