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Legal & Accountanting in the UK

Check how to pay duties and VAT on imports

If you’re a business importing goods from outside the UK, you can pay Customs Duty, excise duties and VAT in a number of ways.

Not paying at the time goods enter the UK

If you have a duty deferment account, you’ll be able to delay payment until an agreed future date.

This means:

• you delay paying the charges for an average of 30 days
• you do not have to pay immediately each time you want to clear your goods
• HMRC can normally clear your goods more quickly because they do not have to handle payments for each transaction

You’ll be able to get copies of your duty deferment statements online.

If you’re registered for UK VAT you’ll get a C79 import VAT certificate which you’ll need to claim import VAT as input tax on your VAT Return.

Paying at the time goods enter the UK

You can use the flexible accounting system when your goods move across the border if:

• you want to pay by card, cheque or bank transfer
• you’re a Direct Trader Input (DTI) agent

You use the account in a similar way to a bank current account, with the exception that there are no charges for using the account, no overdraft facility and no interest.

If you’re registered for UK VAT you’ll get a C79 import VAT certificate which you’ll need to claim import VAT as input tax on your VAT Return.

From 1 January 2021

If you’re a UK VAT-registered business you can check when you can account for import VAT on your VAT Return.

 

It is recommended, and probably in your best interest, to employ an accountant. Accountants in the UK will nearly always save money, and more importantly, will make your business the most financially efficient it can be. Used wisely, they can make you more profitable than ever.

Accountants in the UK provide a range of services. They can look after everything financial, from fundamental book-keeping to more specific advice. You could hire an accountant simply to prepare financial statements for your tax return, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.

It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.

Keeping a sound financial record is essential. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.

Ultimately, applied and diligent record-keeping will keep your accountancy costs low.

Legal Requirements for Businesses in the UK

The key areas where it is important for businesses to take legal advice include:

Company structure

Companies must ensure that they have the appropriate structure and that they have met the necessary legal requirements for establishing and operating in the UK.

Employment law

Businesses in the UK must meet their legal obligations to their employees. There are several key aspects that should be considered, including:

 

• terms and conditions of an employment contract
• the Working Time Directive
• immigration
• health and safety
• equal opportunities
• paternity and maternity leave
• pay (including the minimum wage)
• holiday allowances
• notice periods/dismissals and redundancies
• pensions and retirement.

 

Liability insurance

Businesses have a legal responsibility towards employees, customers and the public, and will require liability insurance in order to meet any legal actions brought as a result of negligence.

Contract terms

Businesses have legal responsibilities to both customers and suppliers and should, therefore, take legal advice on issues such as terms and conditions of contracts, obligations and service levels.

Protecting intellectual property

Businesses should ensure that they have the appropriate intellectual property rights for their products and services, and that they are not infringing upon the rights of other businesses.

Regulations

In the UK, companies must adhere to general operating regulations (such as the Data Protection Act) and specific regulations that apply to an industry sector or proposed business activity.

Health and safety

Employees, customers and suppliers must be able to operate safely when interacting with all aspects of a business (for example, workplaces must meet minimum health and safety standards).

Real estate

There are several important legal issues that companies must address when buying or leasing property or land. An expert who specialises in property law will typically advise on issues such as ownership, negotiating the best terms (for a lease or purchase) and will also carry out searches to check if there are any problems with the site or building.

Environmental requirements

Environmental regulations in the UK are dependent upon various factors including the type and size of the business, the industry sector and the specific processes being undertaken.

Information courtesy of www.ukti.gov.uk.

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