Private Limited Company (PLC) – Limited Liability Company registers in United Kingdom. In its name, there is Limited ending (LTD). The number of shareholder is 1 at least. Owner and managers do not take responsibility for debt as well as other liabilities of the company. Such company must have secretary, director and shareholder, its office and agent registering in United Kingdom territory. Shareholder maybe a legal entity.
Such company is commonly used, beside classical Offshore company that is trading companies.
PLC bears normal tax. Using such companies is often at “Dormant” mode. Such “Dormant” companies may be used to establish representative office, joint venture companies, hold trademark, good labels or other intellectual property right. In other words, in the tax statement such Dormant Account shows positive business operation.
Enterprise income tax may be 10%, 20%, 30% depending on gain. Related to VAT, the Company is not forced to make statement if good sale gains in United Kingdom territory does not exceed 40,000 pound.
PLC Company shall make tax statements:
1. Annual Return. Contains information about legal address, members. The statements are presented every 12 months since the establishment date. Presentation duration is 28 days.
2. Annual Accounts. Contain financial information of the company. The first statement should be presented within 10 months since the ending date of report period. By default, the statement period is specified as end time of the 13th month since the establishment date. Overdue shall be hard fined. The same way is often used to submit “Dormant” statements. The statements are based on statements of owner and fill in the available form.
3. Tax statement: The Company has “Dormant Account” statement, it is not forced to lay tax statement but the positive business operation of the company must be interpreted according to provisions of current law.
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