Income Tax (Trading and Other Income) Act 2005

This is our most popular package with UK residents, and includes: -

The registration of your company from scratch using your own registered office address, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;

The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);

The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;

The government fee for incorporation is included in the price of this package;

The following documents, which need to be printed and signed, will be emailed to you upon formation of your company: -

A certificate of incorporation (requires PDF file reader);

The memorandum & articles of association (requires MS-Word file reader);

The first meeting of the board of directors (requires MS-Word file reader);

Share certificates and a company register (requires MS-Word file reader).

E-Quick Package

£ 32.00

No Annual Charges

The Deluxe limited company package is a fast and easy option, it is ideal for the UK, EU, and international small to medium businesses who wish to appoint a nominee director and a nominee secretary in order to maintain anonymity, and it includes: -

Incorporation of your company from scratch using one of our registered office addresses in London, our nominee director and nominee secretary. We can appoint your own candidate(s) to the role of shareholder(s), or you can appoint a nominee sharholder provided by Coddan;

The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);

The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;

The government fee for incorporation is included in the price of this package;

The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);

The provision of a nominee secretary for 12 months is included in the price of this package (our nominee secretary service is charged annually);

The provision of a nominee director for 12 months is also included in the price of this package (our nominee director service is charged annually);

The following two hard bound copies of corporate documents, will be posted to you upon formation of your company: -

A laminated copy of the certificate of incorporation of your company;

A hard bound copy of the memorandum and articles of association;

A hard bound copy of the minutes of the first meeting of directors;

Share certificates, and your company register;

The general power of attorney signed by a nominee director;

Pre-signed, undated resignation letter from a nominee director;

The agreement for the provision of nominee service and indemnification of nominee.

Deluxe Package

£ 557.00

Annual Maintenance Fee £525.00

A private company limited by shares in England and Wales must have at least one director, one shareholder, and may have a secretary.

You need at least one person to form this type of company. If there is only one director, and that director is a natural person in your company, that director can also act as the secretary.

A company must have at least one director who is a natural person. This requirement is met if the office of director is held by a natural person as a corporation sole or otherwise by virtue of an office.

You can register a sole director' company, if you are familiar with the secretaries duties and responsibilities, because all of them belongs to a sole director.

The directors and secretary of your company can also be shareholders.

The Companies Act imposes no restriction on the minimum age of company directors. However Companies House will actively discourage the appointment of anyone under the age of 16 from taking up a company directorship on the grounds that the individuals concerned may not fully understand the legal liabilities that go with the position and for the most part will not have the experience necessary to perform the duties of a company director.

Under the Companies Act 2006, there is no restriction on any or all of the members/shareholders being from an overseas country (i.e. outside the United Kingdom in terms of residency, domicile, citizenship, place of incorporation or all or any of those concepts).

There is no requirement for the officers of your company to be UK citizens or residents, nor for them to hold valid work permits.

Owning, or being an officer of a UK company does not, however, grant you any right to live or work in the UK if you are a foreign national.

Your company must have a registered office address within England or Wales; this is the official address of your company and will be on the public record as such.

Your company must hold its official company documents at its registered office address: its register of shareholders, and its constitutional documents.

So long as you maintain a registered office address in England or Wales, you can conduct your business from any place in the world: you do not have to run your business from your registered office address.

Legal Requirements to Register an LTD

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Income Tax (Trading and Other Income) Act 2005
2005 Chapter 5 - continued
PART 3, PROPERTY INCOME - continued

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	CHAPTER 6
	COMMERCIAL LETTING OF FURNISHED HOLIDAY ACCOMMODATION
	Introduction
322	Introduction
	(1) This Chapter explains for the purposes of this Part what is meant by the commercial letting of furnished holiday accommodation (see sections 323 to 326).
	(2) It matters whether a UK property business consists of or includes the commercial letting of furnished holiday accommodation for the purposes of-
	(a) section 312 (deduction for expenditure on energy-saving items: see section 313(3)),
	(b) Chapter 1 of Part 10 of ICTA (loss relief: see section 504A of that Act),
	(c) section 833(4)(c) of ICTA (income regarded as earned income: see section 504A of that Act),
	(d) certain provisions of TCGA 1992 (see section 241 of that Act),
	(e) CAA 2001 (see, for example, sections 248 and 249 of that Act), and
	(f) section 189(2)(b) of FA 2004 (income regarded as relevant UK earnings for pension purposes: see section 504A of that Act).
	(3) This Chapter also supplements the above provisions by providing in certain circumstances for the profits of the furnished holiday lettings part of a UK property business to be calculated separately (see sections 327 and 328).
	Definition
323	Meaning of "commercial letting of furnished holiday accommodation"
	(1) A letting is a lease or other arrangement under which a person is entitled to the use of accommodation.
	(2) A letting of accommodation is commercial if the accommodation is let-
	(a) on a commercial basis, and
	(b) with a view to the realisation of profits.
	(3) A letting is of furnished holiday accommodation if-
	(a) the person entitled to the use of the accommodation is also entitled, in connection with that use, to the use of furniture, and
	(b) the accommodation is qualifying holiday accommodation (see sections 325 and 326).
	(4) This section applies for the purposes of this Chapter.
324	Meaning of "relevant period" in sections 325 and 326
	(1) For the purposes of sections 325 and 326 "the relevant period" for accommodation let by a person in a tax year is determined as follows.
	(2) If the accommodation was not let by the person as furnished accommodation in the previous tax year, "the relevant period" is 12 months beginning with the first day in the tax year on which it is let by the person as furnished accommodation.
	(3) If the accommodation-
	(a) was let by the person as furnished accommodation in the previous tax year, but
	(b) is not let by the person as furnished accommodation in the following tax year,
	"the relevant period" is 12 months ending with the last day in the tax year on which it is let by the person as furnished accommodation.
	(4) Otherwise "the relevant period" is the tax year.
325	Meaning of "qualifying holiday accommodation"
	(1) Accommodation which is let by a person during a tax year is "qualifying holiday accommodation" for the tax year if the availability, letting and pattern of occupation conditions are met.
	(2) The availability condition is that, during the relevant period, the accommodation is available for commercial letting as holiday accommodation to the public generally for at least 140 days.
	(3) The letting condition is that, during the relevant period, the accommodation is commercially let as holiday accommodation to members of the public for at least 70 days.
	(4) For the purposes of the letting condition, a letting of accommodation for a period of longer-term occupation (see subsection (6)) is not a letting of it as holiday accommodation.
	(5) The pattern of occupation condition is that, during the relevant period, not more than 155 days fall during periods of longer-term occupation.
	(6) For the purposes of this section a "period of longer-term occupation" is a continuous period of more than 31 days during which the accommodation is in the same occupation otherwise than because of circumstances that are not normal.
326	Under-used holiday accommodation: averaging elections
	(1) This section applies if during a tax year a person lets both-
	(a) qualifying holiday accommodation, and
	(b) accommodation that would be qualifying holiday accommodation if the letting condition (see section 325(3)) were met in relation to it ("under-used accommodation").
	(2) The person may make an election for the tax year specifying-
	(a) the qualifying holiday accommodation, and
	(b) any or all of the under-used accommodation.
	(3) The under-used accommodation so specified is treated as qualifying holiday accommodation for the tax year if the average of the number of let days for the tax year of all the accommodation specified in the election is at least 70.
	(4) "The number of let days" for a tax year of any accommodation is the number of days during the relevant period for which it is commercially let by the person as holiday accommodation to members of the public.
	(5) Qualifying holiday accommodation may not be specified in more than one election for a tax year.
	(6) An election for a tax year must be made on or before the first anniversary of the normal self-assessment filing date for the tax year.
	Separate profit calculations
327	Capital allowances and loss relief
	(1) If a UK property business consists of both-
	(a) the commercial letting of furnished holiday accommodation ("the furnished holiday lettings part"), and
	(b) other businesses or transactions ("the other part"),
	this section requires separate calculations to be made of the profits of the furnished holiday lettings part and the other part.
	(2) The calculations must be made if-
	(a) section 248 or 249 of CAA 2001 (giving effect to allowances and charges) applies to the furnished holiday lettings part or the other part, or
	(b) any provision of Chapter 1 of Part 10 of ICTA (loss relief) applies in relation to a loss made in either of those parts.
	(3) If there is a letting of accommodation only part of which is holiday accommodation, such apportionments are to be made for the purposes of this section as are just and reasonable.
328	Earned income and relevant UK earnings for pension purposes
	(1) If a UK property business consists of both-
	(a) the commercial letting of furnished holiday accommodation ("the furnished holiday lettings part"), and
	(b) other businesses or transactions,
	this section requires a separate calculation to be made of the profits of the furnished holiday lettings part.
	(2) The calculation must be made if the profits of the furnished holiday lettings part are treated as-
	(a) earned income under section 833(4)(c) of ICTA, or
	(b) income regarded as relevant UK earnings for pension purposes under section 189(2)(b) of FA 2004.
	(3) If there is a letting of accommodation only part of which is holiday accommodation, such apportionments are to be made for the purposes of this section as are just and reasonable.



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Prepared 29 March 2005


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