I'd love to see that in my native Belgium!
I'd love to see that in my native Belgium!
The VAT I pay each quarter is just a sum of the VAT I typed in on entry. So generating and submitting the VAT return is literally just one click.
End of year tax is just the difference been costs and sales (profit). In the UK, HMRC, provide you this PDF form where you input the total sales etc, they calculate the tax for you. So it really is just form filling.
I believe being a native Belgium there is nothing stoping you from forming a UK company, nor taking it's profits back to Belgium?
However, if you want your income from the business to be counted as your income for purposes of a loan or mortgage, you'll have a much easier time if an accountant can certify that the business really exists! And for a small business you can get the accounts done for £200-300 a year, so I doubt many people do their own :)
when my Father set up his consultancy the main concern of HMRC was that he could do the complex task of calculating VAT (sales tax) correctly.
BTW I am being ironic it is not that hard to calculate 17.5%