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Amendments to the Law on Immigration of Latvia
On January 1, 2018, the amendments to the Law on Immigration came into effect, which provide the elimination of exceptions for certain categories of foreigners who did not have to pay a state fee for the first time by repeatedly requesting a temporary residence permit.
New changes in the Immigration Law of Latvia
On March 2, 2017 the new amendments to the Immigration Law of Latvia (hereinafter referred to as  - the Law) came into effect, according to which several new grounds for obtaining a temporary residence permit in Latvia (hereinafter referred to  as –TRP), as well as the conditions for obtaining a TRP on the basis of registration of a representative of a foreign merchant.
Член Торгово-промышленной палаты Латвии Latvijas Tirdzniecības un Rūpniecības Kameras biedrs Member of the Latvian Chamber of Commerce and Industry

About Us

Since its foundation in 1996 the law office “INLAT PLUS” has been one of the most active and leading companies providing legal service in Latvia. The variety of the qualified legal services provided by the company will meet the most demanding requirements of its clients (legal and physical persons).

Contact information

Address of the office:
E-mail:
Brivibas 40-15, LV-1050, Riga, Latvia ip@inlatplus.lv
Phone:
Fax:
(+371) 67505970
(+371) 26403577
(+371) 67505978

BUSINESS AND TAXES IN THE UK

05.09.2011
Developing its UK expansion strategy this year law office INLAT PLUS has become a member of the Latvian British Chamber of Commerce (LBCC).
In this regard we are offering for your attention a brief outline of British taxes. Below there is a review of the main British taxes in respect of running UK registered company. 
 
VAT
 
In comparison with Latvia where VAT is 22% in the UK it is 20%. UK Company must register for VAT if its turnover in any 12 months exceeds £ 73,000. Every three months VAT return must be calculated, submitted and paid to the HM Revenue and Customs (HMRC). Company may ask for VAT registration even if its turnover does not exceed the above-mentioned amount. 
 
There are several ways to operate VAT scheme – depending on the client’s needs we can find the most suitable solution for you.  
  
Corporation Tax
 
Corporation Tax is payable on profits of the company for the 12 months financial year period and is given another 12 months to calculate, pay and submit Corporation Tax form. If the profit before taxes does not exceed £ 300,000 UK Company shall pay corporation tax 20%, if the profit is from £ 300,000 to £ 1,500,000 corporate tax shall be 27.5%, if the profit is over  £ 1,500,000 corporate tax shall be 26%. 
 
PAYE and National Insurance for Employees of the Company
 
PAYE Tax payable for employees working for the company.
 
  • Income from £ 0 to £  7,475 – tax 0% 
  • Income from £ 7475 to £  35,000  – tax 20% 
  • Income from £ 35, 001 to £  150,000 – tax 40% 
  • Income from £ 150,000 – tax 50% 
PAYE must be payable every month for previous month during which employees are working. There is no tax payable if there were no employees in the company during the year.

There is no obligation to keep employees or pay directors. National insurance payable by employees is 12%. National insurance payable by Company is 13,8%.
 
As to the yearly accounting of the company it is necessary to draft and submit the following documents to the relevant authorities:
 
Annual Accounts

Annual Accounts are prepared by accountants and present financial position and financial performance of the company for the financial year (12 months period). After 12 months period when financial year ends company has 9 months to submit its Accounts to Companies House. 
 
Annual Return

Annual Return represents legal document that must be submitted annually with confirmation of any changes in directorship, ownership and business activity of the company.   
 
Corporation Tax 
 
Corporation Tax must be calculated on the basis of information from Annual Accounts. Corporation Tax is required to be calculated on the basis of profits for 12 month Financial Year period and must be submitted within 12 months period after the year end. 
 
The UK has always attracted businessmen with its stability and security in the sphere of business and taxation, that is why many people choose this country as a starting point both for establishing a new business and developing already existing company. If necessary law office INLAT PLUS in cooperation with its British partners is ready to provide legal advise regarding taxation issues, as well as assist in establishing and developing business in the UK.