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Manchester
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San Jose
SRA regulated Solicitor -SRA no. 805444 (England & Wales) - Commercial & Contract Law
Reading
I excel in translating between Arabic, English, and French. With a track record as an award-winning web developer, my skills encompass a range of expertise.
Brussels
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Description
Experience Level: Entry
Hello, freelancers,
I’m a non-resident looking for the best option to set up an entity for our new project.
I was referred to 2 options:
Option # 1: LBG company https://www.mintformations.co.uk/international-limited-by-guarantee/
Option #2: And LBG charity https://www.mintformations.co.uk/company-formation/types/ltd-charity-articles/
in UK does LBG pay income tax from the entire grant funding or whats unused by the end of year
I have a few specific questions on UK jurisdiction formation.
Initially, the project was planned as a hybrid social enterprise (for-profit company + non-profit company with charitable status) - we are planning fundraising, including grant funding, donations collections, and fundraising events (eventually), and the other side of the business will also be making profits, which we plan either fully or partially reinvest into the business.
Little stuck with UK specifics:
- Company Limited by Guarantee - Google says -'the profits are re-invested to aid the promotion of the not-for-profit entity's practices. Importantly, if there is a distribution of profits, then the organization will have to forfeit its application for a “charitable status.” Also, it says that the director cannot be compensated in LBG charity.
Q part 1. Which seems like what we need two-in-one solutions. However, my question is - does a Limited by Guarantee company without charity status have the same benefits in terms of tax breaks:
- will we have to pay income tax from grant funding? Do we pay income tax (LBG, not LBG charity) from the unused portion of the grant only (at the end of the reporting period)?
- are there any limitations on the types of grants we can apply for?
- can we use our profits for: 1- marketing; 2- salaries; 3- support of our project beneficiaries 4- to cover other operational costs (it says LBG charity that the director cannot be paid; is this correct? Because in our model the director gets paid a salary. Also, how do we set up that salary is grant-dependent?)
Q part 2: What is the ideal company type for us?
1 - Limited by Guarantee without charitable status
2 - Limited by guarantee charity + regular limited liability company for commercial, for-profit part of operations?
3 – other (and how do we minimize income tax from grant funding then)
I’m a non-resident looking for the best option to set up an entity for our new project.
I was referred to 2 options:
Option # 1: LBG company https://www.mintformations.co.uk/international-limited-by-guarantee/
Option #2: And LBG charity https://www.mintformations.co.uk/company-formation/types/ltd-charity-articles/
in UK does LBG pay income tax from the entire grant funding or whats unused by the end of year
I have a few specific questions on UK jurisdiction formation.
Initially, the project was planned as a hybrid social enterprise (for-profit company + non-profit company with charitable status) - we are planning fundraising, including grant funding, donations collections, and fundraising events (eventually), and the other side of the business will also be making profits, which we plan either fully or partially reinvest into the business.
Little stuck with UK specifics:
- Company Limited by Guarantee - Google says -'the profits are re-invested to aid the promotion of the not-for-profit entity's practices. Importantly, if there is a distribution of profits, then the organization will have to forfeit its application for a “charitable status.” Also, it says that the director cannot be compensated in LBG charity.
Q part 1. Which seems like what we need two-in-one solutions. However, my question is - does a Limited by Guarantee company without charity status have the same benefits in terms of tax breaks:
- will we have to pay income tax from grant funding? Do we pay income tax (LBG, not LBG charity) from the unused portion of the grant only (at the end of the reporting period)?
- are there any limitations on the types of grants we can apply for?
- can we use our profits for: 1- marketing; 2- salaries; 3- support of our project beneficiaries 4- to cover other operational costs (it says LBG charity that the director cannot be paid; is this correct? Because in our model the director gets paid a salary. Also, how do we set up that salary is grant-dependent?)
Q part 2: What is the ideal company type for us?
1 - Limited by Guarantee without charitable status
2 - Limited by guarantee charity + regular limited liability company for commercial, for-profit part of operations?
3 – other (and how do we minimize income tax from grant funding then)
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100% (11)Projects Completed
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Canada
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