Invoicing
I have set up my company and opened a bank account. How can I create invoices for my customer?
In the United Kingdom, you can issue invoices for your customers using accounting programmes approved by Companies House.
Also keep an eye out for our upcoming integration with Xero, so you’ll be able to register, create and send invoices to customers easily from the wamo platform using Xero’s smart accounting tools.
Is it necessary to have official documents or register with an organisation to create an invoice?
In the United Kingdom, it is not necessary to obtain approval from an organisation to create an invoice for your company. You can send a document to your customer as an invoice as long as the invoice number is systematic, the buyer and seller information is included, and the service or goods provided are clearly written.
To store your invoices electronically and manage your accounting more easily, take a look at Xero, an accountancy tool that we will soon be integrating into the wamo platform to make it even more convenient for you. .
Salary & Share of Profits
Under what conditions and how can I withdraw money from my company account?
You can withdraw money from your bank account by paying yourself a salary. In the United Kingdom, owners of companies who do not reside in the UK for more than 183 days don’t pay income tax in the United Kingdom, but as the company owner you may have to pay income tax in their own country. In this case it would be wise to seek support from a financial advisor in the country where you reside as wamo doesn't offer financial advise.
How can I distribute dividends from my company?
After your company's income and expenses are calculated (this can be done using an accounting programme), you can distribute dividends. Dividend distribution may be subject to taxation in the United Kingdom and income tax payment in the country where you reside. Again, it would be wise to get advice from a financial advisor in the country where you reside.
Social security
When doing business in the United Kingdom, is there a social security premium or employment insurance that needs to be paid?
In the United Kingdom, there isn’t a social security premium to be paid if you don’t have residence in the country.
If you plan to do business with another company through your company in the United Kingdom, it is recommended to have contract insurance and liability insurance for the business, but it’s not mandatory.
Can I retire from the United Kingdom?
If you do not have a residency in the United Kingdom and have not paid social security contributions during that time, you cannot retire from your company.
Have a look at our other articles and FAQs for more information: