Dear All
I am new to this forum and apology if I post this in the wrong place
I am in full time employment and also own few (buy to let ) properties for which I fill tax return form every year.
I have been helping a university friend, (who is living and working in the middle east, in the construction industry) by purchasing and sending light weight equipment such as air conditioning spare parts etc.
However, his business has now expanded and his company started winning big contracts from local authority. for example connecting small towns and villages with new power lines, transformers and control panels. Such equipment are sold by ABB, Schneider Electric and Siemens. When I approach those companies for a quote, they refuse to cooperate with an individuals, they demanded a company name and address in the UK. Hence your help would be highly appreciated with the below
1. can I open and register an export & import company under my name and my home address, if so where to start and how much is the cost?
2. Will the cost would be a one off payment or instalment (monthly/annually)
3. This company will not be advertising for business, the sole purpose of it is to help my friend. Therefore I may or may not do any business for a year, Do I have to let the Inland Revenue about the company?
4. What are the consequence if the company set ideal for a year or two without doing any business?
5. who do I go about declaring any income from the company. Can I included it in my rental property tax return or it is different issue altogether?
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