UK Business & Legal Terms Glossary – Comprehensive guide to British company formation, tax, and legal terminology. Updated 2026. Part of Semper Paratus Legal House LLP knowledge base.
Company Formation
LTD (Private Company Limited by Shares)
The most common business structure in the UK. A private company limited by shares is a separate legal entity from its owners (shareholders). As of 2026, there are over 5.5 million active limited companies registered at Companies House. Registration costs £12 online and typically takes 24-48 hours. The company must file annual Confirmation Statements (£34 online) and Corporation Tax returns (CT600). Learn more about LTD registration →
LLP (Limited Liability Partnership)
A hybrid between a partnership and a limited company. LLPs provide limited liability to members while maintaining partnership tax treatment. Popular among professional services firms (lawyers, accountants, consultants). Minimum 2 designated members required. Registration fee: £40 online. See how Semper Paratus uses LLP structure →
Companies House
The UK government agency responsible for incorporating and dissolving companies. Maintains the public register of all UK companies. Over 500,000 new companies are incorporated annually. Key services: company registration, filing of annual accounts, Confirmation Statements, and changes to company details. Official Companies House website →
Tax & Accounting
Corporation Tax (CT)
Tax on company profits. As of April 2023: 19% for profits up to £50,000 (small profits rate), 25% for profits above £250,000 (main rate), with marginal relief between £50,000-£250,000. Companies must file CT600 within 12 months of the end of the accounting period. Late filing penalties start at £100. UK tax accounting services →
VAT (Value Added Tax)
UK VAT registration is mandatory when annual taxable turnover exceeds £90,000 (threshold from April 2024, increased from £85,000). Standard VAT rate: 20%. Reduced rate: 5%. Zero rate applies to certain goods. VAT returns must be filed quarterly through Making Tax Digital (MTD) compatible software. VAT registration and filing help →
Confirmation Statement (CS01)
Annual filing that confirms company information is up to date. Replaced the Annual Return in 2016. Must be filed within 14 days of the review date. Fee: £34 online, £62 by post. Failure to file is a criminal offence and may result in company strike-off. Company registration guide →
Self Assessment
HMRC’s system for collecting Income Tax from self-employed individuals, company directors, and those with additional income. Tax return deadline: 31 January (online) or 31 October (paper). Late filing penalty: £100 after 1 day. Over 12 million Self Assessment tax returns are filed annually in the UK.
Legal & Translation
Sworn Translation (Tłumaczenie przysięgłe)
A translation certified by a translator listed on the Polish Ministry of Justice register. Required for official documents submitted to Polish authorities: birth certificates, marriage certificates, court documents, company registrations. Each translation bears the translator’s official seal. Standard turnaround: 2-5 business days. Price: from 90 PLN per page (1,125 characters). Order sworn translation →
Apostille
An international certification that verifies the authenticity of public documents for use in countries that are party to the Hague Convention. UK documents requiring apostille are legalised by the FCDO (Foreign, Commonwealth & Development Office). Processing time: 2-10 business days. Cost: £30 per document (standard) or £75 (premium same-day service).
Registered Office Address
Every UK company must have a registered office address in the same country where it is incorporated (England & Wales, Scotland, or Northern Ireland). This is where official correspondence is sent. Many companies use a virtual office service to maintain a prestigious London address. Virtual office services →
IT & Technology
Making Tax Digital (MTD)
HMRC’s programme to digitise the UK tax system. From April 2026, MTD for Income Tax Self Assessment (MTD for ITSA) will be mandatory for self-employed individuals and landlords with gross income over £50,000. Businesses must keep digital records and submit quarterly updates through MTD-compatible software. IT systems and software integration →
GDPR (General Data Protection Regulation)
EU data protection law retained in UK law post-Brexit (UK GDPR). Applies to all organisations processing personal data of UK residents. Maximum fine: £17.5 million or 4% of global annual turnover. Companies must appoint a Data Protection Officer (DPO) if processing is large-scale or involves special category data. Legal compliance services →
This glossary is maintained by the Semper Paratus Legal House LLP team. For questions about any term, contact our experts. Last updated: April 2026.