Yesterday’s Budget was particularly relevant for the small business world. Here we break down the key points that you need to be aware of: Continue reading
Firstly, congratulations. You are now at a stage where your business idea is ready to become a reality. The next step is registering a company with Companies House, the question is; what is the best way to go about doing this?
You can of course go straight through Companies House, but what if you want something more than a bare-bones formation? Continue reading
James Crowther owns one of Europe’s 20 million SMEs. Utilising his background in finance and fleet management, James’ vehicle brokerage business, Trade Vehicles Direct, finds clients the best deals on cars by sourcing direct from suppliers. His negotiation skills and industry relationships are key to his success and have allowed him to grow fast in his niche. Unfortunately, he struggled to fund the rapid growth since the main banks struggled to analyse his model and fit his business in a convenient box. Continue reading
As a business owner it is important to know about wider issues – which may indirectly affect not just your venture but the business landscape in which you operate in. As a small business one of the most important skills that you will need to have is adaptability. Circumstances may never be totally ideal so it’s important to find ways to adapt to societal changes – whether this be a global recession, heightened terrorism or a weak government – you as a business owner need to adapt to changing landscapes. Continue reading
After last week’s hiatus – looking at the VW crisis – The Week in Startups returns for your usual fix of all the latest news in the SME world. In another boost for small businesses a large European bank has agreed to invest in a very popular peer-to-peer platform. At MadeSimple we believe in the importance of our products but also in dispensing important and relevant news that relates to you. Continue reading
All of our company formation packages come with the option to open a Barclays Business Bank Account. On top of this, once an account has been successfully opened we’ll give you £50 cash back.
How to form your company and arrange your meeting with Barclays
1. Search for your proposed company name and choose your company formation package Continue reading
First, let’s look at what we mean by paid for. Paid for indicates that the value of the shares in a limited company have been paid into the company’s bank account (or other fund such as petty cash). A company can have both paid shares and unpaid shares; it’s not a case of all or nothing.
Emily Coltman FCA, Chief Accountant to FreeAgent – who provide an award-winning online accounting system for small businesses – explains what companies must send to HMRC and when.
Registering the company
HMRC are automatically notified when a company is formed at Companies House, so about three weeks after registering your new company, you will receive an introductory letter from HMRC.
If your company is dormant, simply write back to HMRC at the address shown on this letter to tell them so. You won’t then need to file any tax returns for your dormant company unless and until it starts trading.
There is mass confusion surrounding the annual accounts and the annual returns. Some people mistake one for the other; some people recognise one but fail to recognise the other and some people completely ignore them both.
However, it is easy to see why there’s uncertainty…
To form a Limited Liability Partnership you require at least two designated members. So what’s the difference between a designated member and a member?
Designated members and members have the same rights to the company. However, designated members have more responsibilities than a regular member. They are responsible for (taken from Companies House):
• appointing an auditor (if one is needed)
• signing the accounts on behalf of the members
• delivering the accounts to Companies House
• notifying Companies House of any membership changes or change to the registered office address or name of the LLP
• preparing, signing and delivering the annual return to Companies House
• acting on behalf of the LLP if it is wound up and dissolved
• they are also accountable in law for failing to carry out these legal responsibilities
See here for information about our Limited Liability Partnership Formation Service.
This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service
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