Category Archives: Tax

How does offshore company formation work?

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How does offshore company formation work

Have you ever considered forming your company in another jurisdiction? Well this just so happens to be a service that we offer at Company Formation MadeSimple. Offshore company formation offers lots of benefits such as lower tax rates, identity protection and easier company reporting requirements. But it’s important to know exactly how the setup works. Let’s take a look.

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What is a P11D and why do I complete it?

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When and why do you need to complete the P11D document?

A P11D is a form that is completed at the end of the Tax year to record expenses and benefits that have been provided to your employees (or to you as a director). You must complete the P11D form for each employee that has received expenses and/or benefits during the tax year. In addition, you must also complete another form – a P11D(b) – to declare the overall amount of class 1 NICs (national insurance contributions) owed for all expenses and benefits paid.

These forms must be submitted to HMRC by July 6th so if you haven’t completed yours yet, you can complete the forms electronically here or, alternatively, you can manually complete and post the forms to HMRC. Your payment of the class 1 NICs owed to HMRC is due by 22nd July or 19th July if you are sending payment by cheque.

Top tip: don’t get confused with a P9D form – these are only to be completed when the employee’s earnings are below £8500 a year.

For further guidance on completing these forms, we recommend speaking with your accountant or a financial advisor. You can also find more information on HMRC’s website.

This post was by Laura Gilmour at MadeSimpleFind Laura on Google+

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Guide to your Free Business Start Up Toolkit

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Your Start Up Toolkit

Starting your own company is a very exciting time; however it can be confusing deciding where to turn first. The free Business Start Up Tool Kit is designed to help you make those first tentative turns. Here is a brief rundown of:

• What’s included in the Business Start Up Toolkit

• How the products delivered to you

• How you can make the most of each product

Free Fast-track Barclays Business Bank Account with £50 cashback

How is it delivered?

Once you have purchased your chosen package you will be presented with our bank screen. If you click on the Barclays option you will be prompted to enter in your personal contact details. This information will be sent over to Barclays who will be in contact (in 2-3 working days) to set up a meeting. This service is available to UK customers only.

How can you make the most of it?

Once the account has been set up, you can claim the cashback by referring back to our website and clicking on the Barclays icon at the right hand side of the homepage. Click on the tab starting ‘Already opened your account?’ – you can then claim the cashback. Continue reading

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A Visit to Number 10 Discussing Small Business Issues

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It’s not every day you get invited to visit Number 10 to talk ‘small business’ with senior advisors to the Prime Minister.

Outside Number 10!

So this week I was delighted to be selected by the team at Enterprise Nation who arranged the opportunity for 20 small business owners to get round a table (and a very prestigious and aged mahogany one at that) to discuss the real world challenges faced, day to day by small businesses.

Emma Jones, MBE and Founder of Enterprise Nation and Co-Founder of Start Up Britain is genuinely passionate about supporting small business and assisting those with the ambition of setting up on their own, to try it and more importantly, to assist with resources, information, education and support to succeed. The Made Simple Group has been working with Enterprise Nation, supporting their Start Up Guide and providing a Start Up Tracker for Start Up Britain – and the team at Made Simple – has a very similar ethos. It’s certainly a partnership of shared values.

So, I went to Downing Street wearing two hats:

1) My Made Simple hat – to share insights and understanding that we have gleaned from our start up and small business customers.

2) As a real world business owner – as well as being part of the Made Simple team, for the past 10 years I have run my own business, Carvill Creative.

Once through security, the 20 or so of us, were shown through to one of the state dining rooms – this was to be our meeting room. We were introduced to our hosts; Daniel Korski, Special Advisor to the Prime Minister on small business and enterprise and Matthew Hancock, Business Minister to the Prime Minister. Continue reading

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What do HMRC need from a new company?

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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.

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Limited Company Jargon Buster

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company formationNot sure what a limited company term means? Take a look at our handy jargon buster.

Accounting Reference Date: The period that annual accounts must cover up to.

Annual Accounts: A report delivered to Companies House that details financial information about a company.

Annual Returns: A report delivered to Companies House that comprises of up to date information about appointments, addresses and shares.

Companies House: The UK registrar of companies. Continue reading

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So what is a Dividend?

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A short and sharp one today. If a company has made enough profit it is able to pay its shareholders a dividend. The dividend is the payment.

Important Notes

• A company should not pay dividends in excess of its available profits from the current and previous financial years

• Dividends do not count as business costs

• When paying dividends a directors’ meeting must be held (with minutes drawn up)

This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service

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How does a Limited Company get a Unique Tax Reference?

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Once a limited company has been formed, Companies House will notify HMRC of the company’s incorporation. Roughly three weeks after the formation HMRC will mail a letter to the registered office explaining what the company needs to do next, in this letter you will find the “Unique Tax Reference” or “UTR”. If you do not receive this letter simply contact your local tax office and request that they resend it.

This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service

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Registering as a Sole Trader: What you get

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sole trader servicesUnlike forming a limited company, when you start up as a sole trader you will not receive a company number or a certificate of incorporation. Instead HMRC will mail you a letter which will include your Unique Tax Reference (UTR). This should be delivered six weeks after submitting the application to become a sole trader. It is important that you keep a record of the UTR.

Did you know that we offer two Sole Trader Start Up Packs? For information on our Sole Trader and Sole Trader Plus packages see here:

Sole Trader Services

This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service

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SEIS: Good News for Investors & Start Ups

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SEIS InvestmentsFrom small seeds grow great things and that’s certainly the thinking behind The Seed Enterprise Investment Scheme (SEIS). The scheme, brought in place by the Finance Act 2012, shall provide tax breaks for investors in new companies therefore encouraging investment in UK business.

Under SEIS investors can receive 50 per cent tax relief, a huge carrot to dangle in front of prospective backers. Naturally there are restrictions upon which companies qualify for investment. The company:

• Must not employ more that 25 people
• Must not have received more than £150,000 investment under the scheme already
• Must not already have assets worth more than £200,000

Further terms of note:

• The investment maximum is £100,000 per investor
• Investments can be spread over numerous companies
• Company Directors CAN invest in their own company
• Investor stakes can not exceed 30 per cent of the company

Chancellor George Osborne explains that the aim of SEIS is to “stimulate entrepreneurship and kick start the economy”. For more information on SEIS visit the official site.

This post was brought to you by Mathew Aitken at
Companies Made Simple – The Simplest Company Formation Service

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