Guiding you through the process...

Accounting Packages for Startups

Thursday, Jan. 3rd 2013

There are lots of accounting packages out there. Three that we would recommend are:

Xero – xero.com

Freeagent – freeagent.com

Accounts Portal – accountsportal.com

All of these allow you to import your bank statements, raise invoices, keep track of bills and contacts. They are quite straight forward to use and all have helpful support in case you get stuck. Depending on the number of transactions, we would recommend reconciling the bank at least weekly and doing this either yourself of employing a book keeper to do it for you.

We have used larger accounting packages in the past such as Sage but have found that they are rather complex for the smaller business and also rather expensive. All the above packages have a lower monthly cost at you can cancel at any time. They also will do things like quickly and easily calculated the amount of VAT owed and letting you know the relevant dates. They will also allow you to give access to your accountant so they can keep an eye on anything.

If you have any questions, please feel free to let us know.

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How do I get myself a professional email address / website?

Wednesday, Dec. 19th 2012

We have partnerships with a number of companies so we can assist, not only in the formation of your company but also with accounting packages, with getting your website setting and arranging an email address.

There are a few things you need to consider:

1. How many email addresses do you need?

2. Do you want a fully fledged website or do you just want a page with your contact details?

3. If you do want a fully fledged website, what do you want it to do? Do you want to sell items? Do you want to generate leads? Do you just want it to be an online brochure?

4. How much money do you want to spend? A basic website made by a professional web development company is likely to start at around £700. You can however build them yourself through various online services.

If you have any questions, just get in touch and we will very happy to help.

 

 

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Why use a Company Formation Agent

Tuesday, Jan. 10th 2012

A company formation agent such as ourselves guides people setting up their new company through the process to ensure that everything is setup correctly and no steps are missed out of the process. Our team have decades of experience of forming all types of companies in all sectors and all over the UK. We can give guidance on the best way to execute the process and answer any queries you may have. Even once the process is completed we are on hand to answer any queries should anything need to be updated on changed.

Ultimately, we are offering our experience to you and taking away the hassle of forming a limited company at a time when you are no doubt very busy focusing on the core of what your new business does. We can also provide a registered office address and forward on any incoming mail if that is required.

As always, any questions, just let us know.

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The Entrepreneurs of tomorrow, today.

Wednesday, Sep. 14th 2011

With 1 in 5 16-24 year olds out of work, more and more are looking to start their own companies. 44% of young people are looking to set up their own business with a significant number claiming the business can run off an internet connection alone.  According to research published by PC World Business, 46% aim to set up their own business in the next two years and almost a fifth of the 1,000 young people questioned are ready to go in the next two months.

What has caused this enterpreneurship? Is it the poor state of the economy and the endless struggle to get a job? Is it down to the TV programmes such as Dragons Den and the Apprentice inspiring young people? What do these young people believe is the biggest challenge?

More than 40% said lack of funding was the biggest hurdle and 29% simply didn’t know where to start.

My advice would be look to start with a small amount of money, you have saved or potentially borrowed from friends and family and then get tips on how to start your own business from the likes of www.businesslink.gov.uk

Source: http://www.managementtoday.co.uk/news/1089965/nearly-half-young-people-thirsty-entrepreneurship/

 

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Is now the time to start a company?

Thursday, Sep. 1st 2011

The economy is going through a tricky time at the moment. Consumer confidence is not particularly high. However, wouldn’t a second income be quite handy at the moment? This is not the point where I tell you can earn £5000 a day by sitting at home doing nothing, nor is it the point at which I say go and write a business plan and get a bank to lend you £5 million. This is the point at which I say “why not start a little business on the side to earn some extra cash”. Most people at one time or another have come up with a business idea. They have spotted something annoying or frustrating and thought how they could solve it. Why not take that idea one stage further. Write a business plan, have a look at how you are going to market yourself. See how much money you need to get going (you may not need much at all) and go from there. If you form a limited company then you are separating yourself and the business so you have limited liability. You do have certain responsibilities as a company director and you need to be aware of those. My key point however is, look at starting that business today, it doesn’t have to make you a millionaire overnight but it could give you and your family a little extra income and also give you something new and exciting to do.

 

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What is a shelf company?

Tuesday, Apr. 19th 2011

Although online company formation is fast, there may be times when you need a company instantly without any delays. To facilitate this we carry shelf companies to speed your company formation along.

These are companies that have already been legally formed, but they have never traded nor engaged in any business transaction whatsoever. The name of the company can be changed to the name of your choice for an additional charge.

There is a premium for a shelf company, however they can be yours within minutes, and changed to your requirements with new directors appointed and the share capital changed.

If you need a really quick company formation a shelf company may be of use!

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What is the make up of the annual return?

Sunday, Apr. 3rd 2011

An annual return is a snapshot of specific company information on the return date of the company. This is a separate document to the annual accounts.

The annual return includes the following information:

  • the name of the company
  • its registered number
  • the legal return date
  • the principal business activities of the company
  • the type of company it is
  • the registered office address of the company
  • the address where the company keeps certain company records (if not at the registered office)
  • the details of the company secretary – where applicable
  • the details of all the company’s directors

If the company has share capital, the annual return must also contain:

  • A marker to indicate whether the company was a ‘traded company’ at any time during the return period (a traded company is a company with any shares trading on a regulated market).
  • A statement of capital.
  • Details of the shareholders.
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When do I need to become VAT registered?

Friday, Apr. 1st 2011

There are 2 main reasons for becoming VAT registered. One is required and the other is voluntary.

  1. If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of £73,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT.
  2. If you are selling less than £73,000 of goods / services in a year then you can register voluntarily. If you decide to register for VAT because you have a large number of suppliers who are VAT are registered and the majority of your customers are VAT registered then it may make sense even if you are under the threshold. The reason for this is you will see your costs fall (because you can claim back the VAT) and whilst you will have to charge VAT on your sales, that won’t matter because if you customers are VAT registered, they can claim back the VAT anyway.

You can see full details of when you have to register at: http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm

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What are the responsibilities of a director?

Friday, Mar. 25th 2011

After your company formation is completed, there are certain responsibilities the director(s) take on. The preparation and delivery of documents, on behalf of the company, to Companies House as and when required by the Companies Act is a core part of the Directors responsibilities. These include:

  • the annual return
  • the annual accounts
  • notification of any change in the company’s officers or in their personal details
  • notification of a change to the company’s registered office
  • allotment of shares
  • registration of charges

You can download a number the forms you will need to perform the above tasks from the our Forms Page.

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What are shareholders funds?

Sunday, Mar. 20th 2011

Shareholders funds are the equity left in the business, which is owned by the shareholders as they in turn own the company and its assets. It is essentially all assets minus all liabilities, and is shown on the company’s balance sheet in their accounts.

It can be used as a guide in smaller companies to show if a profit has been realised, or if the business made a loss. It can be impacted by dividend payments, and revaluations of assets within the company however, but it is a good basic guide as to the financial performance of the business.

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