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You may have heard a lot about digital tax recently, as the government’s ‘Making Tax Digital’ (MTD) initiative ramped up at the start of the new financial year. Eventually, business owners across the UK will be affected by MTD but many are still unsure about what digital tax really means and how it will affect […]
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. […]
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 […]
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 […]
It’s not every day you get invited to visit Number 10 to talk ‘small business’ with senior advisors to the Prime Minister. 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 […]
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 […]
Not 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 […]
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 […]
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 […]
Unlike 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. […]
From 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 […]
When we inform our customers of impending due dates for their limited company, this is the response we’re often met with. Unfortunately it is a misleading statement. If HMRC have said (or written) that nothing is required of a dormant company it is simply to do with HMRC filing obligations and not Companies House filing […]
Last Updated: 29/10/2014 If you have any question regarding forming or running a limited company, take a look at the Knowledgebase. We’re confident that you will find the answer. The Knowledgebase is a hub of limited company information that we’ve collected over the years taken primarily from the different questions we are asked by our […]
In keeping with our dedication to helping start-ups, we offer numerous business guides, packs and resources: • Tax and Financial Strategies Guide • Business Start Up Guide • How To Make A Profit Guide • 100 Ways To Save Time With Microsoft Office • Business Forms Pack For more information or to buy any of […]
If you have our Registered Office Service, or are thinking of purchasing the Registered Office Service, it’s important that you know what mail we will forward onto you.
Last Updated: 17/09/2014 There still appears to be some confusion over the filing obligations of a dormant company. So, here’s what’s required of a dormant UK company limited by shares: Companies House Obligations Annual Returns on an annual basis Company Accounts on an annual basis (Dormant Company Accounts) HMRC Obligations A few weeks after the […]
After forming a UK Limited Company the logical next step is to open up a business bank account. Whilst it isn’t a legal obligation for Limited Companies to have a bank account (after all some Limited Companies are dormant) not having a business bank account for a trading company is simply a non-starter. Without a […]
Last Updated: 12/09/2014 If you completed the company formation process with us then you have access to our online company admin portal. As well as being able to carry out limited company admin duties such as officer appointments, address updates and annual returns (to mention but a few) you can also view basic company information […]
This month we are focusing on the offshore market for companies. With world economies being in apparent meltdown, there are still many reasons why individuals and entities from many countries choose a particular jurisdiction to locate their commercial operations. One country that has particularly suffered from the Eurozone crisis, but is still a highly attractive […]
Last Updated: 12/09/2014 This is one of our customer’s most common concerns, but it needn’t be. The Companies House status “Active” does not mean that the limited company is trading; it just means that the company is “live” and not in liquidation or being struck off. Tomorrow we shall look at how to let Companies […]
Another day, another exciting partnership to announce! We can now offer Companies Made Simple customers a free 60 day trial with KashFlow, providers of online “Accounting Software for Small & Medium Size Businesses”. Once the trial period is up we can offer a special price of £14.99 per month. For more information, or to sign-up […]
Last Updated: 11/09/2014 Our existing customers and regular blog readers will already know that it’s not just limited company formations we can help with, we also offer a number of services useful to limited companies. One area where we offer help is company tax registration. We know that some people find all things tax related […]
Legislation protecting and controlling the employment of individuals has been considerable over the last few years. It is particularly important that however few employees you intend to take on, you take appropriate advice to ensure that you comply with all legislation particularly with regard to: • The recruitment process • Terms and conditions of employment […]
Last Updated: 26/08/2014 It is necessary to notify H M Revenue & Customs of your existence by completing forms CT41G ‘Corporation Tax – Information for New Companies’ letter (companies) or CWF1 (sole traders/partnerships). You can also telephone H M Revenue & Customs to notify self employment on 0845 915 4515. The CT41G ‘Corporation Tax – Information for New […]
Last Updated: 20/08/2014 HM Revenue & Customs (HMRC) “are here to ensure the correct tax is paid at the right time”. As explained on their site, they administer: • Capital Gains Tax • Corporation Tax • Income Tax • Inheritance Tax • National Insurance Contributions • Excise duties • Insurance Premium Tax • Petroleum Revenue […]
Even if you are already the leader in your industry, there will be opportunity to improve the profitability of your business. It is not always easy to achieve, but it’s certainly possible. You need a plan of attack. Specifically, you need to find out exactly what your existing and potential customers want—it’s not always the […]
Updated on 18/08/2014 PROS • You will be able to recover VAT on your purchases. • The VAT you can recover will not just be from the date you register for VAT but will include any VAT you have suffered on goods or assets purchased 3 years prior to registering for VAT, providing they are […]
According to a recent report published by the International Finance Corporation and the World Bank, the UK remains one of the world’s best countries to do business ahead of both the USA and the rest of Europe. Without doubt, part of this is due to both our own home-grown talent and entrepreneurial spirit, but also […]
Once you have completed the company formation process, it is important to ensure you register as self-employed. The definition of self employed is; a person who’s income is made by working for themselves – not by receiving a salary from an employer. If you are employed by someone, your national insurance and tax is deducted […]
From January 1st 2024, the HMRC have introduced several new tax laws. One in particular affects Britons who have ‘side hustles’ selling or renting items or property on online marketplaces such as Depop, Vinted, Airbnb and Etsy.
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