A company that has no transactions and therefore receives no income in a given accounting period is considered a dormant or an inactive company by HMRC.  A dormant company is nonetheless required to file dormant accounts to formally inform HMRC of the inactive status of the company and on an annual basis.

The process of filing dormant accounts is straightforward as only a high level of detail is required and if completed online, the process is free and approved quickly by HMRC.  But as you are not proactively asked by HMRC to file dormant accounts and the onus is on you to do so at the right time and in the right format, we have provided a guide on how to file dormant company accounts.… Continue Reading

Did you know that the limited company business structure is the most popular setup for businesses in the UK?

If you’re thinking about taking the next step for your business and becoming a limited company, then read further to check you’re making the right decision.  In this article we look at the advantages and disadvantages of a limited company structure.

What is a limited company?

A limited company is a type of company which allows the business owner to keep their own assets and finances separate from the business itself. This means that the business is an entity in its own right.

Compared to other types of business structures, the main difference is that the company’s shareholders are personally protected, so there’s no risk to personal wealth.

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Having a great business idea is just the first step to setting up a viable business and one of the biggest barriers is how to get business finance for your great business idea.

In this article, we provide the main revenue streams to consider to help finance new businesses in the UK as, let’s face it, it won’t be cheap and you may well have to incur a large upfront cost before you even start trading.  Costs could include anything from renting premises to run your business from, buying equipment, marketing and advertising and the unavoidable costs of registering your business with Companies House and HMRC and accounting costs to ensure you work within the law and in the most ta efficient way possible.

How to finance business therefore is one of the main hurdles to overcome to becoming self-employed.

… Continue Reading

 

Have a great business idea?

Having a great business idea is a fantastic start but to help you transform your idea into tangible results and a profitable business, you may be at a loss as to what to do next.  

As with any big challenge you take in life, it’s easier to break it down into smaller goals and work through them methodically, all the while keeping mindful of your ultimate strategic goal.

When starting a business, we suggest starting with this 6 step process to help get you started.   

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When setting up a limited company there are a few things that you need to think about. Firstly, you need to think of a company name with a corresponding website, then you need to register your company at Companies House and at HMRC. You then need to set up a business bank account and take out business insurance…. Continue Reading

As an employer, part of your role is to provide employment references for your employees. You could be in a position of making or breaking their next move. It may be tempting to try to provide a reference that does not reflect your employees in a good light, as a way to holding on to them. Or you may be glad to see the back of them and want to portray this to the new employer.

This blog is intended to guide you in avoiding employment reference traps. … Continue Reading

We know technology is an important factor in the world we live in now. It is advancing at a faster pace than we could’ve anticipated. So how can technology be utilised by small businesses to make them more efficient and propel them towards new growth opportunities?

Although you may think technology is there to distract you from doing your job or that it makes you lazy. However, the technology is there to make us work smarter and increase our productivity. … Continue Reading

Are you a small business owner who is stressed with the workload? Not freeing yourself enough time from work to visit the gym? Why not bring the gym to where you are without all the need for expensive gym equipment? The title of this blog surely hints you to where we are going with this.

Yoga! We know when you are running a small business, there are various tasks and activities of your business that will eat your time make you pin down to a desk. As many of you small business owners are, with doing 9-5, five days a week, yoga will provide relief by breaking this cycle…. Continue Reading

One of the best thing about being a small business owner is that you can enjoy as much freedom as you wish, particularly when it comes to being in control of your working hours. This means you may not prefer to work the usual 9-5 working hours. Some days, you might be up late, past midnight working on tight deadlines or wake up at 5 am to rush to client meetings. However, you must become aware that unusual working patterns will onset some adverse impacts on preserving a consistent work-play balance especially your sleeping patterns. Further, when family commitments are also put into the balance, it becomes difficult to achieve the recommended 7 to 9 hours of sleep by the National Sleep Foundation…. Continue Reading