36,000 Companies Exempted from Audits Under New Rule Change

After a lengthy consultation period the Department for Business has announced its intention to alter the annual audit exemption for small companies. All private limited companies are required to have their accounts independently audited every year. This can be a costly and time consuming process as it involves performing a full stock take which has …

Top 5 Reasons Why Company Accounts are Rejected

Companies House have released figures showing that they now reject 11.1% of company accounts. Using the Companies House statistics for July 2012 that means over 300,000 companies have had their accounts rejected so far this year. If acceptable accounts are not received on time then Companies House will automatically levy late filing penalties. This could, …

Getting Away with it: Will Companies House Notice if You Fail to File Documents?

Many people don’t realise that when they create a limited company they are taking on a range of duties which have to be completed every year. Many more people fail to realise that the penalty for not meeting these requirements is prosecution. On forming a company many of the documents needed are not supplied by …

Private Limited Companies, Tax, Celebrities, PR and HMRC.

The way companies and company directors pay tax has been at the heart of several leading news stories over the last week. We have had debates over the morality of celebrities and politicians avoiding tax through loopholes involving offshore companies. Meanwhile the HMRC has been attacked by the Audit office for the way it deals …

How to find start-up business grants, loans and investments.

The biggest single problem facing start-ups is getting funding. While it is possible to get start-up business loans from the high street banks they are not easy to come by. With a bit of digging round and filling in of application forms it is often possible to assemble a decent amount of starting capital through …

Using Alternative Funding to Grow Your Business

The British Government this week announced that they are putting £100 million into internet based alternative funding providers. Two of the sites who are bidding for the money are Funding Circle and MarketInvoice. MarketInvoice is an online marketplace for companies to auction off their outstanding invoices in order to raise money. Auctioning invoices is not …

What is a Dormant Company?

Figures from Companies House show that about 18.5% of companies in Great Britain do not do any business all year. These are classed as Dormant Companies. A dormant company is defined as having no ‘significant accounting transactions’ during a financial year. Even though a company may have done no business during the year it still …

Selling on eBay? You may need an accountant.

Her Majesty’s Revenue and Customs (HMRC) have recently launched a new e-marketplaces campaign targeting people trading on sites such as eBay and Facebook Marketplace. While many online marketplaces including eBay and Amazon will sort out most of the VAT due on sales, HMRC are concerned that some VAT, National Insurance and other taxes may be …