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What happens to a late tax return? It’s no surprise that HMRC doesn’t take to kindly to failure to submit your tax return, or even a late tax return. Submitting your return even a day late can be met with harsh penalties, but those penalties become significantly more serious the later you leave it. InRead more

Company Voluntary Arrangement (CVA) Since the 2002 Enterprise Act there are two main ways of saving all or part of a company that is suffering financial difficulties. These are either Administration or a Company Voluntary Arrangement. Under a Company Voluntary Arrangement, the directors can make a proposal to the company’s creditors to allow the companyRead more

Administration Since the 2002 Enterprise Act there are two main ways of saving all or part of a company that is suffering financial difficulties. These are either Administration or CVA. The main purposes of administration are: To rescue the company as a going concern (this describes a company that can continue operation without the threatRead more

What are the responsibilities of a Director? When you decide to incorporate your company, you may be interested in becoming a director of that company. If you do then you will take on a number of new responsibilities in your new role. Legally, the responsibilities of a director are framed in three ways. These are:Read more

WHAT IS SEIS? This is a scheme launched by the UK government to encourage investors to set up small and early stage companies. It was introduced on 6th April 2012 as a way of enticing taxpayers to invest in early stage and small business. The Seed enterprise investment schemes (SEIS), differs from the Enterprise InvestmentRead more

Enterprise Investment Scheme The Enterprise Investment Scheme (EIS) is a series of UK tax reliefs designed to help smaller higher-risk trading companies to raise finance. The EIS differs from the Seed Enterprise Investment Scheme (SEIS) and offers both income tax and capital gains tax reliefs to investors who purchase new shares in qualifying companies. InvestingRead more

Incorporating a Company There are three legal structures of starting a business that are recognised in the UK; sole trader, partnership, and a limited company. Whichever structure you select, it’s always wise to go for the one that suits you best because it might predetermine the success of your business. Here we briefly outline theRead more

UK limited liability partnership came to life on April 6th, 2001 after the LLP act 2000 was effected. Since then Limited Liability Partnerships have grown in popularity because they combine the following benefits; Limited liability protection of all members. Corporate status benefits because it is a separate legal entity. The ability to be taxed andRead more

Should I be a Limited Liability Company or a Sole Trader? In an age where entrepreneurship and technology are developing in a fast pace, many people find themselves wanting to run their own business instead of remaining employees. The UK is an ideal place to start a business since it has one of the lowestRead more

What is a Limited Company? A Limited Company (also known as a limited liability company in the UK) is a private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested. Owners of the limited company are called members or shareholders. Shareholders own shares inRead more