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For many businesses, one of the first things they believe they need to acquire to become a reality, or a bona fide business, is a physical premises to operate from – usually an office or shop space. And while this remains the case for many types of business, others have begun to explore a better option to help combine their need for a company space with the lack of need for a customer facing facility – the virtual office.

As the notion of flexible working becomes more of a reality, and a central part of many businesses working life, many business owners are examining new ways to work. Technology and progressive management techniques also mean that the traditional bricks and mortar office is not always an essential requirement for a modern business. Changing business structures, flexible working arrangements and the outsourcing of services have all meant that the virtual office may be the perfect solution for your business.

What is a virtual office?

Virtual offices allow your business some of the key benefits of a traditional office without the need to hire a dedicated physical space, such as an office block, or a commercial premises that also contains a suite of offices. A virtual office can offer a professional city centre address, call handling, mail sorting and reception services that allow the business to portray a professional image to the whole world without the inconvenience of having office or building space to rent and other associated costs. Virtual office packages start with a very basic ‘address only’ options that can handle mail forwarding and create a physical business address. This means that you don't have to use your own personal home address on your business paperwork and then have to suffer being inundated with junk mail and cold callers at your home.

In addition, businesses can also use services that assist people working from home such as PA services and access to meeting rooms at a discounted price for when you need somewhere professional to meet with important clients. It even offers call management services to cut down the time spent answering the phone. These services can be a Godsend to busy entrepreneurs who need to focus on getting their business off the ground without all of their time being taken up with the necessary day to day administrative tasks of running a company.

When is a virtual office the right option?

The cost difference between a virtual office and real bricks and mortar office is obviously significant, especially for address only and mail forwarding services where you want to keep your home address private and separate from your business. Added to this is the prestige of having an EC1 London city centre location for a business address that most business owners couldn’t afford to rent for their traditional office space. But cost alone isn’t the only way to know when a virtual office is the right choice.

The trend for people working from home has grown steadily over the last ten years or so as more people either work freelance, start their own business from home, or simply conduct their company role from their home address. Rather than being a temporary solution, it has become a lifestyle choice for a wide range of people – from parents to people wanting to live in rural locations or even in another country.

However, there are still some who see this business model as offering problems – people located in far flung places, removed from the ‘real’ world of business as they work from home. Often a physical address is used as a defining factor when choosing a business to work with and a home based business may miss out due to this. By replacing the registered address from a home address to a virtual office, a business can cut through this preconception and offer a traditional style address to look more professional in the eyes of prospective new customers.

Another option is for those home based businesses who need extra services but don’t want to commit to running a full office suite just yet. Or they have an office that they are happy with but it is in a more remote location and when you are London-based, this can sometimes be seen as a negative. Some 74% of businesses currently using virtual office services are working with companies based in the City or West End of London but who aren’t ready to commit to a physical office space in these locations.

Geographical benefits

Another part of the flexible, home working business model is that employees can be remote or satellite workers that are spread across diverse geographical areas where a permanent office space for this type of business simply doesn’t make any logical sense. However, a central address to use for correspondence purposes as well as for client meetings and even to use for personal assistant services can be highly beneficial. Quite often these service are used by a sole trader, freelancer or single entrepreneur who needs PA services to support them in their work.

A high quality complete virtual office service will act as part of the team, adding an additional level of professionalism to the business, as well as helping to manage essential administration duties. It allows businesses that are using flexible and modern technology options for their business to also offer a physical address that fulfils some traditional requirements and is also a very cost-effective way to get a professional London address. The virtual office services can also be scaled up and down as needed and cancelled within a short notice period if the needs of the business should change. This is not so easy to do in the real world with live staff that you will have to hire and fire as your business develops and matures. It also allows core staff to work wherever suits them best rather than wasting time commuting into the office every morning and thankfully avoid that dreaded rush hour traffic!

The tech industry is booming at the moment, and there are new start-ups taking their first steps into the business world almost on a daily basis. However, just as quickly as new start-ups get going, just as many are floundering. Industry experts will tell you that the key to starting up a successful business is fostering, maintaining a very high level of efficiency, and having a virtual office.Most start-ups have to work to very tight budget constraints, so it makes sense for them to utilise their resources in a sensible way. This means making economic decisions with regards to business premises and staffing levels. These are two essentials that are very draining on your budget, but without them it can be almost impossible to establish and run your business.This is where having a virtual office is incredibly useful for new start-ups. When money is tight and your time is precious, having a turn-key solution that is already set up and ready to handle all your necessary day to day administration and running tasks to allow you to function can be a Godsend.Lets take a closer look at the top five reasons why having a virtual office is key to the successful grounding of a new start-up business.

A cost-effective solution

Let me ask you a question. You have a set budget to spend on getting your business off the ground. Would you like to spend the bulk of your available budget on renting premises and buying office furniture, hiring staff, and spending out on all the necessary insurances to meet current health and safety standards, or would you prefer to spend your money on developing your new product or service?Virtual offices are so very cost-effective, efficient and convenient. There is no hiring or firing to do, no staff training or providing them with facilities such as car parking, toilets, kitchens or staff rooms. There is not office furniture, computer equipment or telephones to buy. You can hire our complete virtual office that has everything you need at very affordable prices. The cost is a drop in the ocean when compared to what you would need to lay out for your own office suite.Plus on top of these benefits, you can easily scale up your services on demand to meet your growing needs as your business expands. So when you would have outgrown your first small office, had you set it up yourself, there is no need to search for larger premises, move your office and suffer the down-time while everything is being dismantled, moved and set back up again. With a virtual office, you simply have more services added to your plan. Easy!

Convey a professional image

You can never underestimate how important image is in business. A new start-up needs to get itself established as a reputable company that must be taken seriously as quickly as possible. To do this, having a good business address with some gravitas makes you look much more credible in the eyes of others, especially those you wish to do business with as well as your business peers.To stay one step ahead of your competition is important if you want to be successful. You can create, establish and maintain a strong and credible brand to attract customers and investors by having your very own prestigious City Road EC1 London business address.

The human touch

There are also added extras that you can make good use of without the need for them to be a permanent fixture of your business. For example, why pay for your own meeting room when it will stand empty for most of the time? Yes, business meetings are important, but do you need to spend a lot of money on renting premises large enough to accommodate a meeting room when it stands idle for the most part?So what is the solution? Our meeting room hire service is something that you can use as and when you need it. This can save you a lot of money, and don't forget that our meeting rooms come complete with a personalised reception service where a professionally trained member of staff will welcome your visitors and settle them in your chosen meeting room. Our high quality unbranded modern meeting rooms are very comfortable, air-conditioned, fully serviced with full rapid speed fibre optic Wi-Fi and cabled Internet solutions and have presentation whiteboards.Although we offer a virtual office solution that is perfectly tailored to suit your business needs, it doesn't mean you are going to miss out on the personal touch. Don't forget that whether you choose to use our complete virtual office service, or just the telephone answering service alone, there will always be a real life human there taking your business calls in a professional and friendly manner. This can convey a great sense of trust and reliability within prospective clients or possible business associates. The level of professionalism on offer with our virtual office services is second to none.

In-built flexibility

Flexibility is key with any new start-up business. As your business grows, you will want to quickly keep apace with your expansion needs. The flexibility that a virtual-office offers is immeasurable. You can upgrade your existing package to include extra services or have larger meeting rooms to facilitate group meetings, AGM's or small conferences. You can comfortably expand and grow at your own pace without having the inconvenience of moving offices or renting larger office premises.

Seamless continuity

Who needs the disruption of having to move office every year or so when there is no need to? With a virtual office solution you can expand your services to meet the growing needs of your business as it expands. Our services will continue seamlessly with no disruption or downtime that would be associated with an office relocation. There will be no need for a change of address on your official business letterheads, invoices and business cards. There will be no need to notify clients of a change of address and no risk of a communication breakdown that can lead to frustration and lost business.With a virtual office solution, you can avoid many common issues that comes with facilitating your own office space, plus you will be saving a fortune on overheads and administration that comes with running an office. You can free your time up to focus on what is important – the future growth of your company.

When the UK voted to leave the European Union back in June 2016, the business world was thrown into turmoil. No one could say with any great certainty what the future would hold for UK businesses, no matter what their size and trading position with Europe. With some experts speculating that the British economy will take hit, many business owners are now looking at ways that they can tighten their belts and make their business more ‘Brexit-proof’.

As we still don’t know what will happen for the vast majority of businesses because the Brexit negotiations have only just begun, what actions you take to ensure the future survival of your business is largely up to you. However, examining your budgets, cutting your expenses and looking for more affordable and flexible solutions is going to be a top priority moving forward. One area where a lot of money can potentially be saved is from within your own work-space infrastructure.

Just about every business owner wants to see their business thrive and expand, but while budget constrains and uncertainty about the future are hanging so prominently in the air, the last thing you want to do is to enter into long and expensive property leases that could be difficult to get out of. The solution to this of course is to look at setting up a flexible way to cover your expanding office and administration needs without actually having the expense or commitment needed to take on full-time members of staff and provide them with office accommodation.

There are already well-established and reliable services in place that you can take advantage of to meet your growing business needs while the country is going through Brexit. From using a simple call answering service to a comprehensive London-based Virtual Office Package where you can combine a virtual PA, mail sorting and forwarding services, and have the use of a modern business meeting room in a prestigious part of London city to meet and greet your clients.

Regardless of the outcomes from Brexit, London will still remain as one of the greatest cities in the world to operate a business from. Although working environments are changing rapidly, especially with the advancement of technology, there is nothing like having a prestigious London based address to work from. No matter where your company is based, you can benefit from using a Virtual Office that is based in the heart of London.

Flexibility is a major factor

While we go through the Brexit process, business owners are going to be faced with market fluctuations on an almost daily basis. Having the built-in flexibility of a Virtual Office service can help you transition between pre and post-Brexit smoothly without worrying about committing your business assets, or tying your business up in long and complicated contracts that could prove very costly in the long-run.

Having the flexibility that a Virtual Office and flexible meeting rooms can offer with mean you have the agility to scale up or down your requirements as you need them. You will be able to meet the demands of a sudden boost in your business without worrying that you have overstretched your budgets. Should market changes and fluctuations mean your need to downsize quickly, then you are not stuck with an unsustainable contract for business premises or face having to lay off staff.

No matter how rough a ride Brexit will give UK businesses, it will still be important for companies to present a strong and steady front if they are to remain competitive in the future. Your image and how people interpret your company still hinges on you offering a bespoke and reliable service. Using a well-established and experienced Virtual Office service can give your company the boost it needs to continue to exude an air of professionalism and trust, no matter what stage we are at with our divorce from the EU.

For entrepreneurs and small businesses

A Virtual Office package is an ideal alternative solution for small business owners or entrepreneurs with restricted budgets. Many small businesses don’t actually need a full-time, fully staffed office. Having a Virtual Office package in place will allow you all the benefits of a regular office but at the fraction of the price of setting up and maintaining one yourself.

Many business owners start off with just mail forwarding and telephone call answering services until they are in a position to afford to set up and run a permanent office. However, very many of them go on to continue using these services or take on a Virtual Office because it is a lot less of a hassle and costs far less than committing to a full time on-site office. With the possibility that physical office space rental may rise sharply post-Brexit, it makes more financial sense to stick with a Virtual Office package where prices will remain stable over the long-term.

It also makes sense that business owners shouldn’t have to pay out to keep a meeting room space that is vastly underused onsite. Using a modern, well-maintained and fully serviced meeting room in the heart of the London business district to meet and greet your clients is going to impress. Hiring an unbranded meeting room allows you to conduct important business meetings in a profession environment where your clients will be totally unaware that you don’t own the building. You get the help of professional admin staff to greet your clients and service your meeting room without the added commitment of having to employ any permanent staff yourself.

A bright future post-Brexit

Flexible work-space hire has grown by 67% in London in the past decade alone and with the uncertainty surrounding Brexit, experts are predicting another sharp rise in these figures over the next few years while the economic marketplace starts to settle down once again. Regardless of Brexit, flexible office space and Virtual Office solutions are not going to disappear overnight. With over 30 years of growth within London, this way of working is looking increasingly more appealing to smart business owners who want to ride the rough waves of Brexit and appear on the other side as a much stronger competitor in their marketplace.

Take a look at our Virtual Office package to see how you can benefit from our professional services.

We can also help you with the following services to assist your business growth and to make your business run more efficiently:

London Address and Mail-Forwarding

Professional Call Answering

Modern Business Meeting Rooms

The main worry around Brexit for most business owners is seeing our strong bonds with Europe being severed and the possible loss of a valuable cross border workforce. Will Brexit make UK businesses less competitive and therefore less attractive in the global market? We simply don’t know yet.

Now that Article 50 has been triggered and we have begun negotiating our exit from the European Union, many businesses are looking at an uncertain future that is going to be hard to predict. We have no real idea how this will impact on us, from concerns about the demand for our exports to finding enough seasonal workers to pick fruit from our fields and orchards or to staff our hotels.

According to figures coming from the Office for National Statistics, migrant workers in Britain reached a record level of 2.15 million during 2016. These figures account for over half of all new workers, so who will fill the gaps in the market for these workers should they stop coming here? There are many businesses both small and large from all sectors that may suffer as a result.

Top bosses from the ever-growing tech industry in the UK says that there are insufficient numbers of home grown engineers to fill their needs, so they actively source talent from across Europe who come here on working visas. Most tech companies have to do this to remain competitive, and any reduction in overseas staff will mean they cannot grow as fast as they need to. This could leave the UK tech industry lagging behind its competitors.

Despite claims from the Prime Minister that she is making workers on EU visas in London a top priority, nothing as yet has been put in place and any failure to do so will be disastrous. Companies across all sectors who rely on European workers will struggle to fill essential roles and would find it hard to attract workers from the EU, especially those who may feel like they are no longer welcome to work in this country.

Could the solution to Brexit be the Freelance Economy?

The freelance economy has grown by 25% since 2009, and is now estimated to generate £109 billion per year in turnover. According to figures from the Office of National Statistics, self-employment grew from 3.8 million in 2008 to 4.6 million in 2015, with around 2 million of those currently self-employed working in a freelance capacity.

Being able to fill a variety of roles across a wide range of industries and carry their existing knowledge, experience and expertise with them is looking like a very attractive option for business owners looking to fill the gaps left by missing EU workers.

Although freelancers are often seen as part of the ‘gig economy’, this isn’t strictly true! The ‘gig economy’ in it’s true sense is made up of quick tasks, and a gig worker is someone that may work for Uber or Deliveroo collecting and delivering things on your behalf for example. A freelancer on the other hand is able to offer businesses essential skills, talents and support no matter where they may reside in the world. They can provide employers with short or long-term flexible support for project developments and can often bring new skills to the table that the company don’t yet have.

Did you know for example that major brand names such as ASOS and Google hire freelancers that make up half of their UK based workforce? Many large organisations hire remotely based freelancers to make up their workforce and have done so for many years. The most obvious benefit of hiring a freelancer over an EU worker is that a freelancer doesn’t need a visa to be able to work for you. Freelancers are going to be far less susceptible to the outcomes of Article 50 and therefore are going to be a more reliable source of talent when making short term or long term plans for the future.

Employment Restrictions

With Brexit will come a whole new raft of restrictions regarding working visas for overseas workers, so business owners are going to have to think long and hard about how they are going to manage their talent with regard to geographical borders. Managers are now looking at ways they can use to attract and retain talented freelancers while still moving their plans for growth forward. A lot of this is going to be down to good management of their freelance pool and knowing which person is going to be the best fit for each new project or role as it arises.

Business forecasters are predicting a shift in focus for many hiring managers. This will involve moving away from bringing in overseas workers and helping them to find accommodation, fit in with the company culture and feel at home to a more hands-off approach with freelancers. Here they will need to put in place a system that makes on-boarding new freelancers more simple, and helping them to integrate smoothly without causing disruption to their current workflow. Focus must also be placed on ensuring that all freelance staff are treated well, paid fairly and most importantly, paid on time. If they want to retain the best workers, they cannot afford to neglect the basics that freelancers rely upon = good communications and regular pay.

Outsourcing tasks that can be done virtually anywhere to professional freelancers has been growing in popularity over recent years. Outsourcing jobs and hiring freelancers is also a great way of keeping business running costs to a minimum. With an unpredictable few years ahead, many small and medium enterprises in the UK are getting ahead by using professional freelancers, hiring virtual offices and personalised call handling services.

With so many uncertainties surrounding life in post-Article 50 Britain, it will pay business owners to embrace the professional freelance economy to support their plans for the future.

The world of tax and business is an ever-changing place. Each year there seems to be a number of changes, both significant and small, that small business owners are obliged to keep up with and understand. Lets take a look at some recent changes that may affect your small business, or that you need to be aware of.

The National Living Wage

The National Living Wage for all employees aged 25 and over was increased by 30p an hour from April 1st to £7.50. The rates of pay for all age groups are now as follows: For 21-24 year olds it is now £7.05; for 18-20 year old it is now £5.60 and for under-18s the hourly rate is now £4.05.

It is law that every business owner pays their employees at the appropriate rate for their age, and you should pay particular attention to adjust pay rates for younger employees once they reach the next age bracket.

New Business Rates for 2017

From April 1st this year, the new Business Rates came in to force for England, Scotland and Wales. The new rates have been based on new commercial property valuations and many small businesses have seen a steep increase in their rates. For those businesses in England that are concerned about a rise in their business rates, you may be eligible for reduced rates for a period of time, but this will be at the discretion of your local council authority.

The government promised extra transition funds for local councils across England, so it may be worth checking to see if you can qualify. There are separate local and national rate relief schemes for Scotland and Wales too, and these can be applied for via the local council.

Changes to the appeal system

Should you wish to appeal for your Business Rates because you believe your business premises have been overvalued, the system you go through for appealing your rates has been changed in England. Small businesses wishing to appeal their new business rates must now pay an upfront fee of £150.00 before going through the three-stage appeal process. The £150.00 fee will only be refunded should your appeal be successful.

A change to the Code of conduct for Business Rates appeals firms

Many small business owners don’t particularly want to go through the business rates appeal process on their own. Many owners don’t want the hassle of the extra work involved so will hire consultancy agencies that will go through the appeals on their behalf – but often for a hefty fee! Should you choose to take this route then it is wise to hire a firm that is registered with the Royal Institute of Chartered Surveyors (RICS).

There has been a new level of protection added to protect small businesses from bad practice from these agencies. The newly strengthened RICS code of conduct that agencies have to sign up to will help protect the small business owner from being overcharged or from receiving a sub-standard service.

The introduction of the new £1 coin

The new £1 coin was introduced into circulation on 28th March this year. The new 12-sided design replaces the old style round £1 coin, which can still be used as legal tender up to the 15th October 2017. Should you still have some old-style £1 coins after this date, you can take them to a bank or Post Office and they can still be used in deposits for a limited time. This will be up to the individual bank or Post Office, so it is best to check with them to find out if they have a cut-off date. Most banks are stating around a 6 month period after this date to allow businesses to deposit the old style coins.

As a business owner, you are under no obligation to accept old £1 coins after the 16th October. You can find out more information about the new £1 coin and how it affects business here.

No tie to one water provider

It used to be the case that businesses in England were tied to their regional water firm, but now are free to choose who they wish to supply their water services. Those eligible to change their supplier can now choose to have their water supply from one company and even go with a different one to handle their wastewater service. This sort of choice has been available to businesses in Scotland for quite a while now and has been working well.

New Lifetime ISA

The Government introduced a new lifetime ISA on April 6th 2017. This individual savings account has been particularly aimed at encouraging the self-employed to save. Following research published by the Federation of Small Business that showed only around 30% of self-employed workers are saving into a private pension, this has been introduced to encourage savings with a Government top up of 25%. To qualify for the top-up you need to be under the age of 40 and put up to £4,000 a year into the ISA.

VAT Flat Rate Scheme changes

A new flat rate VAT of 16.5% was announced at the Autumn Statement and was introduced on 1stApril 2017. The eligibility criteria to qualify for this rate has changed. Small businesses affected are those who are considered to be ‘limited costs traders’. This is where your VAT-inclusive expenditure only takes up a very small percent of your business turnover. This can be either:

• less than 2% of their VAT inclusive turnover in a prescribed accounting period
• greater than 2% of their VAT inclusive turnover but less than £1000 per annum if the prescribed accounting period is one year (if it is not one year, the figure is the relevant proportion of £1000)

More information about the new VAT flat rate changes can be found here.

Charges for hiring non-EU workers

The Government’s new Immigration Skills Charge to incentivise training of British workers was introduced in April 2017. This means that businesses seeking to employ new workers from outside the European Economic Area on a Tier 2 (skilled workers) visa will face paying a fee. The charge is £1,000 per employee per year, but there are reduced rates for qualifying small business of £364 per worker per year. The charges have been introduced to help cut down on the number of businesses taking on migrant workers, and instead hopes to incentivise them to train British staff to fill those jobs. More information about the introduction of the Immigration Skills charge can be found here.

Faster payments for small businesses

A requirement for better payment practices has been introduced. This means that larger companies have to give details of how promptly they will pay smaller businesses upfront for their goods and services. Larger firms will now have to specify the proportion of invoiced cleared within 30 days, between 31 and 60 days, and above 60 days.

Small business owners have long faced a struggle where they are financially stretched while waiting to be paid by larger firms holding off payment for an overly long time. This has sometimes resulted in smaller firms going under or failing to re-invest in the business due to a lack of circulating funds and payments being withheld. The Government considers a delay of 60 or more days before payment as poor payment practice, so it wants to encourage more transparency over payment arrangements and for invoices to be paid more quickly to benefit smaller businesses.

With the General Election voting day fast approaching and the release of party manifestos, emerging businesses are keen to see how each party propose to help UK businesses and if their policies are going to be favourable for business growth.

According to the latest Growth Climate Index, businesses believe that the most important areas for focus at the moment is on industrial strategy, the intervention of the government and the ongoing question of productivity. The survey spoke to 280 business leaders and entrepreneurs with the aim of measuring the confidence of the UK’s business growth environment.

Top of the list

The survey was conducted by the Business Growth Fund and was the first since just after the June 2016 Brexit vote. Of those surveyed, 88% said that the UK requires a comprehensive industrial strategy while some 77% also said they want to see the government’s proposal strategy back emerging businesses and sectors including clean energy and biotechnology. This is opposed to just 11% who want the government to prioritise support for the establishment business sectors and companies.

In fact, there is an overall approval among business leaders for the industrial strategy that the current government has formulated. 86% of business leaders think that under certain circumstances, it is a good thing that the government intervenes with the private sector – primarily to support economic growth. And 82% of those surveyed believe that the government should focus on SMEs in order to boost overall productivity.

Divided opinions

One area that caused division among those who took part in the survey was Brexit. For example, 49% believe that Brexit is more important for British business than industrial strategy at this point versus 47% who think strategy is ahead of Brexit in importance.

One area around Brexit where opinions have changed is in terms of the outlook for growth. In the previous survey, just after the Referendum vote, some 72% said that growth would worsen versus just 12% who expected to see an improvement. Now, figures are more even with 38% expecting an improvement in growth, 33% thinking things would stay the same and 29% who think it will worsen.

Similarly, when asked about the last quarter and if conditions for growth had improved, 38% think things haven’t changed while 26% said things were worse and 36% think things have improved. This shows an improvement from the July 2016 survey when only 10% thought that conditions had improved.

Support for the government

Stephen Welton, chief of the BGF, said that there was strong support from the private sector for the current government’s industrial strategy, showing that business leaders wanted a break from the past. They approve that the government has moved away from just supporting established companies and the biggest names in any industry and instead helping emerging businesses. Leaders also approve of the new acknowledgement of the importance of smaller businesses in driving innovation and helping to eliminate the productivity gap.

He went on to highlight the fact that this will become more important as we leave the EU and build a new trading relationship with European partners and those around the world. He confirmed that the survey shows a cautious optimism in business leaders and that companies are starting to have a positive and pragmatic vision of the country’s future.

Welcome to our new look website and blog. We hope you find it easy to navigate and to find out more detailed information about our products and services, for example:Virtual office services: Our complete Virtual Office London package is ideal for businesses who are wanting to get ahead and want to impress their clients and associates. Our virtual office package combines our highly sought after central London business mail forwarding address with a professional and experienced virtual PA telephone answering service. Find out more here.Call answering services: Do you want to impress clients with your own prestigious London based business telephone number and your own professional Secretary who will answer all your incoming calls? Find out more here.Professional meeting room hire: High Quality Modern Meeting Room Space in London for hire with full rapid speed fibre optic WiFi and cabled Internet solutions. Find out more here.Company Formations: Establishing or reinstating a business can be a complicated process involving a lot of paperwork, and if you make mistakes, you can experience a whole range of problems further down the line. Fortunately, help is at hand. At Capital Office, we have decades of experience in these areas and offer a comprehensive company formation service. Which one is right for you? Find out more about our packages here.We hope you enjoy reading our blog and hope to keep you updated with fresh content that you find useful for your business. If you have any queries about any of our services, please do not hesitate to contact us with your questions. We are here to help!

There are a number of forms that a business is required to complete on an annual basis, and there are some that are required more often than this. These forms are issued by HMRC and need to be completed accurately or the business could face a penalty in the form of a fine. The good news is that there is also guidance available for each form to help you know what you need to complete and when.

CT14G – Corporation Tax

The CT14G form is sent when Companies House notifies HMRC that a new company has been formed. This form collects all the information that HMRC requires to get tax affairs into order for the new business and all relevant sections of the form are required to be completed in full. The form is completed if the business has had any activity and can also be used to notify of a dormant company that has been formed, but it is not yet trading. If the company is using an agent, this can also be advised on the form.

Information you will need to complete the form:

• Date of company formation (this is the start of the first accounting period for the business)
• Company name
• Reference from Companies House when company formed
• Address of the principle place of business if different from the registered address provided to Companies House
• What the company does
• The date the company draws up its accounts
• Details of the person the business was bought from if relevant
• Name and address of all directors
• Details of an agent if one has been appointed
• PAYE office and reference number if relevant
• Copy of Memorandum and Articles of Association
• Details of Charity Commission registration if the business is a charity
• Corporation Tax - Dormant Company

If you are submitting form CT14G and stating that the company is to be held dormant and therefore not making any income at this stage, then you will need to complete the Dormant Company Section of the CT14G form. This takes down information such as when the company will become active if known, if the company is a shelf company and if the company was formed to protect a company name with no intention of becoming active etc.

Filing Dates

Companies House and HMRC set the due dates for filing in different ways. You will have an 'Accounting Reference Date' given to you by Companies House, which is normally the last day of the month in which your company was incorporated. So for example if you formed your company on the 6th August, your Accounting Reference Date will be 31st August the following year.HMRC will give you an 'Accounting Period' for your company tax return and corporation tax. This usually begins when you start your business, and will end on your Accounting Reference Date.As a director of a limited company it is your job to legally submit a Self Assessment of your personal finances to HMRC on an annual basis. Your self-assessment return will be due by 31st January each year, but you can choose to file once you have your p60 from the previous tax year. Most tax advisors will recommend that you submit your self-assessment sooner rather than leaving it until closer to the deadline. HMRC are well known for being very busy during tax season, so if you have any queries regarding your self-assessment, it will be more difficult to get through close to the submission date.

P60

Your P60 is a summary of what salary you have paid yourself through your limited company. It will also show what tax has been deducted from the previous tax year. Your P60 is an important piece of information that you should keep secure. You may find your will need your P60 for completing the following paperwork:

• Completing a Self Assessment
• Loan or mortgage applications
• P11D form
• Reclaiming overpaid Income Tax or National Insurance
• Tax credits applications

A P11D is a form that list the details of any benefits and expenses claimed during the past tax year between 6th April – 5th April. You are required to submit this form to HMRC each year for the following people:

• All directors and employees of the company who earn over £8,500 per year
• Any director own owns more than 5% of shares in the company
• Even if your company only has one director (i.e. you) you still have to file a P11D.

Annual return/Confirmation Statement

Your annual return/confirmation statement is separate from your annual accounts. Your annual accounts contain mostly financial information, but your annual return/confirmation statement is more like a snapshot of your company that contains more general company information. As of the 30th June 2016, all registered companies are required to submit an annual confirmation statement – a new submission that has replaced the annual return.

CT600

You must file a CT600 return to HMRC once a year. This form contains details of your company’s income minus any tax allowances and expenses. The remaining figure after deductions will be your profits. Once your profits are known, HMRC will then calculate how much Corporation Tax your company owes. Your first Corporation Tax return is due 12 months after your first year end. There is a very useful guide to help you complete your Company Tax Return here.There is a full list of HMRC Corporation Tax Forms and associated guides here:https://www.gov.uk/government/collections/corporation-tax-forms

[et_pb_section fb_built="1" _builder_version="3.22" da_disable_devices="off|off|off" da_is_popup="off" da_exit_intent="off" da_has_close="on" da_alt_close="off" da_dark_close="off" da_not_modal="on" da_is_singular="off" da_with_loader="off" da_has_shadow="on"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text _builder_version="3.27.4" background_size="initial" background_position="top_left" background_repeat="repeat"]When you form a limited company, two key roles need to be filled by at least one person in order for the company to be created – a shareholder and a director. Both roles in the company have their individual requirements and responsibilities but these are very different from one another.Here we look at the two different roles and what it means to be one or the other for a limited company:Being a Company DirectorThe role of company director might sound like an impressive title to hold and it certainly looks good on your C.V. but it isn’t a title without any duties. In fact, the company director has the most responsibilities within a limited company and for this reason, you must be at least 16 years old before taking up the role, as well as not having previously been disqualified from taking such a role.To become a director you must not be currently in bankruptcy, unless the court has given permission for you take the role and must not face any government restrictions. Lastly, you must not have been restrained by a court from becoming a company director.Company Director responsibilitiesAssuming you fulfil the above requirements, then you can become a company director without hesitation. If you take up the role, then you will have the following responsibilities:

• Ensuring that any information requested by Companies House is provided, such as annual accounts and tax returns
• Act within the rules laid out by the Articles of Association
• Answer to the shareholders of the company
• Promote the success of the business
• Act with diligence, care and skill in all of the business dealings
• Avoid or declare any conflict of interest
• Look after health and safety of employees of the company
• Organise any credit and enter credit agreements on behalf of the company

These duties are laid out under the Companies House Act of 2006 and if you fail to comply with legal and regulatory ones, such as submitting company accounts, then you can be prosecuted as it is a criminal offence not to comply with these rules.Director’s addressAnother aspect of becoming a director is that you must give an official address as part of the company formation paperwork. This address is then logged on a public register where anyone can see it, alongside your business address.Some directors prefer for their home address not to be a matter of public record, so for this reason they choose to use a director’s service address such as the one offered by Your Virtual Office. This allows you to use our prestigious central London address as the director’s address rather than your own personal home address and prevents people from finding out where you live.Using our London address can also add gravitas to your business, especially for new companies looking to establish a credible reputation in the business world. It can look very professional on your company stationary. The directors service address package includes forwarding of all your important statutory mail for the duration of your contract.Being a shareholderThe other main role required to establish a limited company is that of the shareholder and each company needs to have at least one shareholder when formed. Shareholder can also be known as members depending on the format of the company selected.A shareholder can be a person, a group of people, a partnership, another company or even another kind of organisation or corporate body. A shareholder can also become the director of the company – you don't have to be one or the other, you can hold both roles.On the whole, shareholders don’t usually get involved in the day to day running of the company or become involved with their financial affairs, but shareholders do carry some responsibilities. These include:

• Investing financially in the business (at least £1 to be a shareholder)
• Receive a portion of profits relating to their shares
• Contributing to any company debt in proportion to their shares
• Helping choose a director and deciding on director’s powers as well as their salary
• Authorising the transfer of shares
• Names of all the shareholders in a company are part of the public record along with a contact address, though the shareholder can appoint a nominee if they wish to keep their personal details off the public record.
• Shareholder agreement

Shareholders normally agree to a shareholder agreement which isn’t a legal requirement but is legally binding once signed. It defines the responsibilities and rights of the shareholders, alongside how the company is managed and decisions made. It can cover issues such as the appointment and removal of secretaries and directors, their salaries, restrictions and procedures relating to issuing and transferring shades and even changing the structure or nature of the business.The document is private and not entered into the public record. It can be created with a solicitor at the time of the company forming or at a later date. A copy should be retained on the business premises and by all shareholders if required.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

When you run a company, there are several forms that must be completed and submitted to Companies House alongside the basic information required to create the company. These forms have different codes and purposes. There are also different forms required to notify of changes and amendments to the information held on the company by Companies House. Here we give some details of the most commonly used forms by registered companies to keep their information up to date. There is also a link to a full list of approved forms at the end of the article.

IN01 - Register a private or public company

You ca use the IN01 form to incorporate, or register, a private or public company. The link includes the optional continuation pages if you need these too. You can complete the paper form to register or incorporate a company within the UK. The paper registration and filing costs £40.00 to complete. To complete the paper version, the forms need to be printed on white paper at full A4 size. Alternatively you can register your company online for a fee of £12 through WebFiling if it is a private company limited by shares with model articles.

Form to Give Notice of Subscribers with Share Capital

This is for a company with share capital. You can use this pro-forma for a memorandum of association to form a company with share capital. It is used to notify Companies House that each subscriber to the memorandum of association:

• wishes to form a company under the Companies Act 2006
• agrees to become a member of the company
• agrees to take at least one share in the company

Form to Give notice of Subscribers without Share Capital

This is for a company not having share capital. You can use this pro-forma for a memorandum of association to form a company without share capital. It is used to notify Companies House that each subscriber to the memorandum of association wishes to form a company under the Companies Act 2006, and agrees to become a member of the company.

AP01 – Appointment of director

Form AP01 is used to appoint an individual as director of a company, but not to appoint a corporate director, in which case form AP02 is used. Details of the company and of the individual is required including their service address.The service address does not have to be the person’s residential home address but can be the company’s registered address or an address used under a Director’s Service address, though this needs to be stated. You can use our Director's Address Service if you would prefer to keep your home address private. Their residential address is included in the records but this information is not included on the public register, so will not be accessible by the general public. The form can be posted to Companies House or completed online.

AP03 – Appointment of secretary

Form AP03 is used to appoint a secretary but not to appoint a corporate secretary, for which form AP04 is required. The form includes the company’s details as well as the individual’s information and the date of their appointment. Both parties need to sign the form and it can be submitted by post or completed online.

AD01 – change of registered office

If the registered office of a business that is already formed is changed for any reason, then the form AD01 is used to notify Companies House of this change. It cannot be used to change the registered office of a Limited Liability Partnership, so form LL AD01 should be used in this situation. Company details and the new address is required for the form and it can be posted to Companies House or completed online.

AA02 – Dormant company accounts

If you are forming a company to be dormant and therefore not making a profit or trading immediately, then you should complete form AA02. The form is for use by a company that is limited by shares and has never traded with the exception of the issuing of those shares. The form cannot be used by charities or those companies limited by guarantee or any who have no shares.

363a – Annual Return

The Annual Return form 363a is completed each year on behalf of the company. It includes information such as the registered office and principal business activities using the SIC codes acquired when forming the company. Other information required includes the type of company, details of the company secretary and directors as well as past and present shareholders.

Abbreviated accounts

You must submit details about your company finances which must be made public in accordance with the Companies Act 2006. You must file a set of abbreviated accounts to Companies House every year, including information on cash held in the company, assets, debtors and creditors.Your first set of abbreviated accounts are due nine months after your first company year end. You can find out how to upload your abbreviated accounts to Companies House via Webfiling through this demo.

DS01 – Striking off application by a company

If you need to strike off a company then form DS01 is used for this purpose but cannot be used for a Limited Liability Partnership, where form LL DS01 is used in its place. Company details are required along with the signatures of all directors. It can be posted to Companies House or completed online.Here is a list of postal forms that a limited company can file with Companies House. Here you will find all the necessary forms you need to register your limited company and also make changes to your limited company further down the line. For example, you may want to change your company name or change your registered office address should you move business premises, or update your PSC register. You will also find comprehensive forms for your company accounts, change of company's objectives, changes to your company officers etc. all of which must be filed with Companies House.