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When you are thinking of freelancing, everything seems advantageous due to the following:

• Flexible schedules.
• Having a business.
• Be your own boss.
• Work remotely from home or from anywhere else.
• Choose the projects you want to work.

However, when you really start, you realise that being freelancer has some drawbacks. One of the clearest examples is the hours of work, because you work much longer hours than any worker employed. While you can work on projects that you like and you get a job, it is not nearly brainer.In this guide you will find the main challenges that await you working as a freelancer. Note that we do not intend to discourage you; we just want you to bear in mind what reality you will face from now on.

1- Doing business is not easy

Especially if it is not your job. When you are alone, getting new projects is complicated. You'll have to spend some of your time and your energies to find new projects.It is also very difficult to get projects regularly. You'll have 5 times more projects at some point and others in which you are not going to work on either. The challenge is to get some stability.

2- The price, the big question

One of the great existential questions of any freelancing is its price, i.e. what your hours are worth. It is a fine balance between being competitive and being able to pay yourself a salary, which is not easy to find however, setting the right price is a matter of time, you'll soon find your personal strategy.

3- Self-motivated is essential

When you work alone with no one to pat you on the back, it is so important to motivate yourself. In our blog we always try to talk about things that can help you achieve that, but one thing is clear: taking care of your health and your mind is essential.

4- Productivity

Another key to success of any freelance is the productivity. Schedules of work at home may be chaotic if you do not control it. Getting the most out of every hour of work is essential for a living and do not spend 24 hours a day working.

5- Nobody pays budgets

Learning to answer your budgets quickly, effectively and professionally is key to getting projects. Unfortunately, the reality is that 75-80% of your budget will not prosper and the time you have dedicated to them (sometimes hours or days) cannot be recovered.

6- Nobody pays for holidays

As a freelancer, your business is mainly based on selling your time. If you're not on the ball because you're sick, you want to take a few days or you leave on vacation; nobody is going to pay for your time.

7- In search of business model

Finding new ways to generate revenue is important for survival. Many freelancers choose to add training to its portfolio of services and it is something interesting to enjoy some stability.But there are other alternatives that are less directly related to the time freelancer, such as: selling digital products (eBooks, online courses), the sales services as products or affiliate marketing.

8- Staff-work balance

The fact of working remotely allows you to work anytime and anywhere, making it difficult to draw the line between your professional life and work. Define when you finish your work hours, as your personal time begins then and this is a major challenge.

9- The maturities

There are many projects that are not going to charge (even a part) until it's done. In fact, in most cases, you're not going to charge for your work until 60 or 90 days after issuing the invoice. These are unfortunately maturities that most companies handle.

10- Multitasking

When you work as a freelancer, you have to do everything. You need to sell, manage a business, to support existing customers and find hours to deliver projects that you have in hand. It is essential to have the agility and flexibility to make these changes quickly and effectively.

11- Learning to manage your business

Being a freelancer means having your own business, so you have to manage your billing, file your tax returns, control your spending etc.

12- Taxes

More than half of all your invoices used will be taxed. The conditions we face as freelancers are the toughest in Europe. When you do your numbers, you must take into account that there is a big difference between what you can bill and what you can charge as a freelancer.

Conclusion

Freelancing is a big challenge, but it's a really exciting lifestyle. It is a way of understanding the world and tailoring your work to your life rather than the other way round. So we hope this guide will help you to anticipate and foresee.

The use of virtual offices has been very popular for more than a decade now.Office rentals of this type have been invaluable, especially for entrepreneurs and SMEs who decide to start a business.Here are some tips when renting offices like this:

Location

Choose a virtual office that is located in a populated area easily accessible to your customers, partners and employees.Look for a building that is attractive, as this will boost its corporate image. Check the quality of the training rooms and boardrooms. Do not be swayed by images of websites; check the condition of the company offices.

Space

It is important that you evaluate specific areas of the rental company offices and choose professional space that will impress partners, customers, suppliers, and prospects. Generally, companies will offer offices for rent, as well as a few hours of meeting rooms and training rooms per week.

Availability

If the firm has rented virtual offices to other businesses, you probably do not have the use of training rooms or meeting rooms. If this is unavoidable, you can opt for a satellite assembly that can be used for meetings.

Ability to Publicise

Another thing to consider when renting an office is the right to use the e-mail. You want to be able to announce the address on your web site and promotional materials. Ask about the fees the firm charges for this. Some companies renting virtual offices also offer the use of a tax direction.One of the most important tips for renting office of this kind is to verify if your company logo can be placed in the lobby or waiting room, as this will be an important element to highlight its corporate image. You may have to pay an additional fee for this item.

Amenities

One of the basic things you should consider when renting virtual offices is if you are offered parking spaces for your customers or suppliers. Ask about the use of community office equipment (fax, photocopier, wireless Internet, scanner) and basic office supplies. Check whether the boardrooms and training rooms come with video equipment and furniture.Check the rates to rent offices via the Internet. Today, there are rental companies renting furnished offices and virtual offices that offer high quality and are easily accessible through internet rates.

Virtual Offices Indispensable Tips

When you do not have the economic infrastructure to start your business, you should not delay the launch of your company. Look for a better option in virtual offices.The office rent is an excellent choice when opening a business because of its indispensable class facilities, personalized attention, and services included at a low cost.The high cost offices pay in rent has impeded growth and the opening of new businesses and SME companies. The opening of new property markets has developed and promoted the use of new concepts that reduce the economic cost. These properties are virtual offices.It is estimated that a large percentage of new entrepreneurs have promoted and increased their return on investment income from virtual offices. In the case of the United States and Europe, virtual offices for new businesses or companies are not a new concept.According to experts, it is believed that entrepreneurs spend 50% or more to rent offices equipped and furnished. Traditional buildings are old-fashioned, especially if what you want is success and ROI.One of the main reasons why a SME does not survive the first year of life is operating expenses. Conditioning or adapting a rental office building represents indiscriminate spending to increase corporate business image.Did you know that? Through virtual offices, you get an equipped and furnished business centre at a low cost compared to traditional offices. Providing a business address in London without actually renting office space will provide an excellent corporate image on the web, personalised attention to its customers, and will focus the budget.Through the rental of virtual offices, entrepreneurs can improve their economic situation and increasing job vacancies in certain sectors.Virtual offices get other optional benefits or services that are not included in your monthly rent. Some of the extra services offered by virtual offices are:

• Receiving phone calls
• Correspondence management
• Broadband Internet
• Maintenance service 24 hours a day, 365 days a year
• Rent per hour boardroom

In previous articles we've talked about the benefits a virtual office can offer; since we know that operating a physical office can cost big money, not just to pay the rent, but also to equip it. This may be an unnecessary expense, especially if your working model does not require a physical office.Today, thanks to new forms of communication, it is easier to run a business from anywhere in the world, even from home. For entrepreneurs this is one of the best options to start a business because they do not require you to pay rent, or telephone services, internet, electricity etc. because you already have them in your own home. However, although using this method of working can bring many benefits, primarily economic, you can also have disadvantages. The main one is that it can reflect an unprofessional image to your clients or potential investors.The use of virtual offices is not new, because in places like the United States and Europe, this model of work has been used for more than 15 years. But what makes this so popular among SMEs and entrepreneurs is that it can give you everything that a physical office gives, but without the office. In the world there are thousands of companies that offer virtual office service, which will get benefits such as answering calls, managing your correspondence and mainly commercial and fiscal use of an address. Another advantage is that you have a choice between hundreds of prime locations.

• How to know if a virtual office is what I need?

This is one of the most common questions among entrepreneurs and small businesses. If what you want is to give formality to your business without the need to spend large sums of money, then a virtual office is the best option, since the monthly cost of a virtual workspace is usually between £40 and £200. The price will depend on what your business needs. It`s just a matter of comparing between all options offered by the current market.If you started with a physical office you can also step into a virtual office, you only need to identify your working method, how much time you spend in the office; you need to have a physical space in the right place to reflect the image you want. The reason is because even a space that is totally yours, if not located in the correct place or not equipped properly, will simply not give the necessary confidence to your customers.This is where the use of a virtual office again comes in. As most of the business centres allow you to use their facilities as a meeting room so you can have meetings with your customers, imagine the image you will reflect when your clients cites a major corporate building, this is something most business centres can offer you.

• Virtual Office: No more traffic to get to work

The big problem we suffer daily in virtually every city in the world is the problem of traffic, which makes your daily commute time last longer than an hour or even more. This doesn't even take into consideration the extra time it may take if there is any construction on our way.This has been one of the main reasons why many professionals, entrepreneurs, small and medium enterprises have chosen to use virtual offices. There are many success stories where people work mainly at home or in public places like cafes and do not require a traditional office, but the services have commonly, this is the perfect case for using virtual offices.That's why we emphasise the use of this model business for a decade has grown by leaps and bounds around the world, allowing you to have a secretary, a physical address, receiving mail and even allows you to use the facilities if required. And best of all is that a virtual office will cost up to 90% less than physical office and with the same services.If you work alone or you usually do at home, the best option is to hire a virtual office because it will allow you to continue working from anywhere you want but with the assurance that someone will be able to take your messages and answer your customers` calls. Plus they have an office which gives a much more professional image to your business and help you close more deals with your customers.The business trend of the past year clearly showed that thousands of people have started opting for virtual offices, as currently, there are dozens of companies` business centres that offer this service, many of which have offices in major cities, so it is certain that there will always be a virtual office near you.

• Defining Virtual Office

Today, we have started this site which is dedicated to providing the most useful and relevant information about virtual office, this site will find everything related to business centres around the world.The definition of virtual office can be described as a virtual and intangible place which business tasks are carried out as if it were a physical office. Mainly virtual offices are focused on serving customers, i.e. a virtual office can offer products and services without the use of traditional media, which can be much more efficient, since customers can access the information or services 24 hours a day.What is a virtual office? Virtual offices are mainly focused on multinationals, medium and small enterprises as well as for professionals and entrepreneurs who want to reduce costs and have an address for their company or business. Virtual offices are very common to have a presence in several places, without the need for a physical space, which often tends to be very expensive.One of the great advantages in addition to those already mentioned, is that you run a business from anywhere in the world, with a virtual office and have a place where your customers can communicate without the need to use a virtual office. Currently, virtual office service can be hired at much lower costs compared to maintaining a physical place.Today, there are thousands of companies of services such as business centres that offer virtual office packages to suit the needs of their customers and many of them allow you to make use of conference rooms and physical places to receive your customers.Undoubtedly, choosing a virtual office if you are starting with your business or if you want to have presence in other cities is a major move. This is because it can help you reduce cost to the minimum compared with a virtual office.

The UK has a lot of competition in every type of industry. Keeping it in mind, it`s very important to make sure that your company stands out from the copycats and corporate wannabes. But how can you achieve this? The most important thing about brand recognition is content. What are you producing which no one else is? Perhaps you are offering excellent industry insights via company blog, or amazing original graphics and images on the website. Such content draws customers like bees to honey. You have to simultaneously think about how the content which you are creating is protected. After all, what can stop the competitors form copy pasting your content on their website? In this battle of defending your content, the ultimate weapon is copyright protection. But what is copyright protection? And, how it works?

What is copyright protection?

We will cover the basics first. The UK Government says that, copyright is a type of intellectual property protection which automatically applies to the original and creative work from the moment of its creation by a collective or any individual.Unlike trademarks, designs and patents, there is no specific requirement to register or apply for copyright protection. It should also be noted that there is no need of marking original work with copyright symbol in order to protect it. This is because protection in the form of Copyright, Designs and Patents Act 1988 is already available.Having said that, you may find it worthwhile to register the work, in case you have suspicion that someone may try to use your work or claim to it to be their content. As long as you are able to give irrefutable evidence of you being the lawful owner, infringement claims can be easy to resolve resulting in better protection for you work.Any work which has copyright protection should not be performed, distributed, copied or used by anyone other than the owner. Doing so will have legal repercussions. The protection also makes sure that the works are not adapted or replicated – nor are they put on internet without explicit permission of the creator.

What does copyright protect?

Following different types of works are protected by the Copyright, Designs and Patents Act 1988:

• Original literary works – these include song lyrics, manuscripts, articles and manuals.
• Original non-literary works – these include computer software, computer programs, and web content and data bases.
• Works of Art - like design and architecture, photographs, paintings, diagrams, illustrations, logos, cartography and technical drawings.
• Music and sound recordings.
• Dramatic works like dance and plays.
• Television and film recordings.
• Cable programs and Broadcasts.
• Typography of any published literary, musical and dramatic work.

Even if one of your works fit snugly in one of the mentioned categories, it is important to point out that several exemption rules which relate to copyright protection exist.

What are the items exempt from copyright protection?

UK Government issued comprehensive new guidelines which outlined the situations in which it is ok to use someone else`s work. These guidelines were issued in October 2014. According to the lawmakers, the following are usually considered to be exempt from copyright protection:

• Personal copies with purpose of private use: Modernization of copyright act has resulted in allowing the people to make some private copies of different media which they had bought. Copies may be made for different purposes like keeping a backup or format shifting. This means that consumers have the right to transfer their personal CDs into the mp3 player, and copyright law will not be violated.
• Quotation: Law provides freedom for people to quote other peoples work. But it has to look reasonable and fair. Also full attribution should be given. Such replication will not break the law.
• Private Study and Research: It is allowed for individuals to copy films, broadcasts and sound recording for research without getting the permission from holder of copyright.
• Data-mining and Text: Changes in copyright law have resulted in individuals being enabled to copy items for purpose of analysis on computer. The exemption is only applicable for non-commercial purposes.
• Caricature, pastiche or parody: A limited and reasonable use of creative work is allowed for entertainment purposes. A good example can be, use of several lines from a song in its parody sketch. It will not violate the copyright law.
• Training or education: Teachers can use content by displaying or copying, for the purposes of education.
• Preservation and Archiving: Recently law was changed in order to make it easy for the libraries, museums and archives to preserve collections. They can copy all the creative works which they have in their collection, with the goal of preserving it for future.
• Accessible formats for disabled individuals: Many changes have been made in order to provide access to disabled individuals. They are allowed making one copy of the copyright works for personal use by a disabled person. It is also allowed for charities to make copies for disabled people.
• Public administration: It is permitted for the public bodies to share online some third party materials which have copyright protection. The most common item will usually be information which is sent by a business for purposes of maintaining a public register.

You can read the UK Government`s complete briefing on exemptions related to copyright, in order to be sure regarding use of your work under mentioned circumstances.

How long does copyright protection last?

There is a different duration of protection for different types of work. It also depends on the date of creation of work.

• Artistic works: Artistic, literary, musical and dramatic works enjoy protection of 70 years after death of creator or author.
• Sound recordings: They are protected for 50 years after creation.
• Broadcasts: They have a protection of 50 years after the first broadcast.
• Films: Movies and films have a protection of 70 years after the last death of the author of screenplay, author of dialogue, composer of music made for the film or the principal director.
• Typographical arrangements: Such content has a protection of 25 years after the initial publication

Is copyright protected worldwide?

Different countries have different types of copyright laws. However, a minimum level of protection exists as a result international conventions like the Berne convention. The owners of intellectual property in any of the countries which are party to Bern Convention enjoy the same protection and rights which are agreed in the convention. The owners also enjoy the protection offered by the laws of the individual countries.

How can I stop people from using my work?

You, yourself are responsible for defending the copyright infringement of your materials. You can take some steps, if you believe that someone is using your work without your permission. First, thing you should do is to check if the person or organization who is using your content has the license to do so, or if they have applied for the license. You can check this on the official license register of the Government. It contains all the creative works which are orphaned, meaning their owners could not be identified. It often happens that people apply for the license, if they want to use a protected work, but they are unable to find the copyright holder.In case there is an application for your work:

• You can seek to have the application stopped.
• You can claim to get license fee which was paid.

If the work is not on register, you should contact the individual who is using the content and tell him that the work is your property. You can tell them to stop the use, or provide them with written permission for the use of work. You can take legal action in case they don`t stop using your work despite your disapproval.

Can I license or sell my copyright?

Being owner of the copyright, you are entitled to license the use of your work. You also have the right to sell or transfer the copyright to anyone else. You will be required to register the work with some licensing body before being able to license it to allow someone else using it.The licensing body will be collecting the royalties on your behalf and you will be able to control how the work is used. In case you want to sell or transfer your copyright, you should make a document which will serve as evidence of the transfer or sale.

Can I copyright a company name?

No, unfortunately names cannot be copyright protected. However, you may be able to copyright a design or an artistic logo which has your companies name on it. The ideal way to protect the name of your business is to get it incorporated as a limited company with the Companies House. It will prevent people from registering a company with that name. You may also protect your companies name by getting it registered as trademark.

Many people do not give importance to this simple piece of card, thinking that it doesn't pay much attention to detail or lacks impact to be useful - wrong! So, what key points should a business card have on it to be effective and original?Here are 10 key points that should help with this:

1. Watch the design.

Before anything, get a pen and paper and broadly design your card. Record the information you want; include the colours of the letters and the background and if you should put any image (company logo for example) on the card.

2. Size matters.

What do we mean? It is important that it is not too large nor too small, and it must fit into your card case or in your wallet. Normally the standard format is 9 × 5 cm.

3. Take the duplex!

We always recommend that you use the duplex. Normally we tend to always see both sides when you get a card and it just looks ugly and unfinished when the other side is plain white. It is a perfect opportunity to add your own personal logo or image.

4. It's time to design your card on your computer.

When you sit at the computer to design your card, it is very important that you have to the first draft at hand (point No. 1), just so you do not forget any important data. It is also important that you consider the size of the images you want to place, because then the card may not be seen well. Have you thought about putting it in the background?

5. One of the common questions is what information is put onto the card.

The information must be clear (not too many letters together) and with the necessary information (no beating around the bush). I would state your profession and nothing more. If your case is that you work for another company, also specify this.

6. Contact. Don`t feel like you have to include your phone number.

Because today, with WhatsApp this can become very chaotic ... In this case, if anyone wants to contact you, they can make it through email. It depends on the type of business you run and the intake of customers you receive. In any case, if the person is trustworthy, you can always write down the phone number by hand in a card space.It is therefore essential that your email appears on the card and also your web page where they will find more information about you. If you're going to give this card to a lot of random leads, it`s recommended you do not put your phone number on. If, however, you will present your card to people you know and businesses, then add your phone number to your card.What about an adress? If your business provides local services you need an adress for people to find you. If you provide business services and image is important to you, you might benefit from a London address providing prestige and professionalism for your business

7. What social networks?

It is important that you also state that you are present in social networks. You don`t need to put every single one down that you are present on, but for example, it`s recommended that you put Facebook and Twitter on, and also if you have Instagram, because it lets your clients see that you are a modern person, who likes creative photography.

8. QR Code?

It is important that you also display the QR code for quick access to your website or section of the website of the company to which you appear. How to generate a QR code? It is very simple. It can all be done by copying a link to the web and in a few seconds you`ll have an image that you must put in a corner of your card.

9. Logo?

If in your case, you own a personal logo, it is important to appear on your card. It is the first graphic image that your customers remember you by, so you have a perfect opportunity to add your personal brand.

10. Take advantage of offers!

There are many programs and websites that will help you design your own card. Note the print quality and type of paper, as you want something durable. Search and compare will lead you to finding good deals.For more business ideas and news, check out our Virtual Office Business Blog today and especially the tips and advice section.

For every entrepreneur, having a space to host your business is an illusion. Hang the pictures, choose the furniture, paint the walls in order to cut the opening day ribbon, all ready to have an office to begin operations. But often this dream is truncated by the high costs of starting a business independently. Sometimes up to 50% or more of the capital is intended to take renting a property and condition.The good news is that there are virtual offices; a service that enables the entrepreneur to start professionally without sacrificing their money, as they are within the reach of almost any budget. And the best thing is that they are suitable to perform all kinds of activity, from coaching, psychology, design, accounting, architecture, freelancers and projects from home, to production and marketing of goods and services technology.But how does this tool work? This is an office like any other, only without a physical space in a building. That is, you have a tax and business address to receive your mail or print on your stationery and business cards. You also have a private number and the services of a secretary who answers your phone with the name of your company, takes messages and connects calls to your mobile or home to stay in touch with your clients at all times.This scheme is ideal for entrepreneurs who want to start with a recognised image, luxurious facilities and professional care service at a competitive cost. It means you can spend 100% of your time to do business and not worry about the operational tasks involving an office, like paying the electric bill, telephone or water, and salary and training a secretary.

The advantages of the virtual office model

Many professionals spend more than 90 minutes to reach their workplaces, causing stress and damage physical and mental health. Nobody likes to be in traffic, and this model can go to any of the resorts to perform your tasks, reduce travel times and leave you free space on your schedule to take care of other tasks. Another added value of belonging to a virtual office is that the networking is done with other users. Users can interact and do business with each other, provide a service or create strategic partnerships that benefit both parties.Using this format of work (both virtual and physical) is an alternative for companies that suffer a disaster, unforeseen or emergency. So you can move to a productive workplace and resume operations immediately, as all offices are always ready to work. Therefore, business continues without interruption. Even some providers of virtual offices manage benefit programs for its clients by means of a card. This not only identifies them as members of a circle of business people around a workplace, but gives them discounts in various establishments such as restaurants, gyms, entertainment or clothing stores.Renting a virtual office can represent savings of 54 to 90% for micro, small and medium enterprises (MSME). Riding a traditional office entails expenses for salaries and legal benefits for employees, plus payment of electricity, water, telephone, etc.While each provider handles packages based on the services offered, the reality is that all the offers are customised specifically for each customer, so that you only pay for what you need. The scheme adapts as you grow and, at the moment you can choose if you want you to add or remove services and migrate to other forms of work.Lots of people begin by renting a space with perhaps only a couple of desks and can then move up the ladder to occupy more office space, some businesses might start with just a registered address, giving their company a central London address. The virtual office enables you to grow at your own pace, so eventually in a relatively short amount of time, you could think about settling independently with your own office.The flexibility of this model not only benefits SMEs and entrepreneurial rookies. The big companies also use it to expand its presence nationwide or have offices in major cities throughout the country without investing much capital.For more information about virtual spaces and business news, visit the Your Virtual Office Blog today.

Just like an individual person, limited company is separate entity in eyes of law, so one cannot simply takeout the money from the business account as if it was their personal bank account. Legally the company is the owner of all the finances, so certain procedures must be followed to withdraw money from the business. It can be done by four ways: director`s salary, director`s loan, dividend payments and reimbursement of the expenses. Correct channels should be used for transferring all finances and they must be recorded accurately in the accounting records of the company.

Director's Salary:

As director of limited company, one can pay himself regular salary via PAYE. In order to do this one must have his limited company registered with the HMRC as employer. The income tax and the NICE may get deducted for every pay period, depending on salary one pays himself. Company will be required for this payment to the HMRC on a monthly or quarterly basis. The salary payments are tax-deductible expense so there won`t be any liability of Corporation Tax on this money; but the Employers National Insurance contributions will have to be paid on the salary.Many of the company directors give themselves salary up to lower profit limit of NIC which is £8,060 for 2015-16 in order to avoid paying the Income Tax and also to minimize the NIC liabilities, while remaining qualified for state pension and the benefit entitlement. One can also pay himself salary up to the annual Personal Allowance (tax-free) of £10,600 for 2015-16. This means one does not have to pay Income Tax on the salary but the NI liability will be slightly higher. The remainder of the income may be taken as the dividend payments for shareholder.

Shareholders` dividend payments:

You can decide to leave the surplus income in the company in order to further aims of your business. You can also take the share of profits of the business as dividends. The dividends are paid in accordance with the value and number of your shareholding. In case you are a sole shareholder in your company, you will be entitled to all the remaining income after deducting expenses, costs and tax liabilities of business.20% Corporation Tax is payable by companies on all the taxable income. The dividend payments are from profits after tax; there personal tax or the NIC are not payable on these dividends in case the total income is below £42,385. The figure may be achieved by paying yourself:

• £8,060 director`s salary and £34,325 dividends; or
• £10,600 director`s salary and £31,785 dividends.
• £8,060 is NIC threshold and £34,325 is Personal Allowance threshold

The mentioned figures are applicable to tax year 2015-16 (6th April 2015 – 5th April 2016)In you want to pay more to yourself; you should get higher dividends instead of higher salary as tax rates on dividends are always less than rates of Income tax. In order to pay dividend, a board meeting must be held and minutes should be taken, even if there is only one shareholder and director. In such cases, You only need to mention that you issued yourself dividend on a particular date, and you should keep the dividend voucher in order to show the details of payment.

Director's Loans:

You can also remove the money form your own company as director`s loan. The method may be used in order to lend money to the company, borrow money form the company which exceeds the amount which you put in company, or to reclaim the money which you previously put in the company. You should keep a record of such loans in the Director`s Loan Account and show it as part of the balance sheet of company.In case you remove the money from your company which exceeds amount you have put in the business, the loan account will be overdrawn. It is treated as benefit in kind. There might be some tax implications for your company and yourself. If you are owed money by your company, your loan account will be in credit. Money which is available may be taken out at any moment without tax implications as you will simply be reclaiming the money which you had put in your business.

If your company is owed less than £10,000 by yourself:

• You must declare loan on your Self-Assessment tax return.
• You might have to pay the Income Tax on interest due on loan.
• Class 1 National Insurance must be deducted by the company on your loan.
• Outstanding amount of loan must be shown on the Company Tax Return.
• The section 455 Tax will have to be paid by the company at 25% of overdrawn amount.

In case the loan is not repaid and is written off:

• Class 1 NI must be deducted by your company through payroll.
• Income tax must be paid by you on loan via Self-Assessment

Profits for the companies limited by guarantee:

The companies which are limited by a guarantee are normally setup by the non-profit organizations. They can also be set up by the profit making businesses. Such companies don`t have any shares or the shareholders. The surplus income is usually put back in business in order to promote and to achieve the non-profit goals of business. In case the company is not non-profit, the money can be removed from business as loan, salary and expenses. The payment of dividends is not applicable.

Can I continue to take salary in the current job if I set up a limited company?

One can be self-employed and employed at same time, therefore, one can continue receiving salary in the current job while managing and owning his own limited company as director and shareholder. Indeed, a lot of new business owners have to stay in the employment until they have suitable income from the business profits.Any money one receives from the company in form of director`s salary or/and dividend payments of shareholder`s should be included in the gross annual income for the purposes of taxation and one Income tax and the NIC must be paid in accordance with the combined income of both jobs. Such accounting can be time consuming and challenging, so one may wish to get an accountant.

Working out the Income Tax and the National Insurance Contributions:

There will be a requirement for you to prepare as well as file your Self-Assessment tax return annually. It should include the details of salary, expenses and benefits received from employment and also the salary, benefits, expenses and dividends received from you company. Second tax code will be issued by HMRC for income tax which you receive from company. Tax code for the existing job is most likely to remain same.As employee in your present job, your Income tax and the Class 1 NI will be paid through PAYE. Your employer will deduct it from you salary before paying it to you. You will need to work out amount of the income tax and the NIC which you owe on income received from the company – this is for the Self-Assessment.Class 2 and the Class 4 National Insurance might have to be paid by you. The Class 2 NI are charged at flat rate £2.80/ week, and Class 4 NI can be worked out as percentage of the self-employed profits, so this amount will be determined at end of tax year, when you will complete the Self-Assessment tax return. You might be permitted deferring some Class 2 or/and Class 4 NIC in order to avoid overpayment through the self-employment.Your Virtual Office London have helped form many thousands of companies for our clients over the past 4 decades. If you need help or advice on your business or start-up please contact us today.

A shareholder is a beneficial owner of the limited companies. Shareholders invest in companies in return for the equity shares. It allows them to vote on management and the direction of business. It also allows them to receive portion of the profits with relation to the percentage of their ownership. Shareholders also have a responsibility to contribute according to value of their shareholding, in case company is not able to pay the creditors. A number of small companies have only a single shareholder and he is mostly the sole director of company as well. Alternatively, there can be many directors and shareholders of companies, who might or might not be same people.

What is the difference between Shareholders, members and subscribers?

Subscribers are the first shareholder in company as they add or subscribe their names to memorandum of the association during the process of company formation. By doing this they agree to form and become a part of company by taking at least one share.The shareholders are also known as members. It doesn`t matter if they join the company during incorporation or after it.The subscribers usually have the same rights as those people who become the shareholders after the formation of company. It is determined by the percentage of their shareholding, the particulars of the rights attached to the shares, and terms of the shareholders` agreement which was drawn up.

Responsibilities and rights of shareholders:

The shareholders do not participate in the day to day running of the company unless they are directors as well. Only when the directors don`t have authority to make decisions, the shareholders will make the decisions. Typically, following are the responsibilities and rights of shareholders:

• To take at least one issued share in the limited company• In case the company is not able to pay the creditors, shareholders agree that they will contribute value of the share which they own. It is called limited liability.• Having power to change name of company.• Having power to change structure of company.• Appointment and removal of directors.• Granting the rights and the powers to the directors of company.• Issuing shares after the formation of the company.• Transferring the share they own, to some other people.• Changing the particulars of the rights attached with shares.• Approving the substantial investments.• Receiving the profits of company according to the value and number of the shares they own (dividends payments).

Can a shareholder also be a director of the company?

Shareholders can be appointed the directors of the company if they are 16 years of age or more. A number of companies are owned and managed by single person serving as both the sole shareholders as well as the sole director.

Can one company hold share in another company?

The limited company shareholder may be individual person or any business entity such as a partnership, an organization, another company, etc. These non-human shareholders are known as corporate shareholders. There will be a representative who will be appointed in order to act on the behalf of corporate body. He will attend the general meetings, exercise the voting rights, sign resolutions, and will perform other shareholder duties as well. The position is usually held by director of corporate body.

Benefits of corporate shareholder:

Number of benefits may be provided by the established corporations. As they have greater influence, resources and experience from which smaller businesses can benefit. The established corporations can provide the capital in order to buy equipment or to help the business grow. These large companies often have good established relationships with the suppliers which can provide the small business with better bargaining power. The involvement of such established corporations can have a positive influence on the other firms, lenders and investors to have business relationships with smaller company. They can also offer some valuable expertise in the corporate governance, branding, strategy, research and market trends, investment, legal matters, economic growth and sustainability.

Important points:

• In case corporate shareholder owns above 50% of the companies issued share capital, It will become the holding company or parent company with the majority control. Other company will then become subsidiary of this corporate share holder.• In case you sell large amount of hares to some corporate shareholder, the non-corporate shareholders who have smaller shareholdings might get overpowered by majority votes of corporate shareholder.

Can a new shareholder be added after the formation of the company?

After the formation of company the limited companies may bring in new shareholders. This can be done in two ways. The ownership of the existing shares may be transferred from present shareholders to new shareholders; or additional shares might be issued by a company in order to sell to the new shareholders.It is easier to transfer share than to issue new shares, but it will depend on whether there are any share available for transfer.

Are the details of shareholders displayed on public records?

Names of all the shareholders of a company are displayed on the Companies House`s public record. It is required from the subscribers to give the full name along with contact address to the Companies House. Those shareholders who join after the incorporation of the company only need to provide the name. The details of the issued share capital of the company are also disclosed on the public record.In case one prefers to keep his name off public register of the companies, he may protect his privacy by appointing a nominee.

What is shareholders agreement?

The shareholders agreement is recommended highly for limited companies that have more than single shareholder, however, it isn`t a requirement of law. It is a legally binding agreement between the shareholders which expands on general contents of articles of the association by defining responsibilities and the specific rights of shareholders, how the company is to be managed, and how the decisions are to be made.It is a very effective way to make sure that all the members are protected equally and they are aware of the rights, obligations and restrictions in all the circumstances. Exact contents of the agreement may vary considerably from one company to another, but it is the principal purpose of this document to prevent conflicts among shareholders, and the protection of interests of the minority shareholders against voting powers of the majority shareholders.

Important issues covered by the shareholders agreement:

• The distribution of the profits of company – directors loans, dividends, and reinvestment in company.• Appointment and removal of secretaries and directors.• Restrictions and rights of the company directors.• Salaries of directors.• The prescribed particulars which are attached to the shares.• Restrictions and procedures when issuing and transferring shares.• Financial matters – loans, overdrafts, equity investments, etc.• Protecting the rights of minority shareholders – For example: such company decisions which require the unanimous agreement of all the shareholders, not only the majority vote.• Changing the structure or nature of business.• Guidelines for dispute resolution.• Guidelines for the legal proceedings.• The information rights of the shareholders.

The shareholder agreement is confidential and private document – It is not displayed on the public record. It may be drawn up by solicitor before or after the formation of company, and the shareholders can alter it at any time. There are no specific rules regarding where the document should be kept.

Meetings can be a powerful weapon for SMEs, but also a huge waste of time. A well-organised meeting agenda can be vital for any company; the key here is to be clear about the agenda of business meetings, the reason for each one, the people who will attend and the maximum time that can be devoted to each. Once this information is analysed, it is easier to create a meeting that has far more worth than one simply thrown together in a rush.Seen this way, the task may seem daunting, but fortunately today there are many tools to help you manage your schedule of business meetings and to fix an appointment with employees or customers. These are the ones we have selected:

Tools to set up meetings

Doodle

Its main function is to organise the calendar of meetings, but can also be used for other events. With Doodle, you can know the availability of the people they want to meet up with and so find the date that suits everyone. Once you have it clear when you want to be at the meeting, you can send the link by email or through the interface to other participants.Doodle works as a shared online platform and is known for being a very intuitive calendar. If you do not have time to learn to drive a more powerful calendar and do not have big needs, this is your tool.

GoToMeeting

One of the tools that is most renowned and most used. It is a paid software which not only allows you to manage a calendar of events, but also makes presentations to large groups and even creates online polls and surveys. It has several versions which also include the possibility of interactive training sessions.GoToMeeting is a good choice for those conducting online meetings and conferences through the network on a regular basis. Besides organising the meeting agenda, you can setup meetings through the platform.

Google Calendar

With improved Google Apps, Google Calendar also comes to mobiles and tablets. The advantage of Google Calendar is that it integrates with your Gmail and, of course, is free. The tool provides a personal dashboard that allows you to create appointments, set reminders and even share with other team members. Plus, you can synchronise with Google Hangouts to video conference with up to 10 people.

TimePal

TimePal is useful for setting events with partners from different time zones. It also allows you to set the duration of the meeting, so that it will tell you if you are exceeding the schedule.TimePal functions as a board that matches the schedule of each region, to see the hours that match the rest of the group. Like most applications, there is a limited free version, or if you pay, then you get no ads and more features.

TimeBridge

As with Google Calendar, TimeBridge can be used to organise meetings or personal events. TimeBridge's meeting management service can either be operated with large groups or one-on-one meetings and cover different time zones too. It can be integrated with Microsoft Outlook, Google Calendar and Apple iCal. and also includes phone and Web conferencing opportunities.

WhenisGood

WhenisGood is a basic, online tool that will generate a link to a survey and send this to other participants with different proposed dates. Once respond by all, you can access the results and choose the date that received the most votes.

Meetomatic

Meetomatic is another free service online, where you just have to choose possible dates and send them via email or social networks. With the responses of all participants in, you can easily establish which date generated the greater consensus.

UberConference

A very useful tool to find out who's who in a meeting. UberConference can query data collected from other people and initiates a simple, visual, and free to use conference call. It allows you to quickly set up and join free conference calls without the use of PINS.

Attendium

Attendium is a tool that automates the lists of invitees to a meeting, which is useful for mass events, but perhaps not for use with meetings where there are a limited number of participants.If you liked our business blog post, you can find more helpful tips in our productivity section.

Business consultancy is a global phenomenon, but a lack of understanding of online technologies could be holding some consultants back. How can business leaders use the internet to share their knowledge effectively with an international audience?Business knowledge can of course be shared through e-books, on websites, or in pre-recorded online videos or courses. However, online tuition defined as synchronous (live) tuition provided by a human tutor over the internet to one or more students is another option.Insights into using the online medium for business consultancy can come from the world of private tuition. A recent survey by The Tutor Pages of around 400 tutors found that online tuition was a highly appropriate medium for adult learners: that improved learning was more likely among adults compared to children, and that it was easier to establish rapport online with adults. Moreover, the tutors surveyed reported that they were experiencing higher demand for tuition among adult learners.

What does online tuition involve?

Online tuition usually involves text chat, audio or video (for example through Skype). It can also involve:

• an online whiteboard (an online workspace where text, graphs and images can be shared in real time). Examples: Scribblar, Google Docs
• video conferencing (which combines video and/or audio chat, screen-sharing, file sharing, session recording and online whiteboards). Examples: Gotomeeting, Webex
• a virtual classroom (similar to video conferencing, but with an education focus). Examples: WizIQ, Blackboard Collaborate
• online tuition agencies (which charge commission for sourcing students and providing a virtual classroom). Example: Tutorhub, MyTutorWeb
• online payment technology. Example: Paypal
• asynchronous elements (such as emailing or sending back completed assignments)

The simplicity of online tuition

One of the surprising findings of The Tutor Pages` survey was just how simple online tuition can be. Most tutors (over 80%) were using the video technology Skype, no doubt because it is a quality product, it is free to use, and a communication tool which most people are familiar with. Payment was also extremely simple for most tutors: the vast majority were using either bank transfer or Paypal.

Benefits and challenges

Online tuition is of course not the same as imparting knowledge face-to-face. However, there are a number of obvious advantages. With no need to travel, it is not only more convenient than in-person tuition, it is less expensive. Tutors also report that it is a more flexible option sessions can be shorter and more frequent, for example and it is perhaps the greener option too.There are particular challenges, however, with online learning. Most obviously, it is harder to build rapport online. In face-to-face encounters, we instinctively pick up on non-verbal cues such as body language, posture, facial expression and tone of voice. Detecting and responding to these cues is indeed harder online. Some tutors also report that interacting online is more intense or concentrated, and that more preparation is required. Finally, there are the technological issues associated with online learning, such as connection problems or broadband speeds.

Future outlook

As technology improves and more and more people get used to the idea of online learning sharing expertise of all kinds through online tuition will increase. Many of those who already tutor online are convinced of its benefits, and many more are willing to try it to further their tutoring or consultancy businesses.To read The Tutor Pages survey report on online tuition in full, visit www.thetutorpages.com/online-tuition