Blog

The UK government departments, mainly the Treasure and the Cabinet Office are owed £22billion. A serious plan is now being called for in order to manage and collect the debt owed. The majority of the debt is owed to HMRC through unpaid taxes, around £15 billion.Funds that were owed to HMRC has actually dropped by £5.5 billion over the pat 4 years, however some of this was due to tax credits that were written off.The Treasure and the Cabinet Office are working on a plan that involved a cross government strategic plan for debt collection which will ultimately lead to increased debt collections. However this has taken a very long time and improvements are yet forthcoming. Some authorities are suggesting we now should seriously consider the effectiveness of hiring commercial debt collectors.This informative economy and business blog post was brought to you by Your Virtual Office London leaders in Virtual Office, Company Formation and Business Services. Read our blog for more informative stories.

The UK`s trade deficit increased in the Month of May. The UK`s exports did increase by £0.1 billion however we imported more, this increased by £0.5 billion.There was a major contributing factor which as from aircraft imports, official data has shown.Governments are tasked with decreasing the deficit, which is no easy task. We have to export more if we are too really tackle the problem. The Office for National Statistics has said the UK`s trade deficit increased from £8.8 billion in April to £9.2 billion in May.However the UK`s service sector which is currently exporting a lot more, totalling £6.8 billion, helped to reduce the overall deficit to that of £2.4 billion.Exports to the EU have fallen by approximately 2% which makes the total about £12.2 billion, however imports from the EU increased b 1.6% to £17.4 billion. The EU is a major importer of UK goods, but there is weaker demand in the EU which has not helped the UK`s export figures.

There are many types of businesses who use our meeting rooms in central London. If you imagine you have just started a business from home and you dont have the capital to invest in offices, there may be times a client would like to meet with you and discuss the services you provide. Of course if you work from home its not very professional to meet clients at home, say in your lounge. This is where our meeting rooms really come into effect, they are very modern, discreet and unbranded. So when you meet your client in our City Road meeting rooms, they are given an immediate impression of professionalism and there is nothing to state this is not your office.

Unbranded meeting rooms

Some clients like to use our virtual office services, which include mail forwarding address in London. Of course the idea behind this is that the client is given the impression you are based in City Road. Our meeting rooms can really help reinforce this impression, as they are totally unbranded. This means there are no logos on the meeting rooms or on reception thus your client is not aware this is a virtual office and it could well be part of your business (in fact it is part of your business as you have paid for the service).

Central London location: Tech City and Silicone Roundabout

Our offices are based in a very prestigious area, the government are totally revamping the area invest millions of pounds into the new "silicone roundabout" and surrounding areas. The idea is to bring more investment into the city for a new sector, mainly being technology. This is excellent news for our customers as it this means the area you will be based from is really going to be state of the art and the place to be located for small businesses looking to become more successful.

Some of the features included with the meeting rooms

• Free Fibre Optic Broadband
• Free Refreshments, Coffee, Tea, Mineral Water
• Free access to reception area, sofa, BBC news
• Conference calling facility
• Modern and unbranded
• Air Conditioning
• Free whiteboard use

Your Virtual Office London understands the importance of the service we provide to new businesses. Our service can really help take your business to the next level. We know that we can often be the accelerator your business needs, your clients take you more seriously and it can help clinch that important deal your company needs to make it. If you want to book a meeting room or if you have any questions please do not hesitate to contact us, we are always happy to take your calls.If you found this post helpful, why not read more posts we have created for you on our virtual office and company blog.

Interest rates held at 0.5% by the Bank of England

The national interest rate has been held at the record low of 0.5% for another month.Quantative easing, the Banks stimulus programme for the UK economy was also unchanged at £375 billion.The rate was suggested to go up, as Mark Carney the Bank of England Governor has suggested rates will go up in order to curb the housing bubble, but this is now expected later on in the year.If and when the rates increase, the rate is only expected to go up a very small percentile. The rate rise will be gradual and limited, a new normal rate has been mentioned, this would be 2.5% by 2017.Forecasters expect the rate to reach 1.25% by then end of 2015 and only 2.0% by then of 2016.There is not much pressure to raise the rates immediately as inflation has fallen, normally rates are increased to curb inflation. Inflation has fell to 1.5% in May well under the Bank of England's target of 2%.Like this blog? Find more interesting blog posts on our informative business blog. Your Virtual Office London the professional choice since 1971!

We would recommend that the best way to reserve a limited company name through a dormant company. A dormant company is a business that is not trading and has not significant transactions during. When significant is used we would normally suggest no more then £1000 per accounting period. If there are larger transactions the company would be classed as active. A dormant company is inactive and thus a reserving a company name is best used under the dormant method.

What is the purpose of forming a dormant company?

Again this would be for reserving a company name for future reference. An business owner may wish to secure the name for future use if they intend to start trading soon under a new brand. A sole trader may wish to secure the name if they would want to prevent someone else using the Limited Company name. A sole trader may wish to go Limited sometime in the future and the company name runs risk of being taken if it`s not secure.

How long can the company remain dormant?

A company can remain dormant for an indefinite time period, the company does not have to trade, however they company owner would be required to make sure all responsibilities are undertaken.

What if any responsibilities do I have for my dormant company?

A dormant company is required to file a set of a required annual return and file a set of dormant accounts to companies` house every year. You will also need to inform HMRC that the company is dormant and not trading and that is not planning to trade any time soon. If you do start to trade, you will need to inform HMRC, Companies House will know through the filing of annual returns and accounts.Your Virtual Office London provide a wide range of Company services and virtual office solutions. If you are looking to reserve a company name please do give us a call we will be happy to setup a dormant company for a very reasonable price. If you found this blog useful please do read more here.

Many customers often ask what they main differences are between our Mail Forwarding London address (London office address) and a Registered Office Address. There are clear and marked differences between both types of address service, each client will have a different requirement based on their circumstance. What category do you fit into?

Mail Forwarding London Address Service

Our London Mail Forwarding service is for trading active businesses who expect to receive real business post to the London address we provide. For example you work from home selling items on eBay, and you would like to use our prestigious London mail forwarding address to help you appear more established. Our mail forwarding address is ideal for this very purpose, it allows you to place our address on your correspondence which could include your website, letter heads and business cards.Any post that would be sent to this mail forwarding address would then be forwarded to your own address, alternatively you can then pick the post up from our office location in City Road, London.The mail forwarding service suits a variety of business, from startups to homeworkers who wish to appear larger and more established. Its also a very good way of gaining access to the London market, companies will list a London address to make it appear they have multiple office addresses which they operate from. There are many benefits to using our mail forwarding service, its importnat to know the service is completely confidential and it does help to stop any unwanted callers turning up at your physical office location.

A Registered office Address Service

The registered office address is solely for Companies such as a Limited Companies and Limited Liability Partnerships, not sole traders. The registered office is a legal requirement that all Limited Companies must have; when registering a Limited Company for the first time you will need to input the registered office address. This is the address where the company is legally registered at. All statutory state mail from Companies House and HMRC will then be sent to this registered office address. If you use our address service we forward all mail free to you, our registered office address allows you to use our City Road, EC1 address in London as opposed to your own address. Again this will have many benefits such as protecting your residential address, its a prestigious central London address so it will instantly help to impress any clients researching your business.

Do I need both services?

Well if you are a Limited Company then it could be beneficial for you, if your a sole trader or personal client then you would just need our mail forwarding service, not the registered office address. A Limited company would benefit from both services as it would show that the legal registered office address is at the same location as your trading address helping to give the impression your business is established and fully active in a central London location.

Why use Your Virtual Office London?

Well there are many good reasons why you should Your Virtual Office London services; Our expert team has over 100 years industry experience and have clients who have been with us for over 15 years. Our history and client base speaks volumes about our company, we value our customers and they value the service we provide. Our services are affordable and we have been ensuring that our prices are as competitive as ever. We pride ourselves in fast turnaround times and a professional and efficient service, if you want advice its free to all clients, get in touch with us today.

Form chief executive of Sainsbury`s Justin King said that the company is against the new move to relax trading hours on Sunday.He said he's no longer supporting this, Sainsbury`s and larger shops are restricted to just six hours on a Sunday, in comparison smaller shops can actually open for longer.The government are looking at relaxing the six hour trading rule for larger shops in the coming autumn. Mr King said he was not supportive of it, and that is was not a big issue for him or his customers.20 years ago the Sunday trading act allowed shops to open on a Sunday before this many shops were not legally allowed to open the door to customers on a Sunday.Larger shops were restricted to just six hours on a Sunday, with the aim to help protect smaller shops from competition from larger stores.There is a contrasting argument put forward by Conservative MP Philip Davies, he has been explaining that deregulation doesn't matter as many people can still shop online at any time and that the current rules do not really stack up in these modern times.Conservative MP Philip Davies has been leading the push for further deregulation and he says that such an argument does not really make sense any more, particularly now that supermarkets can take orders online and deliver them when they like. Scotland have already relaxed trading rules, companies can trade anytime on any day.What do you think? Your Virtual Office London are siding with J Sainsbury`s we would love to hear what your views are.

Closing a limited company is referred to as dissolving (striking off or winding up). A Ltd Company can close under Section 1008 of the Companies Act 2006, however it has to meet all of the stated requirements.

• You have not changed the company name within the last 3 months
• You have not traded within the last 3 months
• The company is not subject to any legal action current or even propose
• You have not made a disposal for value of property or rights

If you have met the above conditions then you can continue to the striking off application. You will need fill in a form DS01 Striking Off Application. This form will need to be signed by a majority of the directors and will enclose a fee currently £10 to the below addresses.Companies House, Crown Way, Cardiff CF14 3UZ - for English and Welsh companiesCompanies House 4th Floor Edinburgh Quay 2, 139 Fountainbridge, Edinburgh EH3 9FF - for Scottish companiesCompanies House 2nd Floor The Linenhall, 32-38 Linenhall Street, Belfast BT2 8BG - for Northern Ireland companiesYou are also required to send a copy to the below parties

• HM Revenue & Customs
• Creditors
• Employers
• Employee
• Clients
• Members

Once the application has been accepted a notice will go into the local City Gazette, which will notify the public of at least 3 months` notice period.If you need a helping hand please do get in contact with us. We have seen it all, no matter how small or trivial we really do understand how important it is to be sure on everything before proceeding with such a big decision. Please do contact Your Virtual Office London today, we are always happy to help. You can also find more helpful information in our Company Formation Services blog here.

As of the 6th April 2008 privately held companies will no longer be required to have a company secretary. If the company was formed before this date and they wish to remove the secretary they can do so via the Form TM02.

Can I have just one director and no company secretary?

You can now have a sole director as long as it`s a natural person (not a company), a secretary is no longer a requirement.If I have a secretary does this need to be a natural person or can I have a corporate secretary?The new rules allow a secretary to be a corporate entity, only the sole director needs to be a natural person.

Will I need to amend the company Articles?

You will need to change the Company Articles if there is a reference to the Limited Company having a secretary and you no longer want one. If the Articles only refer to the duties of the secretary there is no requirement for the amendment.

When I change the company articles with the new amendment what if any documentation do I need to submit to Companies House?

You will need to submit a written or special resolution along with the latest amended version of the company Articles.If you need help or advice do get in contact with Your Virtual Office London. We have a team of experts on standby ready to offer free professional advice on guidance on matters such as Limited company formation and tax advice.

A report has come out that suggest almost half of all UK company managers are working an extra full day in unpaid overtime every week.The report explains that access to emails after work through smartphones and constant work pressure relates to over 90% of managers working outside their normal working day.The report goes onto state that around 13% of managers work an extra 2 days per week in unpaid overtime. The CBI, a Business lobby group has confirmed many UK businesses are addressing the issue of work pressures which is relating to managers feeling they are needed to work extra hours.Two thirds of company manages feel pressure to work the extra hours, the institute of Leadership and Management has reported.The hours are being spent on lunch breaks, early mornings and after hours in the evening. When you look at the amount of extra work carried out it really does add up.It has always been standard practice for manages to work extra hours when the business is really under strain, but excessive hours are not sustainable and not good for staff health or morale. Decisions can start to be affected which will lead to a break down in performance.A survey conducted on-line found that over 76% would regularly work late from home or at the office, and a further 48% would consistently work through their lunch break. This can be directly attributed to smartphone technology, which has helped access to work emails after hours, lunch breaks and even before work on the commute.

Counter productive

Working hours far in excess of the normal working week can really leave its toll on you. Employee burnout can lead to increased stress and further health complication such as depression and even physical sickness.Smartphones can help benefit employees from flexible working, allowing them to reduce the work in the office and giving them flexibility to work from home which can lead to reduced stress. This can then have a real positive affect on the staff which can lead to increased business profits.This blog post was produced by Robert Carter, Digital Manager from Your Virtual Office London.