Blog

Are you in rush to file important documents at Companies House? Do you need to avoid any late penalties? You will incur a penalty if:

• You file your account late after the deadline
• Even if files are sent before the stated deadline, they must reach companies house before the deadline otherwise a penalty will be incurred.

Companies House has offices across the UK. If you are sending documents please ensure you have the correct address and those they you file the documents in time before any penalties.You can find the Companies House locations below. If you are filing outside working hours you can place them through the letterbox. Cardiff is manned outside office hours and you will receive a receipt for the documents.

London

Companies House4 Abbey Orchard StreetWestminsterLondonSW1P 2HT

Edinburgh

Companies HouseFourth FloorEdinburgh Quay 2139 FountainbridgeEdinburgh EH3 9FForLP - 4 Edinburgh 2 (Legal Post)orDX ED235 Edinburgh 1

Belfast

Companies HouseSecond FloorThe Linenhall32-38 Linenhall StreetBelfastNorthern Ireland BT2 8BGorDX 481 N.R. Belfast 1

Cardiff

Companies HouseCrown WayCardiffCF14 3UZIf further advice or information is needed, please do hesitate to contact the team at Your Virtual Office London. We are always happy to help.

According to an industry group, UK retailers have seen the biggest annual decline in prices since 2006. In June prices across products such as furniture, cloths, electronic good and even supermarkets have seen large price reductions.It is reported by The British Retail Consortium that prices have fallen by 1.8% in the last month when compared to the same month a year earlier. This is the biggest price fall since the survey has begun.The only sector that was higher was food, with a 0.6% price increase, non food prices had fallen by 3.4% which is another record. The driving factor is said to be the high competition between retailers and supermarkets. Food inflation levels are at a record low, which means its not costing as much to import food helping to keep relative costs down.The supermarkets are leading a price war with many of the competition trying to gain large percentage shares within this market sector. Tesco has reported its largest drop in quarterly sales in over 40 years, leading to further speculation over more aggressive price cuts.Consumer inflation has also fallen to a four and a half year low, to just 1.5% in May. Consumer inflation is the measure of the cost of consumable products across a selection of items. The Bank of England is forecasting that inflation should be near 2% over the next two to three years.The main benefactor is the British public as they are really seeing the benefits of low cost consumables.yourvirtualofficelondon.co.uk is also helping to keep inflation down, we have a price freeze with all current online services. If you need any help or assistance do get in contact with us today. If you found this blog interesting, you can read our latest blog posts here.

Sometimes a Ltd company owner will need to change the name of the Ltd company due to various reasons. It may be that the name is no longer appropriate due to the nature of the new services provided, or it may be that the company is rebranding to help with growth. Whatever the reason, it is normally important that the trading history and the amount of time the company has been trading is kept on record.

How can I change my company name after incorporation?

There are a number of different methods you can change your name by. Once the name change has been rectified you will need to notify Companies House with the change of name forms and any resolution court orders with any payable fees.

1. By resolution of directors
2. By resolution of the directors
3. By special resolution
4. By means provided for by the company`s articles
5. By Tribunal or the High Court

Once the name change has gone through, you will be issued with a new certificate of incorporation for the name change.

How can I change my company name via special resolution method

You can change the company name by using the special resolution method in a general company meeting, 75% of shareholders are needed to agree the change of name in order for it to legally be processes. In order to then progress the name change, you will need to use the FORM NM01 to notify Companies House, along with the copy of the resolution.

How to change my company name by special resolution condition upon some event

In some circumstances your company will be able to change its name when a satisfaction of a condition is met. When this happens, the Companies House form NM02 must be used for your company name change, it will need to inform if the resolution condition has been met. Your company will then also inform Companies House using the NM03 form when the condition has been satisfied along with the resolution. Once this has been completed, you will receive a certificate of incorporation for the name change.

How to change the name of the company through the provided company`s articles.

It is important to make sure that you can change the name of the company via the company`s articles of association. If you are unable to change the name through the articles of association, you can amend the article before going through with the name change. To change the name using this method the Companies House NM04 form is used.

Change of name by tribunal through the court

This name change is normally carried out by the Company Names Tribunal where a name has infringed another companies name, this can be accidental, however it is taken seriously. Similar names can often be seen to mislead customers by suggesting they are the same or that there is a connection between the two companies involved. In these circumstances, a tribunal will be heard and the adjudicator will decide on the outcome.Your Virtual Office London provides free expert advice to all clients, if you are not sure on which method applies to you, feel free to contact us. We provide impartial and expert advice, we have a vast amount of experience when it comes to forming Limited Companies. All advice is free and there are absolutely no obligations to take out any services with us.

Online banking transactions now consistently hit over £1 billion a day a study has shown.The study does not show the percentage of transactions made on phones, tablets or PC`s, but the rise is probably due to the increase in mobile banking and the rise of new apps to aid this.The research shows that over 15,000 online banking applications have been downloaded every day. This total`s over 14.7 million bank applications have now been downloaded.The report does also show that many people still prefer online internet banking as opposed to mobile phones, especially when large transactions are involved.The rise of online banking, including mobile and internet has ultimately led to a fall in the use of bank branches. However people still like to use the branch for important moments such as mortgages and financial advice.

Business Banking

Business banking has also seen a large increase of its customers using applications to aid with the running of the business. Your Virtual Office London can help get you a business bank account with Barclay's. We are able to fast track your application and this is all totally free, just another great service we provide to all our clients. If you need advice or help do not hesitate to contact us today.

During the lifetime of a company, you may find it can be beneficial to invite another shareholder into the company. You may want to create another share without transferring any existing shares. In effect you are creating a new share of the company.When a new share is created you without any shares actually being transferred you just need to complete the SH01 form from companies House. Since the Companies Act 2006 companies no longer have an “authorised share capital” that consists of shares that have not been issued. This means shares must be issued by filling in the form SH01 which is obtained from Companies House.

Why would I want to issue more shares?

Circumstances change and there can be many reasons why you would want to create a new share for a new subscriber to the company.

• Family member joins the company
• A business partner is brought in
• A staff member has been promoted

How many shares should I issue?

This would depend on how much of a percentage you would want them to own. So for example if there is just one shareholder with one share, and you are looking to bring in a new shareholder that has 50% of the shares you would issue another single share. So both shareholders have 1 share each, equating to an equal share of the company (505)If your Ltd Company has used all the issued shares from the authorised share capital, you will have to issue new shares by creating them.

Why use Your Virtual Office London?

If you are an existing director or shareholder of a Limited Company and you are needing advice on how to issue more shares we can help assist you. Our Company Formation experts have vast amount of experience in forming companies and providing advice to small businesses. We provide a wide array of services to small businesses, including virtual office services, call answering, mail forwarding and registered office services.

The UK is to become the second largest economy by 2020, overtaking France. This is according to a consultancy firm PwC.PwC have said this is due to the strength of the pound against the dollar, when compared to the strength of the Euro to the dollar. The strong currency combined with continued falling unemployment is adding the economy`s growth.Germany is still forecasted to be the top economy in Europe, the US is top globally followed by China, Japan and then Germany.But it says the UK lags behind in areas including education, investment, trade deficits and income inequality.India`s economy is set to overtake the UK by 2030, this will also rise above Germany and Japans to become ranked third largest economy in the world.The UK`s economy is estimated to be worth £1.65 trillion while the French economy is valued at £1.60 million. The consultancy has noted that the UK has strengths in political, legal and regulatory institution. This also includes easing of doing business and strong communications technology. They also suggested that the UK scores well with relatively low unemployment rates and good inflation performance.

Why start a business?

Today has never been better to start a business; Your Virtual Office London can help advise you what the best option is for your personal circumstance. With a strong and growing economy the time is right for fledgling businesses to make the most of the market growth and positive financial forecasts. Good publicity for the economy can have a positive impact on business and this can relate to real growth in your new sector.

A memorandum of association is a legal document that is drawn up when a company goes through formation. This is an important element of a company's official paperwork and goes together with the companies articles of association.Basically the purpose of a memorandum of association is to regulate a company's external business activities and along with the articles of association used to form the company's constitution. Since 2009 what you need to include on your memorandum has changed. However, you do still need to file a memorandum of association on formation.The document itself will list the names of the shareholders or members, and will list the number of shares being held by each shareholder. It will also state what the liability is of its shareholders - limited by shares or guarantee, and will explain the types of contracts that the company will be allowed to enter into.The memorandum can be amended to suit the company's needs should things change over time, with the exception of anything that falls under corporate legislation, and there will be a prescribed procedure in place to follow to make any changes.Being that the memorandum of association is a public document that is freely accessible to be inspected by any member of the public, most smaller companies or those who run their business from a residential address may choose to hire a registered office address to use on any forms that are to be made public. This would protect their residential address details from being displayed on public record.Directors and shareholders who may also want to keep their private home address off public record can use a directors service address service. This can be used on any forms that go on the public register at Companies House and can save them from cold callers and unwanted junk mail.The memorandum of association is a legal constitution that governs a limited company. It is normally referred to as the memorandum. It is a legal requirement in order for you to form a Limited Company.The memorandum will inform Companies House of the name, the location of its registered office address, the objectives of the business, and what liability of its members is limited, and also how many shares are issued and the type.As of October 2009 the memorandum is no longer part of a company`s constitution. It only now contains basic and limited information compared to prior. The memorandum is still required and necessary to be filed.The memorandum is a statement that subscribers wish to form a new company and that they have agreed to become members of the company. By becoming subscribers they are entitled to the share capital and will be issued with a minimum of one share each.

What is no longer required in the memorandum?

• You do not need to state the name of the company (i.e private limited, public limited)
• You do not need to give the location of its registered office
• You do not need to provide the objectives of the company
• You do not need to show the authorised share capital

Companies formed before 1st October 2009

These are not required to change their memorandum to the new format. The details mentioned above are legally required to show in the Articles of Association.Your Virtual Office London helps small businesses form companies. We are experts in helping novices become experts when they begin their first formation of a Limited Company. We also can advise if a Limited Company is the most suitable company type. We also help form Limited Liability Partnerships and Companies Limited by Guarantee. Why not give us a call today, we speak plain English with no jargon.

A Limited company is required to have articles of association. This is a very important document and establishes the outlines that base the rules on which the business will run. The articles of association will inform Companies house how many directors are running the business, how much they are paid, share holdings and other important information relating to the Limited Company.The articles of association also include important information about how shares can be sold and how the dividends that the shares produce are distributed. Another important factor is that it explain how internal disputes are handled between directors and / or shareholders.

You can download a model example for your business here.

The articles of association is very important piece of information and it should be taken very seriously when forming a Limited company. You should spend a lot of time formulating its content as it allows you to specify important information such as how your business is run and what types of business you are engaging in. It allows you to explain how the profits generated by your business are distributed, which could be very important in any disputes that may arise.The articles of association will also spell out the process for appointing new directors to the company as well as how financial records will be handled by the company with regards to data protection.It helps to be as clear as you can with your language so no misinterpretation can be made about how you issue stocks and shares, how your apply your voting rights, how you pay your dividends etc. It is almost like drawing up a users guide to how your business is run.You will generally include information such as the purpose of the company, it's organisation, the share capital - not unlike every other company in this country. Obviously, your company name must be included in your articles of association and this means that your legal company name will be registered at Companies House and no one else will be allowed to officially operate under your name.When describing the purpose of your company, it is helpful to be quite detailed to make it easier to be understood by Companies House so they can register you into your correct business category. For example you may be queried over your description of 'creator of beautiful things' when in reality what your business is all about is being a team of wedding cake bakers and decorators.Your company may or may not issue shares, but if you include this in your articles of association then you can choose to issue them if and when needed. Things may change as you grow and develop your business, so you have to think about all the possibilities.How your organise your company will need to be included. You would state your business address, how many directors you have, information about your original shareholder(s) and directors etc.Every Limited Company will have very different articles of association drawn up that are unique to your business. If you need some specialist help or advice about what you should include in your articles of association, then get in touch with us - we would be pleased to help you!

Your Virtual Office London

When forming a company it is interpretative that you are fully aware of the whole process from start to finish. We are experts in forming companies and provide our clients with market leading advice that is free and comes with no obligations from you whatsoever.We have a team of accountants who specialise in business accounting and can also help with any tax questions you may have. They will be happy to discuss the tax benefits of forming a Limited Company.We also provide other services to help supplement our company formation, such as mail forwarding in London and directors service address. What ever the question do please contact our friendly team today, we are on hand to help, we talk your language.

SIC stands for Standard Industrial Classification of Economic Activities. This is designed to classify Limited companies by their type of business activity. A new version of the SIC codes was introduced on the 1st January 2008.It is compulsory that each UK registered company has SIC codes, or at least one SIC code for their business. This is the code that essentially describes what sort of business the company conducts and it must be registered to Companies House. each company selects one or more codes that reflects the nature of their business from an official list of codes.Your SIC codes(s) are the way Companies House and other official bodies can identify what companies actually do and is also a way to sort each company into a business category that is relevant for their sector or niche. Your company's SIC code classification is listed on the public record so anyone can look up what sort of business you are.Each SIC code is sorted into trade or business sectors and grouped together in similar trade classifications, so for example if your company is a market garden type operation you may fall under the ‘Agriculture, Forestry and Fishing’ group. Within this group there are 40 different SIC codes that apply to different aspects of the sector, such as ‘growing of cereal crops’, 'raising dairy cattle' through to ‘marine fishing’.Some of the trade classification categories can go from the sublime to the ridiculous and can be very specific. However strange some of the SIC code descriptions sound they make perfect sense to those in that particular industry. Silviculture, anyone? (the growing and cultivation of trees).

Can my company have more than one SIC code?

Most companies will choose a single SIC code that best reflects the type of business they conduct, but if necessary you can choose up to four different SIC codes should your business require them. Some companies can be quite complex in structure and may specialise in more than one area.

Does every new company need a SIC code?

As of the 30th June 2016, every UK registered company needs to have at least one SIC code. You will need one when forming a new company and it should be a code that best describes the business activity that you plan to carry out. Companies House will reject any new company formation requests unless a valid SIC code is included with the application.SIC codes will only need to be included in a company's confirmation statement if they have been changed during the year or since they submitted their last confirmation statement. A company may have been formed with one SIC code but then added further codes if the business changed in any way, such as diversifying what they produce or expanding their company and changing their operations.A company that was formed before 30th June 2016 that has not yet submitted their confirmation statement, then their SIC codes will need to be submitted along with their first confirmation statement - but not in later returns, unless more SIC codes are added.For businesses who have already sent in their confirmation statement, the only time they will need to report their SIC codes again is if any of them are changed or more codes added, but this does not need to be reported immediately. It is perfectly fine to report these changes with the next confirmation statement.To take a look at the current list of SIC codes that are available click here.If you are yet to form your company you may be confused about which SIC code or codes you should select. You don't want to get your choice wrong after all! Don't worry too much because Companies House are pretty understanding and as yet have never taken any action against a company that made a wrong initial choice. Sometimes there will not be a SIC code that perfectly matches what your company does, so it is fine to choose something as close to your industry as you can from the available list.Since the introduction of SIC codes and publication of the original list of codes, there have been revisions published in 1958, 1968, 1980, 1992, 1997, 2003, and 2007. There are likely to be more revisions as the business world continues to evolve and new business categories added to the list.If the whole idea of SIC codes still seems confusing for you, or you would like some helpful advice and guidance about which SIC code fits the best with your type of business, do not hesitate to contact us for our help!Your Virtual Office London are leading experts in company formations, we have helped thousands of small businesses take the jump from sole trader to Limited Company. Forming a company can be difficult if you are unsure of the full process.From Limited Company accounts, mail forwarding, virtual offices and a registered office address, we can help talk through any questions you may have in plain and simple English.

A good standing certificate is simply a certificate the shows the company has been in a continuous and unbroken existence since the date of its first incorporation. It also states that there is no action being taken against the company, such as a strike off.

What does my company needs in order have a good standing certificate to be issued?

First of all its important that your annual return or confirmation statement is filed and up to date. You will also need to have:A private Ltd company needs to have one director that is a natural person.For a public limited company 2 directors are needed and a secretary.A Certificate of Good Standing is issued by Companies House and will be sent to you by post to your company’s registered office address. If you prefer, you can apply for and download an electronic copy, however this will not have the signature of a Companies House official signatory and so is may not carry such an equal gravitas as an official printed and signed copy.

What other details can I include on the good standing certificate?

The following details can be included upon request:

• Directors names
• Secretaries names
• Registered office
• Issued capital
• Shareholders
• Company objects
• Date of birth
• Nationality
• Other factual details if needed

Do I really need a Certificate of Good Standing?

Most companies operating in the UK may not have a particular need for a Certificate of Good Standing. However, having one does demonstrate to others that the company is meeting its regulatory obligations. A company director can very rightly be proud of their achievements so having a certificate can show that the company is professional and well organised. This can be a great morale booster for the company directors and shareholders as well as give confidence to customers or clients and suppliers of the business.One of the main benefits of having a Certificate of Good Standing is when you are planning to conduct business abroad. If you’re setting up a foreign branch of your company in another country, you will usually need to provide a Certificate of Good Standing to that country's official registrar, or what they class as the equivalent of Companies House in their country.

How can I get a certificate of good standing?

You can contact us today, and we can help arrange a certificate of good standing for a very reasonable fee. It normally take up to 7 days to complete. We can offer a same day service, this is more expensive but a good option for time sensitive requirements. Please feel free to read our business blog, where more information on company formation, virtual offices and other services can be found.