Business News

The United Kingdom should be prepared to pay the economic price for Russia`s sanctions, Philip Hammond has warned.He has suggested all of Europe will feel the after effects of large financial sanctions on Russia. Philip Hammond suggests that the UK will feel from the sanctions will be no worse than other EU member states and that it is essential for the sanctions in order to curb Russian aggression.Full details regarding the EU sanctions on Russia will be announced on Wednesday. It is thought the latest sanctions will target Russian oligarchs with a new round of asset freezes and even possible travel bans.The EU is thought to face increased oil and gas prices due to suspected sanctions on the oil sector. Further sanctions are also going to be aimed at defence equipment and sensitive technologies.

Are the sanctions working?

The idea of sanctions is to apply pressure on the Russian banks and top businesses owners. These people will feel the pressure of sanctions with many billions of dollars being lost. The central bank in Russia is having to spend many billions of dollars in order to prop up the rouble.The sanctions are designed to make Russia understand that they cant carry on supporting the Rebels. The sanctions will hurt the UK and Europe but they will hurt Russia far more.The big economies of the EU will share the pain from the sanctions but it will be worth it, taking a stand to the Russian aggression in Ukraine will benefit the civilised world and we must be prepared to pay the price for doing so.If you found this economy blog interesting you can find more great articles in our business and economy blog.

The amount of products sold in the UK`s shops is continuing to increase according to the Office for National Statistics (ONS). UK Retail Sales have increased by 0.1% in June, meaning they are 3.6% higher when compared to one year ago.The sales increased by 1.6% in the second quarter, this was by far the largest increase for at least 10 years.UK retail sales have been increasing steadily since the end of the recession in 2009. The sales figures have been very strong in 2013 and are continuing to get better.This is attributed to the economic growth in the UK, unemployment lowering and an increase in the population and the amount of people actually working.If you found this economy post interesting you can read more economic and business news in our business blog.Your Virtual Office London, leaders in professional business services.

It is reported that personal bankruptcy has increased massively over the last five years.The latest figures from the government show that 27,029 people have become insolvent between April and June. This is a large increase, 5.1% when compared to the same period in 2013.Insolvency figures in Scotland has actually fallen to it lowest figure since 2005.The figure is said to be increased due to the large number of IVA`s (individual voluntary arrangements). IVA`s were created in 1987 to help people avoid being declared bankrupt. The number of people taking out IVA`s rose to 14,571 in the last quarter.The actual number of people declaring themselves bankrupt (insolvent) has increased for the first time since 2010, 0.2% of the adult population has declared themselves bankrupt.The number of bankruptcies hit an all-time high in 2009 with over 35,000 and has been on a gradual decline since 2009.This is stark contrast to business insolvency which has been on a continual downwards path. Companies going into administration have fallen by over 35%, which is the lowest figure for over 9 years.If you would like professional advice on Company Formation, administration or any of the supplementary services Your Virtual Office London provides, please do get in contact.We provide registered office address services in London for Limited companies which can help make your business appear more professional, helping you to increase your profits.If you found this blog interesting you can read more on our business blog here.

If you have been selected for a job interview you will need to prepare. Failing to prepare is preparing to fail. Our hints are for your benefit and come out of experience. You want to give a good impression and our hints will really help you impress.

Research your employer

Find out who your employer is, what they do, and key facts such as locations, services provided, prices they charge, and even who the competition are. Prepare to be asked questions about the company, look up fact`s such as last year`s profits and any news in social media or the company blog. Researching the industry they are in and any developments can really impress your clients and make you look professional.

Prepare and practice

There is no right or wrong format for the interview, however there are some questions that should always be prepared for. Questions such as what you are weaknesses will always crop up, being prepared for this question will put you in good stead, addressing weaknesses in the interview will give your prospective employer trust in your honesty. You should also practice explaining why you are the best person for the job, go into past experience in work and personal life.

Dress Smart

No matter what people say appearances are important, your prospective employer will judge you and how you look, the smarter you look the better. Simple things such as well fitted clothes and clean shoes sounds obvious but many people can overlook this.

Ask Questions

Be proactive, ask the prospective employer questions, this will show your interest in the company and the position that you are applying for. We recommend preparing at least 4 questions, questions about the company`s future, culture and what goals they are expecting from you and the company as a whole.

Stay Calm

Staying calm is very important, being in control of yourself and your answers will really boost your chances of becoming the person they choose for the position. Prepare for the interview, write down your questions and answers, get your outfit out ready the night before. Smiling is important, a firm handshake can also work well, stay calm, the interviewers are also just normal people like yourself.If you found this blog helpful, you can read more on our business and economy blog here. Your Virtual Office London providing professional business services for small companies.

This comes from Which? Who suggest British people are getting an unfair deal when compared to products in the US, which are a lot cheaper. UK customers are paying literally hundreds of pounds more for an electronic gadget, when compared to US customers.The report by Which? Compared prices from various products such as computer software, televisions and other electronics. It concluded that the UK consumer was over paying for many of these products. In once instance Which? has shown that consumers where paying over £400 more for one television from a popular brand. A MacBook was found to be £194 more in the UK when compared to the price in the US.Which? have said that this is down to the manufactures and that they should play fair and explain exactly which some cost more in other countries. Another issue is the current threshold on import duty, its recommend it should be brought inline with good that`s are purchased online and then brought back into the UK. The threshold at the moment is £135 for electronics purchase online from a country outside the EU however if you travel you can bring in goods with a value of up to £390 without paying any duty.If you found this Your Virtual Office London blog interesting, you can read more business and economy posts in our informative blog.

The UK economy posted the fastest growth in the G7. It`s predicted that the economy will grow quicker than any other economy in the G7 in 2014. The UK`s GDP will reach 3.1% which is a direct result in capital investment.In comparison Germany is only expected to grow at 1.8%, the item body has forecasted.The GDP rose by 0.8% in the first quarter of 2014, this is the fifth consecutive quarter of growth which equated to the longest growth run since the banking crisis. The same people who have forecasted the growth for the UK have also stated that the interest rates would not rise in 2014, remaining at the record low of 0.5%.Inflation figures post last week did show a large increase to 1.9% in June, which was up from 1.5% in May. It convinced many that the Bank of England would raise rates in order to curb the inflation. However the same people who have predicted the UK`s growth have suggested that inflation rates were over pessimistic, and that they actual inflation on wages was only 0.7% which did exclude bonuses.If inflation is low and the UK has a strong pound, combined with risks from the Eurozone would suggest caution in any interest rate rise.There is also some great news for workers, it is predicted that real incomes will actually grow over inflation over the next two years.If you found this economy blog interesting you can read more informative articles on our business blog. Your Virtual Office London supporting British Businesses.

A director of a company has different options when it comes to pay. Each option has different tax benefits. It is very important to be clear on what method you will chose as your accountant will need to know this.

Dividends

A dividend is rewarded to shareholders. An owner of a Limited Company is a shareholder and they will be able to pay themselves in the form of a dividend.An advantage of a dividend is that you do not pay any national insurance on the payment. You will need to pay income which does depend on the level of your earnings.A dividend will need to be paid to all shareholders of the company, this will need to be declared in the minutes of the meeting you will hold with the other directors.Legally a dividend voucher must be created which would show some important information such as the date is was issued, the company details i.e name and number, the shareholders details and the amount the dividend is.

PAYE

Pay As You Earn (real time). PAYE is a HMRC scheme to collect National insurance and income tax for employees of a company, including staff and directors. You will need to register for this scheme, if you`re the owner of a Limited Company you will be classes as an employer and employee.When you pay yourself a monthly salary, you will need to send a PAYE return to HMRC which will show the amount you have paid, including tax and deductions. Again the amount of National Insurance and income tax will depend on the tax code and your tax status.If you need help with your companies accounts please speak to us today. We offer free and impartial advice, our business accountant can help with PAYE registration and can help explain your current tax status and how best to optimise your current situation.If you liked this accounting blog post, you can read more from Your Virtual Office London blog.

Forbes Media have been in family hands for over 97 years. However, Forbes has now announced that they have sold the majority stake in the business to a Chinese Company based in Hong Kong.Forbes Media is famous for the Forbes magazine, which published the rich list. Integrated Whale Media are said to the be the group behind the purchase. However the Forbes Family have still said they will have a large stake in the company, just not the majority. Steve Forbes the current chairman will remain in his position.The company was founded by the grandfather, 97 years ago, Forbes said that this should be seen as an opportunity to strengthen the companies mission. Forbes reaches over 75 million people worldwide every month through pring, TV and digital media. The companies headquarters will remain the United States of America but the company is now looking to expand to international markets.If you liked this story, you can read more informative articles on our business news blog. Your Virtual Office London, leaders in virtual office and company formations.

I'm a director and a minority shareholder what happens if the majority shareholder wants me out?

In this article we discuss what happens if two shareholders are in dispute where one is a minority shareholder. What rights does the minority shareholder have, and what if anything can you do?Sometimes it is necessary to remove a director from a company if a dispute arises. This is where the Company`s Articles of Association would be used, they would be used to confirm the procedure of how disputes are handles. If the Company`s Articles of Association do not provide a solution, the next solution is to understand section 994 of the Companies Act 2006.

This is a very important statute and this states:

A member of a company may apply to the court by petition for an order under this Part on the grounds that(a) The company`s affairs are being or have been conducted in a manner that is unfairly prejudicial to the interests of members generally or of some part of its members (including at least himself), or(b) An actual proposed act or omission of the company (include an act or omission on its behalf) is or would be so prejudicialThe idea behind this is to protect minority shareholder, this means shareholders with less than 50% of the shareholding in a situation where the majority shareholder seeks to act in a manner that is unfair to the minority share holder, such as removing them as a director. This statue gives the minority shareholder some power in the court if they feel they have been unfairly treated. In such circumstances a majority shareholder could try to damage the company which could result in a reduction of the value of the share.The minority shareholder would have to have a good case to show that the majority shareholder was actively trying to damage the business in order to reduce the value of the shares, simply stating the business is being badly run would not be enough. Credible proof would be needed and it could be a lengthy process.If you are in this position and need more advice, Your Virtual Office London provide company support and advice. We are happy to help you, we offer free and impartial advice and have a vast amount of experience behind us. Our team have been forming companies since 1971 and are on hand to help provide you with the knowledge you need in order make sure your company makes the right choice.We provide other professional services too, such as registered office addresses service, directors service address and mail forwarding in London. What ever the need, speak to us today.

UK cities should invest in energy product including increased green energy to help compete with main energy suppliers in the UK.A think tank has suggested that cities could really benefit from renewable energy, helping to drive down costs. Energy UK, which represents energy supplies said customers would welcome more competition. More competition would result in lower prices and a more competitive market.Cities account for two thirds of the worlds total energy consumption. They also contribute over 70% of global C02 pollution emissions.Cities should invest in local power generation technologies such as solar panels and wind farms on a smaller scale. This would completely change the way the energy supply system operates. This would help smaller producers provide customers with energy ending the big power companies` dominance which can lead to higher prices.In Bristol, the local authorities have plans to setup and install a large one gigawatt of solar panels by 2020. Aberdeen is planning to run buses on hydrogen from using the local wind farms spare energy production.Britain has a long way to go, but authorities are starting to understand that they now have a role in green energy production. More competition in the energy market is great for the customers and everyone will see benefits, from cleaner air with less pollution to cheaper energy bills.If you like this business economy news blog, you can read more on our blog page. Your Virtual Office London, leaders in professional services for small businesses.