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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.

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.