If you’re starting a business in the UK, your company will likely be an SME. According to The Federation of Small Business, there were 5.5 million small or medium-sized businesses in the UK in 2022, accounting for 99% of UK businesses. But SME is one of those acronyms you often hear and might not know… Continue reading What is an SME? Everything You Need to Know before Starting a UK Business
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Small Business Marketing 101: Everything You Need to Know before Starting a UK-based Business
If you’re planning to start a company, you’ve got a lot to look forward to. From the pleasure of working for yourself and setting your own hours to the unparalleled thrill of your first (and many consequent) sales. But while there’s plenty to get excited about, starting a business is no easy feat. It won’t… Continue reading Small Business Marketing 101: Everything You Need to Know before Starting a UK-based Business
4 ways to legally draw money out of a limited company
Once you’ve set up your limited company, you might think that you can take from your company’s account as you see fit. Business owners who operate with this attitude ‘what’s yours is mine’ will soon discover themselves in difficulties. Once a limited company is incorporated at Companies House, it becomes a separate legal entity. The… Continue reading 4 ways to legally draw money out of a limited company
What is the difference between dissolution and liquidation?
The term dissolve and liquidate can be easily confused because it means the same thing when it comes to actions, in the business world. However, they are not exchangeable terms. Here we highlight the key differences. What is dissolution? The end of a company as a legal entity is called dissolution. Dissolving is the process… Continue reading What is the difference between dissolution and liquidation?
What are the key responsibilities of a company director? (…7 important statutory requirements of a director)
You might have recently taken on the role of a company director. Are you aware of the legal requirements that a director should follow? Next, to the director appointment, he/she will be expected to fulfill certain duties to the shareholders, employees, and the company itself. The company director is finally held responsible (blamed) if deadlines… Continue reading What are the key responsibilities of a company director? (…7 important statutory requirements of a director)
How to remove a shareholder from a limited company? (…and how to transfer shares to a new shareholder)
A shareholder can leave a company for a variety of reasons. The board might have decided to remove the association with a shareholder, or shareholder might want to voluntarily get removed from the position or simply be removed due to death. After removing a shareholder, a company cannot hold any unallocated shares as per company… Continue reading How to remove a shareholder from a limited company? (…and how to transfer shares to a new shareholder)
What is a business plan? (…and how you can write one)
What is a business plan? At its simplest form, a business plan is a written guide or simply a roadmap for your business. It plainly outlines your business goals and how you are going to accomplish it. A well-drafted business plan enables both partners and investors to understand what you are trying to achieve and… Continue reading What is a business plan? (…and how you can write one)
How Does a Virtual Office Address Work?
The word virtual conjures up the vision of something highly technical. Virtual, as we often use the term, relates to the digital world — usually pertaining to some form of simulation. Virtual reality, virtual world, virtual life; these are all terms you’ll have heard before. So when we say “virtual office”, do we mean some… Continue reading How Does a Virtual Office Address Work?
How to get your companies Unique Tax Reference
How to get your companies unique tax reference? Unique Tax Reference sometimes referred as Corporation Tax Reference is a 10-digit number either for you or for your company. Once your company is formed, Companies house notifies HMRC (Her Majesty’s Revenue and Customs) about your newly registered company. HMRC, in turn will register all the information… Continue reading How to get your companies Unique Tax Reference
How to change the SIC code after Company Registration
How to change the SIC code after company registration? Let me explain briefly what the SIC code is before we talk about changing the code. Every industry in the UK is allocated with a Standard Industrial Classification code (SIC) that outlines the nature of a business and is required as part of the company formation… Continue reading How to change the SIC code after Company Registration