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  • A Dormant Company Defined Jan 13, 2021

    There’s no replacement for answering the question, “What is a dormant company?” than a clear and concise definition. Companies are dormant if they are inactive and not trading (or receiving any type of income from trading). However, the company has to be registered with Companies House and may be dormant from its incorporation date or its trading date.

    What Is a Dormant Company in Relation to Trading?

    The question, “What is a dormant company?” cannot be considered without fully understanding its relative dichotomy — trading. Generally, dormant companies cannot trade or receive income that includes:

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    What Is a Dormant Company in Relation to Corporation Tax?

    If your company has stopped trading and has no income from e.g. investments, then it will be dormant for Corporation Tax, and if the following applies:

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    What Is a Dormant Company in Relation to Companies House?

    As mentioned, your company will be considered dormant there’s been no significant accounting transactions during the financial year, and it is registered with Companies House.

    The transactions have to be limited to:

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    What Is a Dormant Company in Relation to Small Companies and Micro-entities?

    “What is a dormant company?” may be asked with some scrutiny by small companies or micro-entities who would expect different implications of being dormant compared to larger organisations. If your company is dormant and qualifies as “small”, you can file “dormant accounts” instead without the need to include an auditor’s report with your accounts.

    According to the GOV.UK website, your company is considered “small” if it meets any of the following points:

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    What Is a Dormant Company in Relation to Banking Requirements?

    Although a separate bank account is needed for an active company, it’s unwise to have a business bank account for your dormant company as it may indefinitely remain dormant and is not permitted to receive or spend any money. If your company spends or receives money, its dormant status will...

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  • Aggregate Nominal Value and Shares Explained Jan 5, 2021

    Before starting a new company you must be prepared to undergo thorough research — familiarising yourself with crucial terms in the business glossary. The more you know, the more informed your decisions. And one such term is the “aggregate nominal value” — an important term in relation to company shares.

    Before we look at the aggregate nominal value, it’s important to comprehend the structures of company shares.

    The Definition of Shares

    Shares are a “portion” of a company that is limited by shares and is simply a divided-up unit of the value of a company (each share is a specific percentage of the entire business). The shares owned by individuals of a shareholding company are called “shareholders” or “members”.

    How much of a company is owned or controlled by a member is reflected in the number of shares that the member holds. Typically, shareholders receive a percentage of trading profits in relation to their ownership percentage.

    How Many Shares Can be Issued by a Company?

    One (1) is the minimum number of shares that a company may issue. This is normal when an individual sets up a limited company and is the sole owner and director. There is no upper threshold, therefore you may issue as many shares as you deem necessary during the company incorporation process or after your company has been formed.

    Here are some fairly straightforward examples of popular share structures:

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    The Value of Shares

    Shares have both a market and nominal value — the difference between each is known as a “premium”.

    - Market value

    A share’s market value is simply the amount it is worth at the point of being sold. This figure will invariably differ from the nominal value.

    - Nominal value

    The nominal value of a share, which is typically £1, is the sum that a member has either paid or agreed to pay for their segment/portion of the company. This sum is the reflection of how much a member would legally need to pay towards company debts or when the company suffers a winding up order. Therefore, the “limited liability” of a company’s owners is reflected in the nominal value.

    What Is the Aggregate Nominal Value?

    The Companies Act 2006, as amended by the Small Business, Enterprise and Employment Act 2015 details the contents of the statement of capital. Any electronic or paper submission of the statement of capital must disclose the aggregate nominal value to Companies House.

    The aggregate nominal value of the company’s shares is calculated by multiplying the number of shares in issue by the nominal value of each share. If there are multiple share classes, then each class has to be calculated with the figures subsequently added together.

    For example:

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    What Else Is Included in the Statement of Capital?

    Along with the aggregate nominal value, a statement of capital should include:

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  • 6 Tips for Building a Solid Business Foundation Oct 21, 2020

    If you’re seeking actionable answers to the question most budding entrepreneurs ask: “I want to start a business, what do I do?” then the following article will help you launch that exciting brand you’ve been quietly working on in the depth of your imagination. And before that becomes a reality, it’s important to understand that starting a new company must coincide with the understanding that a solid foundation is required in order to achieve sustainability.

    According to a previous report on Forbes, almost 80 percent of small businesses fail to make it past the first three years. That number rises to 95 percent if you’re an online business owner. With the odds stacked against you, you have to do all you can to prevent your company from collapsing prematurely. Hence, a sound foundation upon which your business can grow is a great starting place.

    Here are 6 tips to help you with the oft-uttered remark, “I want to start a business”:

    1. “I Want to Start a Business...?” Then Pick an Effective Company Name

    When you’re starting out, funding will probably play a major role in your business. That’s why it’s important that you pay attention to your company’s name as banks and lenders normally favour certain types of businesses over others.

    In an interview with Entrepreneur, CEO of Fund and Grow, Ari Page, commented that traditionally, some businesses are not as attractive to lenders compared to others. “Most lenders will provide financing to a marketing or management company long before they’ll fund a real estate company, because the perceived risk is so much higher in real estate,” said Page.

    This doesn’t mean you can’t get into the, for instance, real estate industry. In fact, there are many highly successful real estate companies in existence. The point is you shouldn’t make things difficult for yourself by adopting an “overly-specific” real estate name (if that’s your industry), especially as you’re just starting out, with the inevitability of obstacles.

    Whatever industry you’re in, conduct thorough research to monitor how banks and lenders respond to your niche.

    2. “I Want to Start a Business...?” Then Find a Good Company Location

    If you’re working from home, be sure to set up a good office space that is conducive to productivity. Distance yourself from the normal distractions that may occur when working remotely: constant engagement with friends and family, telephone calls, television, and the temptation to nap.

    If you start your business with poor work habits, the chances are that practice will transcend to the actual running of your business. Focusing on work, from day one, without distractions, will give you a strong basis for maintaining a strong work ethic.

    With a virtual business office, the pitfalls of renting office space can be eradicated: commuting expenses, coupled with general overheads.

    However, if you are renting office space, find a spot that has the potential for expansion. After all, your aim should be to grow your business and as soon as you begin to scale you may need that extra space for inventory or employees.

    3. “I Want to Start a Business...?” Then Build a Team

    If you want to build an actual business, rather than just generating a personal income, your best option is to form an operating entity rather than being a sole proprietor. With help from the relevant organisations you should consider forming a limited liability company as one option of many — and if a solid foundation is built, you can avoid the unfortunate eventuality of being a dormant company.

    4. “I Want to Start a Business...?” Then Clearly Define Your Business Functions
    5. “I Want to Start a Business...?” Then Develop a Solid Business Strategy
    6. “I Want to Start a Business...?” Then Save Your Money

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  • What Is a SAIL Address? Oct 19, 2020

    Location is key! When starting a new company, it’s vital that you adopt a credible business address to enhance your company’s professional image. Whether you run a brick and mortar company, or you operate from a virtual office, all addresses related to your business will carry more weight than just being a mere detail. Enter the SAIL address.

    The Definition of a SAIL Address

    SAIL stands for Single Alternative Inspection Location. A SAIL address is where a registered company or a LLP company holds their statutory records in order to ensure they are available for public inspection.

    Unlike a registered office address, a SAIL address is not compulsory. The registered office address (more on that below) is the location where any statutory mail is delivered alongside any legal notices such as those from HMRC or other government departments. This address is on display in the public register of companies and is accessible to the public. If a SAIL address is not used, then the registered address must hold all of the statutory records of the business.

    The two addresses needn’t be at the same location or share the same address details. However, a SAIL address must be in the same UK jurisdiction as your registered company. Therefore, if you run a business in Scotland, you cannot have a SAIL address in Wales.

    Notably, you must inform Companies House when using a SAIL address —you cannot have a SAIL address unless Companies House has been correctly informed.

    What Information Is Stored at a SAIL address?

    The company records and registers that a private limited company may keep at a SAIL address includes the following:

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    How Do I Register a SAIL Address?

    Companies House provides an online form to register a SAIL address where you can register or change a SAIL address by submitting form AD02 via WebFiling. You must also file form AD03 to state which records have moved to the new location.

    Form AD02 will require the details of the company, the address that will be used as the SAIL address and details of the person signing the form on behalf of the company.

    SAIL Address and Mail Handling
    A Note on a Registered Office Address

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  • How Do Company Directors Get Paid? Oct 14, 2020

    Along with a passion for their business, a compelling reason that acts as a driving force for most business owners is profit and monetary gain. Once you complete your limited company formation, and are the acting director, you may be wondering “how do company directors get paid?”

    Remember, since limited companies are individual legal entities, all company finances and assets belong to the company itself and not to the business owners. Therefore, it’s vital to adhere to set procedures when taking money out of a limited company.

    In order to ensure you receive your salary in a timely and ethical manner, we’ll look at just how do company directors get paid a salary and how else money is taken out of a limited company.

    Take Out a Director’s Salary

    Since company directors are technically employees of a limited company, they too are able to receive a salary. Therefore, the company has to register with HMRC for PAYE and must pay Employer’s National Insurance Contributions (NIC). HMRC must receive the Income Tax deductions from the director’s salary on a monthly or quarterly basis.

    Salaries and wages are tax-deductible expenses that are paid prior to the deduction of Corporation Tax, meaning companies do not pay any tax on this money. For “tax-efficiency”, directors may pay themselves by taking a small salary up to the NIC primary threshold (£9,516 for 2020/21) but below the tax-free Personal Allowance limit (£12,500 for 2020/21); then via dividends, they can top up their personal income.

    It’s worth noting that directors who take money out of a limited company, and therefore precisely answer the question, “How do company directors get paid?” enjoy the benefit of incurring zero personal tax liability (on their salary), yet still qualify for state pension and benefit entitlement. Furthermore, the dividend tax that has to be paid on dividends is set at much lower rates than Income Tax.

    It’s worth noting that Income Tax rates for 2020/21 are:

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    Self Assessment Note for Directors

    The question of “How do company directors get paid?” is unanswerable without the realisation that directors have to register Self-Assessment, therefore, all sources of taxable income must be annually returned.

    Note: If a director owes more tax than the company has collected through payroll (e.g. from dividend payments and benefits received), then the director has to pay the additional tax through Self Assessment.

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    How Else Can Money Be Taken Out of a Limited Company?
    Dividend Payments
    Directors’ Loans
    Director’s Loans Taxes

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  • What Is a Private Company Limited by Shares? Oct 1, 2020

    Whatever type of company you choose to form, the journey of starting your new company can be overwhelming. Whether you’re launching as a sole trader, or you’re in the process of private limited company formation, you must fully understand the advantages and disadvantages of your type of company.

    The Definition of a Private Company Limited by Shares

    Most private companies registered in the UK are companies “limited by shares”. One of the major incentives for such a company structure is that it exists as a separate legal entity from the individual owner.

    Since a limited company is a distinct legal entity that is comprehensively separate from the company’s owners, the company itself holds responsibility for its finances and debts. In this respect, the owners benefit from lower financial responsibility for company debts — this is known as “limited liability”.

    Note: Although a lot of limited companies are limited by shares and owned by their shareholders, some companies are limited by guarantee and are owned by guarantors (non-profit organisations where trading profits are not distributed to owners prefer to be limited by guarantee). Additionally, the major plus of a limited liability company over a sole trader is the fact that the latter holds full liability.

    How to Form a Company Limited by Shares

    A private company limited by shares is not difficult to incorporate. Additionally,

    due to the limited financial liability of a private company limited by shares, there is relatively little risk in this selection. Use the following as a guide to ensure you form a private company limited by shares correctly:

    · Any private company limited by shares has to be registered with Companies House — a unique company name is required in order to receive approval.

    · You must have a registered office address that will stand as the official company address and appear on public record. Note: This must be a complete physical address (not a PO Box Number) in the same country as the company is registered.

    · At least one director and one shareholder (minimum) is required to set up a private company limited by shares. A director and shareholder may be the same individual.

    · In order to outline your business’ activities, Standard Industrial Classification (SIC) codes need to be included. A maximum of four codes can be provided.

    · Details of a person of significant control (PSCs) in the company must be included on the application. Invariably, the PSCs are the shareholders and directors.

    · In order to list the names of the company’s first shareholders (known as subscribers) you must complete a Memorandum of Association, coupled with their intention to form the company and take at least one share. Note: A “subscriber” is the first member of a private limited company. During company formation, subscribers will include their names in the memorandum of association, which is a confirmation that the original limited company shareholders have agreed to become company members. Even if they leave the company after some time, the shareholders are included in the public register and remain on the memorandum.

    · The articles of association (a governing document) must be adopted during your company’s incorporation. The articles of association outline the rules and regulations of the company and its members and officers. It’s important to learn how to get a copy of the memorandum and articles of association.

    Filing Requirements of a Private Company Limited by Shares
    The Advantages of a Private Company Limited by Shares
    The Disadvantages of Private Company Limited by Shares

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  • How to Guide: Issue and Transfer of Shares Sep 15, 2020

    Shares are “portions” of a company that is limited by shares and are simply a divided-up unit of the value of a company (each share is a specific percentage of the entire business). If you’re a business owner who has just completed your limited company formation, you’ll soon be making important decisions regarding the allocation of your company shares, including the issue and transfer of shares.

    Limited companies can not only issue more shares post incorporation, but its shareholders (members) may transfer or sell their shares to other individuals at any time. Both must adhere to the procedures set out in the in the Companies Act 2006, the articles of association (find out how to get a copy of memorandum and articles of association), and the shareholder’s agreement (if applicable).

    Transfer of Shares Explained

    In a limited company, the transfer of shares can be exercised from one individual to another in exchange for the following:

    · a monetary payment

    · a non-monetary consideration such as goods/products, services, knowledge, or writing off debts

    · as part of an employee share scheme

    · as a gift to a family member

    The transfer of shares after company formation can be processed by completing a Stock Transfer Form where you’ll be required to provide the following details:

    · Your company’s name

    · Company Registration Number (CRN)

    · Quantity and class(es) of shares being transferred

    · Existing shareholder (transferor) name and address

    · New shareholder (transferee) name and address

    · The amount paid for the shares

    · If applicable, the details of non-cash payments

    · Transferor’s signature

    · If applicable, stamp duty liability

    HMRC must receive a copy of the Stock Transfer Form if the sale value of the transfer exceeds £1,000. The transferee will have to pay Stamp Duty tax of 0.5% of the total sale value.

    The journey of the transfer of shares is not done just yet. After HMRC receives the form, the transfer of shares has to be...

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    Issuing Shares After Company Incorporation

    There could be many reasons why companies will be required to issue new shares, including:

    · bringing in new business partners

    · raising capital from external investors for funding purposes

    · to pay business debts

    · to introduce a bonus scheme for employees

    · to gift shares to family members

    There are no legal restrictions on the number of shares a private company can issue during or post incorporation, in accordance with the Companies Act 2006. However, if needed, some restrictions may be included in the articles of association and shareholders’ agreement. An authorised capital is one of the most common restrictions; it’s essentially a limit on the number of shares that can be issued.

    Owners of a shareholding company can form and issue whatever type of...

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  • How to Change Shareholders at Companies House Sep 8, 2020

    After forming a company, you’ll inevitably have to make some important decisions. And, if the need arises, one of the biggest questions you’ll have to answer is how to change shareholders atCompanies House.

    Before you take the necessary steps to change your shareholders, let’s briefly understand

    the duties and responsibilities of a shareholder and just what those company shares mean for your business.

    The Definition of Shares

    Shares are a “portion” of a company that is limited by shares. It is simply a divided-up unit of the value of a company (each share is a specific percentage of the entire business). The individuals who own shares of a shareholding company are called “shareholders” or “members” (more on “shareholders” later).

    The number of shares held by members reflects how much of a company is owned by them. Typically, shareholders receive a percentage of trading profits in relation to their ownership percentage.

    How to Add New Shareholders

    Understanding the process of adding and removing of shareholders will help answer the question of how to change shareholders at Companies House.

    New company shareholders can be appointed at any time after you incorporate your company. In order to successfully appoint a new company shareholder, current members must transfer or sell all existing shares to the forthcoming shareholder. Alternatively, more “share space” can be issued as you can increase your company’s share capital by allotting (issuing) new shares. However, it’s worth remembering that the issuing of new shares will dilute existing shareholders’ percentages of ownership and control. To allot new shares, current members must waive pre-emption rights on the allotment of shares.

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    How to Remove Company Shareholders

    Remember, the question of how to change shareholders at Companies House does not just relate to the inclusion of additional shareholders, but also refers to the removal of existing shareholders.

    Therefore, should a member wish to leave a company, their stock must be transferred or sold to another individual. The company directors must be responsible for overseeing the transfer and updating relevant member information at Companies House, as well as...

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    Update Company Shareholders’ Details at Companies House

    The public record will disclose all subscribers’ details, including name and contact addresses. Any individual who joins after company formation should only provide their name and share details (unless they are a concurrently a person of significant control).

    So, here’s the simple answer to how to change shareholders at Companies House? If company shareholders’ names or shareholdings change at any point, or new members join or existing members exit the firm, Companies House has to...

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    What to Do When a Company Shareholder Passes Away
    The Value of Shares
    The Definition of a Shareholder
    Who Can Become a Shareholder?

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  • This Is How Your Company Tax Number and Company Number Are Different Aug 25, 2020

    Once you’ve completed your company formation, it’s vital that you use an effective filing system to stay organised as you’ll be dealing with a plethora of documents and important identification numbers — nominally your company tax number and company number. Since there’s little to differentiate these numbers textually, it’s important to recognise and understand that both your company tax number and company number are separate numbers.

    To give you a better understanding of these all-important numbers, let’s look at both your company and company tax numbers’ definitions and uses:

    What Is a Company Tax Number?

    Often referred to as a “tax reference number”, UTR is an acronym for “Unique Taxpayer Reference”. Your company tax number (UTR number) comprises 10 digits (e.g. 0123456789) and is issued by HMRC to all UK residents who complete a tax self-assessment, such as a self-employed individual, sole trader, or limited company owner.

    For those who work in the construction industry, an application for both a company tax number and a Construction Industry Scheme registration (CIS registration) must be made.

    A company UTR number (company tax number) is used to identify companies for issues related to tax. The company tax number will be required for a number of reasons, such as tax submissions to HMRC and the following:

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    How Do You Find Your Existing Company Tax Number?

    In case you’ve forgotten your company tax number, there are a number of ways to retrieve these all-important digits.

    Most of your HMRC correspondence will show your company tax number; make sure you check your tax returns letters or documents such as a P60 or P45. Your company tax number will also be printed on your payslip.

    See this list for where your company tax number may be located:

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    What Is a Company Number?

    Simply put, a company registration number is an identifiable registration number for your company. It will be issued to you by Companies House when you incorporate your limited company or limited liability partnership (LLP). A company registration number is often abbreviated as “CRN” and is computer generated, therefore it cannot be personally selected or amended at a later date.

    Unlike a company tax number, your company number will either have eight numbers (e.g. 12345678) or two letters followed by six numbers (e.g. AB123456). However, unlike a company tax number, a company registration number can take a number of visual forms depending on...

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    How Do You Find Your Existing Company Number?

    Your company’s Certificate of Incorporation, along with any statutory mail sent by Companies House, will display your company registration number. The company registration number is usually printed alongside or beneath a...

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  • Essential Reading: How to Sell Products Online Aug 14, 2020

    Conceiving an idea. Executing your business plan. Generating sales. These are the three fundamental steps to a company’s success. And if you run, or are set to run, a UK-based e-commerce business, then you need to educate yourself on how to sell online in the UK before, or after, completing your company formation.

    Whatever type of products you sell, you have to master the art of how to sell online in sync with ever-growing consumer trends and buying habits.

    Companies of all shapes and sizes continue to leverage a range of new opportunities to sell their products and services online. That’s why researchers at Statista predict a 246.15% increase in global e-commerce sales by 2021. That equates to a worldwide spend of approximately $4.5 trillion, with an estimated $99 billion worth of trading in the UK each year. In the UK alone, 19.2% of all retail sales are made online.

    Essentially, the answer to the question of how to sell online in the UK is that you must be proficient in some key areas. Firstly, you don’t need a huge upfront investment, and with a global customer base (if you can deliver internationally), you simply need to take note of the following points in order to successfully reach a paying customer and sell online.

    Conduct Thorough Market Research

    Before making your products available online, be sure to utilise every marketing avenue available and carry out meticulous research in to your product’s market; you can conduct surveys, analyse current market trends, and study competitors.

    Remember, if your product is already available online and sells successfully, consider this to be a positive! It shows that there is a demand for your business. You can then alter your strategy to attract existing customers. However, if the market is oversaturated, you may find it difficult to penetrate the sales pie — you’ll either need to be wholly original with your revised product design or consider re-evaluating the entire product.

    Create an Effective Business Plan

    An effective business plan will create an important blueprint on which you can carefully execute your selling strategy. Think of it as a guide or manual when assembling a piece of furniture. You can reference the “manual” whenever you become unstuck in order to check you’re on the right path.

    Additionally, your business plan can be...

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    Choose the Correct Selling Platform

    How to sell online in the UK successfully will be heavily reliant on your choice of online platform. Your business plan should determine which online sales platform is the best option for you.

    - Sell on social media
    - Sell on your personal online domain
    - Sell via online marketplaces

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    Select the Most Effective Shipping Methods

    Don’t forget, although customers come to your online platform, you still have to send your products to your customers. Unless you use drop-shipping, you’ll usually be wholly responsible for all shipping matters.

    Note: Drop-shipping is where you do not operate your own...

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    Offer Several Payment Methods

    There are many options for receiving payments from your customers. It’s wise to offer several options, such as...

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  • The Essential Guide for Setting Up a Business Email Address Aug 13, 2020

    After registering your company in its entirety, it’s vital that you complete the registration of a business email address. Adopting a business email address in the UK (and for global businesses) is absolutely fundamental for a number of reasons outlined below.

    How to Set Up a Business Email Address in the UK

    Setting up a business email address in the UK is a simple process and not dissimilar to setting up any other type of email account.

    You can set up a free email account with providers such as Outlook, Gmail, or Yahoo, but business email addresses are best created through domain name providers or web hosting companies. This will give you a “branded” email address with a customer domain extension. For example: [email protected] reads better than the ubiquitous, non-professional address such as [email protected]

    In order to register an online domain name, simply enter a keyword search: “domain registration name UK”. The search engine will return results from popular ICANN accredited registrars like GoDaddy,, and 123-reg, etc.

    What Is the Best Domain Name to Use?

    The most appropriate and effective domain name will be the one that matches your business. You may also use the domain name for your web address.

    Why Is a Business Email Address Important?

    1. Give a Great First Impression
    2. Increase Brand Awareness
    3. Streamline Your Communication

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  • The Roles of a Company Director and Secretary Jul 28, 2020

    A director and secretary hold integral roles within a company, and when appointed, both have a burden of responsibility to maintain the smooth-running of a business. Once you’ve completed your company formation, you must know all of your company’s members, including their assigned roles and responsibilities — in particular, a director and secretary.

    The Definition of a Company Director

    A limited company chooses a company director to manage its daily business activities and finances, ensuring every legal filing requirement is met. A director and a secretary (more on a secretary below) are required to operate with integrity, and abide by the law to make verdicts that better the company as well its members (shareholders). A director can bind the company into valid contracts with third-parties (buyers, lenders, suppliers etc) and act as trustees for a company (but not the individual stockholders).

    This is how the Business Directory defines a director:

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    The Roles of a Company Director

    Company directors act as a collective “board of directors”, albeit the board may delegate certain powers to a board committee or an individual company director.

    The roles and responsibilities of a company director are set out in the Companies Act 2006, the articles of association, and any service contract that may be in effect between a director and the business.

    According to the Companies Act 2006, company directors must:

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    The Definition of a Company Secretary

    A company secretary is an officer (individual) who is appointed by a company’s directors to take on the responsibility for ensuring that the company’s legal obligations comply with the corporate legislation. The Business Directory states:

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    The Roles of a Company Secretary

    According to the July 2018 UK Corporate Governance Code:

    "All directors should have access to the advice of the company secretary, who is responsible for advising the board on all governance matters. Both the appointment and removal of the company secretary should be a matter for the whole board."

    While the roles of a company secretary are not explicitly specified in the Companies Act, they usually have to exercise the following duties:

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  • 8 Advantages of a Business Call Answering Service Jul 23, 2020

    The office phone rings for the first time. You take a breath and reach over to the handset. The way you communicate with this caller could impact the reputation of your business ahead. And if you don’t have the experience and prolific nuances of answering a business call, then you may be damaging your brand significantly. Therefore, when you’re done forming a company, and you’re operating from either an actual or virtual office, it’s not difficult to understand why adopting a business call answering service is so advantageous to your business goals.

    Here are 8 positive points to ponder if you’re still considering the efficacy of an answering service for your business:

    1. Your Company Will Exude Professionalism and Credibility

    If you’re trying to run a professional service, the last thing you want is someone answering your incoming calls in a rude, misinformed, and/or colloquial manner. Therefore, to get complete control of how your incoming calls are answered, the adoption of a call answering service with a virtual receptionist is highly recommended.

    You have the freedom to record your outgoing messages to ensure they reflect the standards of professionalism you require. Even if you hire an in-house receptionist (note: considerable expenses will be incurred), you will not...

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    2. Experience Cost Savings With a Business Call Answering Service

    One of the most important advantages of a virtual answering service is that it can cost you far less in comparison to a live answering service, saving you money when compared with hiring a receptionist.

    The cost of searching, hiring, and subsequently training a new employee might cost you approximately £20-£30k for their salary — not to forget payroll taxes, benefits, bonuses, holidays, sick days or workers’ compensation coverage. Additionally, a receptionist will not be expected to remain at their desk 24-hours-a-day. Hence, you may need...

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    3. Effectively Work With Remote Teams

    Remote working has become an increasingly popular work-life decision employed by many companies the world over. One of the key advantages of remote working are the low employee costs involved.

    However, communication is an obvious challenge associated with working from home. If your office is located in Liverpool, but a member of your team works in Lisbon, it’s difficult to gauge if one phone system will work for all.

    With an effective call answering system, callers can call one company number and get in touch with everyone on the team, regardless of employee location. Even if you run a completely virtual organisation, a call answering system allows...

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    4. Reduce the Amount of Time That Callers Must Wait

    Callers can grow quite frustrated when they have to wait to reach their intended recipient. However, with an automated answering service, your customers needn’t wait. Callers can instantly choose the person or department they wish to contact and subsequently leave a message for a call-back.

    5. Business Answering Systems Are Always Active
    6. You Don’t Need Any Additional Equipment
    7. Maintain Industry-Specific Services
    Maintain a List of Calls and Voicemails

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  • 6 Tips for Setting Up an eBay Business Account Jul 17, 2020

    Boasting a prestigious business address is not uncommon for most ecommerce businesses — having a virtual address can display a credible image if you’re trading online, particularly if you’re selling goods on one of the major ecommerce players, such as eBay. If you’re interested in setting up an eBay business account but unsure where to begin, follow these 6 tips and you’ll be the owner of an eBay business account soon.

    Tip 1: Select the Right Options on Sign-Up

    Before contemplating an eBay business account, you must ensure you have a sustainable foundation — an attractive business name, licence acquirement (check your local government regulations) and compilation of an effective business plan.

    Once you’ve finalised the fundamentals, you’ll have two account options on sign-up: “regular” and “business”. In order to register an eBay business account, click on the...

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    Tip 2: Adhere to eBay’s Terms

    Under the Unfair Commercial Practices Directive (April 2008), a UK business cannot claim to be a private individual for the purpose of selling their services and products. For the importance of transparency, eBay states that an eBay business account should be operated in the following situations:

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    Tip 3: Provide the Correct Details

    When setting up an eBay business account, you’ll need a UK postal address or a UK landline telephone number as well as a bank account that accepts direct debit instructions. Your address and landline will be used to confirm your registration. The bank account allows eBay to receive seller fees when you sell items.

    If your business is VAT registered, you should provide your...

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    Tip 4: Create Your First Auction
    Tip 5: Open an eBay Store
    Tip 6: Know the Tax Implications of an eBay Business Account

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  • 4 Tips to Boost Your Business Brand Jul 9, 2020

    Marketing, marketing, marketing! Once you’ve completed your company formation, the “M” word will be the catalyst to building customer awareness and boosting your brand. If you’re frantically searching Google to “advertise my business”, then take note of the following marketing tips and you’ll soon understand what it takes to increase sales and growth without the need to research much further!

    1. Scrutinise Your Marketing Strategy

    There’s little use in having a viable business product if you can’t obtain profit-generating sales. Therefore, an effective marketing strategy is key. One way to assess whether your marketing strategy is (still) effective is to calculate the average lifetime value of a customer (LTV).

    For example...

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    2. Create a Detailed Plan

    You don’t achieve results in business through guesswork. Every business target and goal should be planned and adhered to. Creating small incremental goals can be highly impactful and morale-boosting on your journey to boosting sales.

    Exercise: Create a weekly checklist to keep you...

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    3. Time Your Marketing Approach Carefully

    “I want to advertise my business” is a fair question to ask, but not if you time said advertising poorly. Ever seen ice-cream trucks roaming the winter roads? You can only provide a supply to a demand. Pounce on marketing opportunities when the timing is right. For example, if you make...

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    4. Sell Your Company’s Credibility

    In order to hold a credible business stance, you need to project reputability. Ensure your potential buyers and investors perceive you as a worthy entity from which to buy. This is where you can truly help yourself in answering the question of “how to advertise my business?”

    Exercise: Hire a copywriter and create SEO-friendly blogs for your website. Be sure that they are optimised. Once you’ve compiled quality, informative and “Google-friendly” blogs, begin article outreach whereby you...

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