Our favourite places
Free business information
for start-up companies and
growing businesses
We are a leading national audit, tax and advisory firm.
We have particular interest and expertise in the technology sector and issues relating to the development and exploitation of intellectual property. This puts us in a good position to add value to fast-growing businesses looking to rapidly expand, take on new sources of finance and enter international markets.
There is a wealth of free business information available online for start-up companies and growing businesses.
This can often provide a good starting point before spending money on professional advice.
Here are what we consider to be the most useful sources of free online information:
} Companies House
} HM Revenue & Customs (HMRC) } The Intellectual Property office } GOV.UK
We have provided a short overview of each source, their functions and the typical areas of practical help that they can provide.
Introduction
“ All limited companies in England, Wales, Northern Ireland and Scotland are registered at Companies House. There are over two million limited companies registered and over 300,000 new companies are
incorporated each year.
Practical advice
} Incorporating and dissolving companies
} Examining and storing company information delivered under the Companies Act and related legislation } Provision of information to the public
Other useful information
} Free Companies House seminars available to businesses
} Free reminder service to ensure you remember when your company accounts and annual returns are due to be filed
} Company law and secretarial obligations
• Holding board and shareholder meetings
• Maintaining company records
• Filing companies’ annual returns
• Filing annual accounts
• Directors’ duties
Companies House
Companies House is the registrar of companies in the UK and is an executive agency of the government. It incorporates, dissolves and registers all forms of
companies and holds specific details as required by the Companies Act such as annual financial statements and
company returns.
www.companieshouse.gov.uk
“
“ Signing up for free business
advice emails from HMRC
means you will receive a
series of tax related help and
support giving you and your
business clear guidance at
specific times.
Practical advice: self-assessment
www.hmrc.gov.uk/sa/
} A free online HMRC self-assessment service that includes personal tax return software
} HMRC provide a list of accredited software suppliers that provide tax return software
} VAT returns
www.hmrc.gov.uk/vat/
• How and when to register
• Managing your VAT
• Filing online VAT returns
Other useful information
} Accounting schemes to simplify your VAT } VAT forms, rates, thresholds and notices
Practical advice: individuals and employees
www.hmrc.gov.uk/individuals } Completing and e-filing a tax return
HMRC
HMRC is a department of the UK government responsible for the
collection of taxes and the payment of some forms of state support.
www.hmrc.gov.uk
Other useful information
} Understanding a PAYE tax code
} National Insurance for employers, employees and the self employed
} Employment status } National minimum wage } Starting up a business } Taxing self employed profits
Practical advice: employers
www.hmrc.gov.uk/employers } Registering as an employer } Filing Pay As You Earn returns online
} Making Pay As You Earn and National Insurance Contribution payments
} How to decide if a worker is an employee or self employed contractor
Other useful information
} Expenses/benefits } PAYE/NIC rates } Taking on an employee
} Submitting PAYE information to HMRC by Real Time Information
} Dealing with statutory sick pay/maternity pay/
student loans
“
Practical advice: businesses and corporations
www.hmrc.gov.uk/businesses } Registering a new business } Filing the annual company tax return
Other useful information
} Starting a business } Corporation tax
Other tax related topics
} Enterprise Investment Scheme www.hmrc.gov.uk/eis
} Seed Enterprise Investment Scheme www.hmrc.gov.uk/seedeis
} Research and development tax credits www.hmrc.gov.uk/randd
} The Patent Box: a reduced rate of corporation tax www.hmrc.gov.uk/patentbox
Information videos on HMRC’s
YouTube pages contain quick
to access information about a
range of subjects in an easily
digestible format.
“ The ‘setting up’ section
includes a link to download
free templates to help you
write a business plan.
Practical advice
} How to apply for intellectual property (IP) protection } Maintaining and renewing IP rights
} Resolving IP disputes and infringement issues } Accessing the database of registered IP
Other useful information
} The defining features of each type of IP } The benefits of IP protection
} Using and buying other people’s IP
} Events throughout the UK and internationally which have an IP or business focus
} IP events listing
Intellectual
Property Office
The Intellectual Property Office is the government body responsible for granting intellectual property rights in the UK. These include patents,
copyright, trade marks and designs.
www.ipo.gov.uk
“
“ The ‘find a case study’
service shows first-hand
how people have tackled
real-life business challenges
and opportunities.
Practical advice
} Starting up a new business: planning; financing (see below); company formation and other statutory compliance issues.
} Finance and grants: Government and other grants;
raising finance through loans, Seed Enterprise Investment Schemes and Enterprise Investment Schemes.
} Tax, payroll and company information: compliance and record keeping.
} Create, innovate and protect: accessing tax incentives such as research and development tax credits, the Patent Box, enhanced capital allowances and obtaining intellectual property protection.
Other useful information
} Workplace health and safety } Environment and efficiency } Premises and property } IT and e-commerce } Sales and marketing } International trade
} How to grow, buy or sell a business
GOV.UK
The government provides a useful online resource for small and medium sized enterprises offering general business advice to those just starting up and to existing businesses seeking to grow.
www.ipo.gov.uk
“
“ The UK is a nation of
entrepreneurs and innovators.
Yet new business ideas are often not succeeding due to a lack of support in setting up and running a business.
The IoD wants to give out key information and advice to help those who are embarking on this journey.’
Alex Mitchell, Head of
Influencer Relations at the IoD
Advisory, Conciliation and Arbitration Service (ACAS)
www.acas.org.uk
ACAS is an independent non-departmental public body which provides free information, advice, training and works with employers and employees to solve work-related problems and improve performance. It aims to promote good industrial relations practice and provide information on employment legislation and has a reputation for impartial assistance.
The Chartered Institute of Personnel and Development (CIPD)
www.cipd.co.uk
CIPD is the UK’s largest chartered human resources and development professional body. It aims to support and develop those responsible for the management and development of people within organisations and keep them up to date with the latest thinking and best practice, as well as providing products and services.
is4profit
www.is4profit.com
is4profit provide free business advice, articles, guides, plans and factsheets to small businesses, SMEs, entrepreneurs and start-ups.
Other useful
websites
The Confederation of British Industry (CBI)
www.cbi.org.uk
The CBI is one of the UK’s leading businesses lobbying organisations, providing a voice for employers at a national and international level. It aims to provide a voice for businesspeople and their businesses of every size, including SMEs, micro businesses, private and family owned businesses, start-ups, and trade associations.
The Institute of Directors (IOD)
www.iod.com
The IOD have been supporting businesses and the people who run them since 1903. As one of the UK’s longest- running organisations for professional leaders, they support their members, encouraging entrepreneurial activity and promoting responsible business practice for the benefit of the business community and society as a whole.
Contact us if you would like to talk in more detail about any of these organisations or anything else that affects your business. Whatever your issue in setting up or growing a new business is — filing returns, minimising tax, maximising shareholder benefits, simplifying VAT or dealing with employees
— we can help.
Did you know? How we can help
Company issues
Setting up a new company is quick and straightforward.
A company can either be incorporated or bought
‘off the shelf’.
Companies have a number of annual filing requirements.
If your company is small it may be able to file at Companies House abbreviated accounts or accounts with simplified disclosure requirements.
If your company is small it may not need an audit.
We can deal with all the paperwork involved in setting up a new company.
We can monitor and help you deal with filing requirements.
Ask us to look at the filing requirements for your company.
We can advise whether your company needs an audit.
Business solutions
Company directors have a number of statutory duties including ensuring that proper accounting records are maintained and preparing accounts.
The directors may be personally liable where they fail to carry out these duties.
We can help with bookkeeping, VAT, payroll and accounts preparation.
“
Did you know? How we can help
Company issues
Setting up a new company is quick and straightforward.
A company can either be incorporated or bought
‘off the shelf’.
Companies have a number of annual filing requirements.
If your company is small it may be able to file at Companies House abbreviated accounts or accounts with simplified disclosure requirements.
If your company is small it may not need an audit.
We can deal with all the paperwork involved in setting up a new company.
We can monitor and help you deal with filing requirements.
Ask us to look at the filing requirements for your company.
We can advise whether your company needs an audit.
Business solutions
Company directors have a number of statutory duties including ensuring that proper accounting records are maintained and preparing accounts.
The directors may be personally liable where they fail to carry out these duties.
We can help with bookkeeping, VAT, payroll and accounts preparation.
If your company is small it may
be able to file at Companies
House abbreviated accounts
or accounts with simplified
disclosure requirements.
Did you know? How we can help Company tax: the basics
Submitting paper tax returns to HMRC is no longer allowed;
all tax returns have to be electronically filed. Corporation tax has to be paid electronically.
Accounts and tax return information now have to be iXBRL tagged (which is akin to bar codes used by supermarkets) or the tax return will be treated as not filed.
We can help prepare and electronically file tax returns and advise how to make corporation tax payments.
We can iXBRL tag the accounts and tax returns for your company.
Simple steps to minimise corporation tax and increase profits available to shareholders Tax relief for certain research and development (R&D) costs
has been increased to 225% of the cost.
Small companies can convert R&D tax losses into cash at up to £32.63 for each £100 of the total R&D spend.
Large companies can claim under the Above the Line (ATL) tax credit scheme. Under ATL, the tax credit can be offset against the company’s tax liability and this can be repayable, in the right circumstances.
From April 2013, a company could claim to have its Patent Box profits taxed at a significantly reduced rate of corporation tax compared to other profits. The rate is currently 13.3% and it will gradually taper down to 10%
from 1 April 2017.
100% tax relief is available for most assets used for qualifying R&D purposes.
We can help calculate the additional tax relief available.
We can help your company make the claim.
We can carry out a review to see if a claim would be beneficial and calculate the maximum Patent Box profits to be taxed at the reduced rate.
We can help identify eligible capital purchases.
Did you know? How we can help Company tax: the basics
Submitting paper tax returns to HMRC is no longer allowed;
all tax returns have to be electronically filed. Corporation tax has to be paid electronically.
Accounts and tax return information now have to be iXBRL tagged (which is akin to bar codes used by supermarkets) or the tax return will be treated as not filed.
We can help prepare and electronically file tax returns and advise how to make corporation tax payments.
We can iXBRL tag the accounts and tax returns for your company.
Simple steps to minimise corporation tax and increase profits available to shareholders Tax relief for certain research and development (R&D) costs
has been increased to 225% of the cost.
Small companies can convert R&D tax losses into cash at up to £32.63 for each £100 of the total R&D spend.
Large companies can claim under the Above the Line (ATL) tax credit scheme. Under ATL, the tax credit can be offset against the company’s tax liability and this can be repayable, in the right circumstances.
From April 2013, a company could claim to have its Patent Box profits taxed at a significantly reduced rate of corporation tax compared to other profits. The rate is currently 13.3% and it will gradually taper down to 10%
from 1 April 2017.
100% tax relief is available for most assets used for qualifying R&D purposes.
We can help calculate the additional tax relief available.
We can help your company make the claim.
We can carry out a review to see if a claim would be beneficial and calculate the maximum Patent Box profits to be taxed at the reduced rate.
We can help identify eligible capital purchases.
Did you know? How we can help Employee matters
In April 2013, HMRC introduced a new way of reporting PAYE — Real Time Information (RTI). RTI means an employer has to tell HMRC about PAYE payments at the time they are made and submit PAYE information throughout the year rather than at the end.
There are a number of ways of rewarding employees in a tax efficient way: salary sacrifice schemes, share schemes etc.
We can help deal with ongoing PAYE reporting and payments.
We can help you review and implement employee benefit schemes.
Tax efficient financing
Investors in small companies can now receive exemption from capital gains tax and a 50% income tax deduction on investments up to £100,000 under the SEIS. Investors in EIS schemes are now able to invest up to £1 million and get income tax relief at 30%.
We can help with raising finance for the company including maximising investor tax relief.
Personal tax: the basics
Paper tax returns have to be submitted to HMRC by 31 October and electronic returns by 31 January following the end of the tax year.
We can help prepare and electronically file personal tax returns and calculate and advise on the payment of outstanding tax liabilities.
Maximising the shareholder benefits: profit extraction If you are a shareholder in a company, you can increase the amount of profits you receive from the company by paying a mixture of dividends and salary, while ensuring the company claims all available reliefs.
We can advise on maximising profit extraction.
Did you know? How we can help Employee matters
In April 2013, HMRC introduced a new way of reporting PAYE — Real Time Information (RTI). RTI means an employer has to tell HMRC about PAYE payments at the time they are made and submit PAYE information throughout the year rather than at the end.
There are a number of ways of rewarding employees in a tax efficient way: salary sacrifice schemes, share schemes etc.
We can help deal with ongoing PAYE reporting and payments.
We can help you review and implement employee benefit schemes.
Tax efficient financing
Investors in small companies can now receive exemption from capital gains tax and a 50% income tax deduction on investments up to £100,000 under the SEIS. Investors in EIS schemes are now able to invest up to £1 million and get income tax relief at 30%.
We can help with raising finance for the company including maximising investor tax relief.
Personal tax: the basics
Paper tax returns have to be submitted to HMRC by 31 October and electronic returns by 31 January following the end of the tax year.
We can help prepare and electronically file personal tax returns and calculate and advise on the payment of outstanding tax liabilities.
Maximising the shareholder benefits: profit extraction If you are a shareholder in a company, you can increase the amount of profits you receive from the company by paying a mixture of dividends and salary, while ensuring the company claims all available reliefs.
We can advise on maximising profit extraction.
Did you know? How we can help Ways of simplifying VAT for your company
If your company’s turnover is less than £1.35 million, it may be able to benefit from the ‘Annual Accounting Scheme’.
If your company’s turnover is less than £150,000, it may be able take advantage of the ‘Flat Rate Scheme’ to work out its VAT. This would then be calculated on a set percentage of turnover.
We can advise whether a company can take advantage of either the ‘Annual Accounting Scheme’ or the
‘Flat Rate Scheme’.
Did you know? How we can help Ways of simplifying VAT for your company
If your company’s turnover is less than £1.35 million, it may be able to benefit from the ‘Annual Accounting Scheme’.
If your company’s turnover is less than £150,000, it may be able take advantage of the ‘Flat Rate Scheme’ to work out its VAT. This would then be calculated on a set percentage of turnover.
We can advise whether a company can take advantage of either the ‘Annual Accounting Scheme’ or the
‘Flat Rate Scheme’.
“ We can help prepare and
electronically file personal tax
returns and calculate and advise
on the payment of outstanding
tax liabilities.
Cheltenham Richard Austin
+44(0) 1242 234421
Kent
Simon Warne
+44(0) 1622 767676 London
Laurence Field
+44 (0)20 7842 7280
London Mayfair Tom Elliott
+44(0) 20 7842 7100
Start the
conversation
Manchester Rebecca Durrant
+44(0) 161 214 7500
Midlands Rob Gunn
+44(0) 121 543 1900 Thames Valley Stuart Weekes
+44(0) 118 959 7222
Crowe Clark Whitehill LLP is a member of Crowe Horwath International, a Swiss verein (Crowe Horwath). Each member firm of Crowe Horwath is a separate and independent legal entity. Crowe Clark Whitehill LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Horwath or any other member of Crowe Horwath and specifically disclaim any and all responsibility or liability for acts or omissions of Crowe Horwath or any other Crowe Horwath member. © 2014 Crowe Clark Whitehill LLP | 0434
This material is for informational purposes only and should not be construed as financial or legal advice. Please seek guidance specific to your organisation from qualified advisors in your jurisdiction.
Crowe Clark Whitehill LLP is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and is authorised and regulated by the Financial Conduct Authority.
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