Our favourite places

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1 Our favourite places Free business information for start-up companies and growing businesses

2 2 About Crowe Clark Whitehill 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.

3 Free business information for start-up companies and growing businesses 1 Introduction 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.

4 2 Our favourite places 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.

5 Free business information for start-up companies and growing businesses 3 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. 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

6 4 Our favourite places Signing up for free business advice s from HMRC means you will receive a series of tax related help and support giving you and your business clear guidance at specific times.

7 Free business information for start-up companies and growing businesses 5 HMRC HMRC is a department of the UK government responsible for the collection of taxes and the payment of some forms of state support. Practical advice: self-assessment 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 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 Completing and e-filing a tax return

8 6 Our favourite places 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 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

9 Free business information for start-up companies and growing businesses 7 Practical advice: businesses and corporations 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 Seed Enterprise Investment Scheme Research and development tax credits The Patent Box: a reduced rate of corporation tax Information videos on HMRC s YouTube pages contain quick to access information about a range of subjects in an easily digestible format.

10 8 Our favourite places The setting up section includes a link to download free templates to help you write a business plan.

11 Free business information for start-up companies and growing businesses 9 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. 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

12 10 Our favourite places The find a case study service shows first-hand how people have tackled real-life business challenges and opportunities.

13 Free business information for start-up companies and growing businesses 11 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. 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

14 12 Our favourite places 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

15 Free business information for start-up companies and growing businesses 13 Other useful websites Advisory, Conciliation and Arbitration Service (ACAS) 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) 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 is4profit provide free business advice, articles, guides, plans and factsheets to small businesses, SMEs, entrepreneurs and start-ups.

16 14 Our favourite places The Confederation of British Industry (CBI) 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) The IOD have been supporting businesses and the people who run them since As one of the UK s longestrunning 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.

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18 16 Our favourite places How we can help 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? 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. 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.

19 Free business information for start-up companies and growing businesses 17 If your company is small it may be able to file at Companies House abbreviated accounts or accounts with simplified disclosure requirements. How we can help 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. We can help with bookkeeping, VAT, payroll and accounts preparation.

20 18 Our favourite places Did you know? 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. Simple steps to minimise corporation tax and increase profit 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 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 % tax relief is available for most assets used for qualifying R&D purposes.

21 Free business information for start-up companies and growing businesses 19 How we can help 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. s available to shareholders 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.

22 20 Our favourite places Did you know? 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. 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%. 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. 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.

23 Free business information for start-up companies and growing businesses 21 How we can help We can help deal with ongoing PAYE reporting and payments. We can help you review and implement employee benefit schemes. We can help with raising finance for the company including maximising investor tax relief. We can help prepare and electronically file personal tax returns and calculate and advise on the payment of outstanding tax liabilities. We can advise on maximising profit extraction.

24 22 Our favourite places Did you know? 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.

25 Free business information for start-up companies and growing businesses 23 How we can help 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.

26 24 Our favourite places Our offices Start the conversation Cheltenham Richard Austin +44(0) Kent Simon Warne +44(0) London Laurence Field +44 (0) London Mayfair Tom Elliott +44(0)

27 Free business information for start-up companies and growing businesses 25 Manchester Rebecca Durrant +44(0) Midlands Rob Gunn +44(0) Thames Valley Stuart Weekes +44(0)

28 About us We are a leading national audit, tax and advisory firm. The Key Facts and Trends in Accountancy Profession report from the Financial Reporting Council published in June 2014 shows Crowe Clark Whitehill as the 9th largest audit firm in the UK. We offer pragmatic, insightful advice and support to businesses, private clients, pension funds, professional practices and the not for profit sector. We are a member of Crowe Horwath International, a network with more than 150 independent accounting and advisory services firms in over 100 countries around the world, which allows the firm to offer a seamless, global service with expert local delivery. Follow us Find out more about us at 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 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.