Business

What is a Company Annual Return?

What is a Company Annual Return?

Every UK company is required to file an Annual Return.

This is not to be confused with the annual statutory accounts or annual corporation tax return. The Annual Return is a snapshot of the foundations of the Company at the made up date so it includes details such as:

  • Company Name
  • Registered Office
  • Directors / Company Secretary
  • Share Capital
  • Activities

It is due every year (the clue is in its name!) and it is often on an odd date as it runs to the anniversary of the date of incorporation of the company – so unless you incorporated your company on say 31 December then you’ll no doubt have some random odd date as your made up date. You can change it although Companies House do send you a reminder via fairly formal looking letter in advance.

You have 28 days from the made up date to file the return. It is a criminal offence not to file the return on time and, although I’ve never seen formal proceedings initiated where returns are late, the most likely impact is that your company will be unilaterally struck off! So say a month after the due date you mind find that your company is being listed in the Gazette as formal notification that it is due to be struck off and then a couple of months later you may no longer have a company! (Don’t quote me on exact timings but I would suspect this is in the right ball-park.)

You should file your annual return online if possible by visiting the Companies House website and filing it through the portal there. You will need your log in details including authentication code so make sure you have all your paperwork together. It is also cheaper to file it online (£13) compared to filing on paper (£40).

If you are having any problems, I suggest you get your accountants to help you as part of the annual service.

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How to apply for advance assurance for SEIS / EIS

HOT OFF THE PRESS: We’ve just launched a brand new online course that shows you exactly how to complete and file your SEIS / EIS advance assurance application with HMRC. We walk you through every stage of filling out the form plus share some additional resources to help ensure a smoother passage through HMRC. Access it by clicking here. [Use the code: SEISAA2017 to get 50% off in January]

A short overview of how to apply for advance assurance from HM Revenue & Customs that your company is a qualifying company for the purposes of raising funding under the Seed Enterprise (SEIS) or Enterprise Investment Scheme (EIS). [Update – the form looks different now and is an online form – check out our course for the latest version (Jan 2017)]

You can find the SEIS / EIS advance assurance application form here.

The process normally takes 30 days for HM Revenue & Customs to issue advance assurance or revert back with any questions.

You can seek specialist professional SEIS / EIS assistance here.

R&D Tax Credits – Don’t miss your claim!

Statistics from HM Revenue & Customs suggest that less than 0.25% of UK companies are taking advantage of this fantastic Government incentive which can apply to all companies across all sectors.

The R&D tax credit scheme has been in existence since 2000 and the tax relief available has got better and better year on year.

It is important that you investigate the potential for your company to make a claim – you could seek some professional specialist R&D advice here.

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SEIS | Need to know facts for startups

SEIS Need to know tips for startups from Business N2K on Vimeo.

A short 5 min overview of the Seed EIS tax incentive and need to know facts and tips for startup founders.

Remember, SEIS requires a subscription for shares – loans do not work.

Look forward to your feedback and experience of using the scheme in the comments section below.

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Chat with Ian Sanders: Entrepreneur, Writer, Author, Ideas guy

Ian Sanders Chat from Business N2K on Vimeo.

Here is a talk with Ian Sanders (entrepreneur, writer, published author and all round ideas guy) on business, entrepreneurship, story-telling, productivity, education and making it as a successful business in 2013.

Please note that this talk was recorded back in Feb 2013 and is now released having solved some technical issues – entirely my fault ;)

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R&D tax: 5 common misconceptions

I could probably give you 25 misconceptions that I hear on a daily basis but, for now, here are 5 common misconceptions regarding the UK R&D tax relief:

  1. “You need to have paid corporation tax to receive an R&D tax credit cash payment from HMRC” – wrong! HMRC will help you supplement your development costs by paying you a tax credit equivalent to roughly 25% of your qualifying R&D spend (if loss-making).
  2. “You need to have paid sufficient PAYE / NIC to receive an R&D tax credit cash payment from HMRC” – wrong! This requirement was dropped for accounting periods ending on or after 1 April 2012.
  3. “I must have missed the boat as this is the first I’ve heard of R&D tax relief being relevant to a company like mine and we incurred our development expenditure in last year’s accounts” – wrong! We can apply claims retrospectively over the accounting periods that ended in the past two years.
  4. “My company is too large to be eligible to make claim under the preferable SME R&D tax regime” – probably wrong! The SME definition for R&D tax covers probably 90%+ of the UK companies i.e Less than 500 employees plus either turnover of less than €100m or balance sheet total of less than €86m.
  5. We don’t have an R&D unit with specialists in white coats – probably one of THE most common misconceptions – fear not, the R&D tax relief applies across all sectors and industries as technological advances can happen anywhere…

Please get in touch if you’d like to learn more  – plus no doubt allow us to dispel the other 20 misconceptions…!

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Think you’ve got SEIS tax relief – are you sure?

You think you’ve got SEIS tax relief – are you sure? from Business N2K on Vimeo.

Seed Enterprise Investment Scheme (SEIS) is great when its structured right…

Problem is the rules are fraught with technicalities and I am increasingly coming across entrepreneurs and startup founders who are ploughing on thinking they qualify for this attractive tax relief on their own investment into their new venture when, in fact – they don’t :(

It is all to easy to jeopardise Seed EIS relief before you’ve even really started – unless you deal with this sort of stuff day-in-day-out.

I thought I would share my thoughts and my experience in this short video above.

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What is SEIS?

SEIS: Startup term I wish I understood but was afraid to ask!

Here is a brief overview of the Seed Enterprise Investment Scheme from a company founder’s perspective.

Armed with more knowledge about this fantastic UK tax incentive aimed at start ups and early stage growth companies, hopefully we can get more impetus behind this government scheme and more backing for promising new companies.

If you need any specific advice, please contact me.

Or try our SEIS DIY Kit.

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Buy 10x more equipment and get 100% tax relief!

Not overly helpful to the majority of fast growing UK companies but the annual investment allowance for expenditure on machinery, equipment, furniture etc went up from £25,000 to £250,000 with effect from 1 January 2013.

This means that you could purchase (in theory!) £250,000 of laptops, tablets, desks, chairs etc in a financial year and receive a 100% tax deduction against your taxable profits.

So just imagine, you could splash out on:

and receive £250,000 tax relief!

Not very likely – but still, nice to know….

Watch out for financial accounting periods that straddle the 1 Jan 2013 introduction date as you’ll need to calculate how much qualifying spend is eligible under the ‘old’ £25,000 limit to 31 Dec 2012 and how much falls within the new much higher limit from 1 Jan 2013.

As ever, timing is everything!

(And no, cars do not qualify for relief under this Annual Investment Allowance (AIA) )

 

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HMV woes offers ray of light for smaller brave companies

HK Central Building HMV Group shop

With the grim news that high street giants like HMV are set to fall into administration (plus news that a further 140 retailers are on the critical list), it is easy to feel downbeat and despondent – yet I remain energised and optimistic for the future thanks to the small yet fast growing companies that I am fortunate enough to work with who are bucking the trend by either:

The majority of the BIG high street stores have suffered on all counts. Yet if the internet is eating your lunch – you would think that these huge companies would realise that they cannot carry on with the same old. But they have. Nothing has really changed in these stores over decades. They have been unwilling to take risks or small bets as they have been too busy milking the cash cow. Or too big or too scared to change course. Not for much longer…

These are exciting times. But now is NOT the time to follow the herd.

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