The position of the company secretary has been dispensed with as a statutory requirement in recent companies act legislation, however, if you choose not to use the services of a professional company secretary it could end up costing you more than you save.
Whether you have an officially appointed secretary or not, the company is still required to comply with statutory filing deadlines and file reports. Failure to do this could end up costing you heavily. For example, failure to file your accounts on time with companies house will cost up to £1,500 depending on (more…)
If you run a business, have you considered going on the VAT flat rate scheme? Providing your VAT exclusive turnover is less than £150,000 HMRC will let you pay a fixed percentage of your sales (including VAT) each quarter, rather than analysing all the expenses and deducting the VAT you have suffered on your purchases from the VAT collected on your sales. Administratively, this benefits the business by it not needing to separately record the VAT it incurs on purchases, or indeed VAT it charges on Sales.
Once in the scheme, the business may (more…)