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  • The incorporation process. Five key points to consider.
    particular a Limited Liability Partnership on the other hand is commonly used where co owners share the responsibilities and expenses e g solicitors and accountants If you decide that a Limited Company is right for you you next need to consider what type of Limited Company is best for your situation 2 Types of Limited Company i Private Company limited by share This type of Company has a share capital and each shareholder s liability is limited to the amount of unpaid shares they hold This gives great protection to its owners ii Public Company Limited by guarantee With this type of Company no shares are bought The member s liability is limited to the amount that he she agrees to contribute to the company if it is wound up Again this gives good protection for its owners iii Private unlimited Company This type of Company may or may not have a share capital The point of it is that there is no limited liability for its members As there is no limited liability this type of Company does not have to disclose as much information as other types would iv Private limited Company This type of Company has a share capital and again liability is limited to the amount unpaid on shares This type of Company can however offer its shares for sale to the general public and may also be listed on the stock exchange Once you ve decided what type of Company you need to be you still need to choose a name but beware there are a number of restrictions 3 Restrictions on names The Companies Act 2006 states that both same as and too like names are disallowed In addition there are a number of other restrictions including names that suggest a connection with Her Majesty s Government a devolved government or administration or a specified public authority names that include sensitive words and expressions included in regulations A list of sensitive words is available on the Companies House website names that include words that could cause a criminal offence offensive names 4 Pre emption rights Where companies are concerned pre emption rights relate to the rights that a shareholder might have in respect of being offered shares in the Company before they can be offered to a third party Under the Companies Act 2006 shares must be offered to existing shareholders in proportion to their present shareholdings before being issued to anyone else These pre emption rights will not apply if a Company has tailor made Articles of Association and has opted not to include such pre emption rights So it s worth considering this at the start rather than leaving it until its issue Having the protection of pre emption rights on share transfers means that a shareholder cannot just go and sell their shares to anyone and in particular to a business competitor without the remaining shareholders at least having the option to buy them first 5 Annual requirements Companies House requires

    Original URL path: http://www.cheesman.co.uk/five-points-must-consider-incorporating-company/ (2016-04-25)
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  • Lasting Power of Attorney: Why you need one and how to get one
    whereby a donor eg yourself entrusts a personally selected attorney or attorneys to deal with certain personal matters once they themselves lack the capacity to do so In this article Lasting Power of Attorney Why you need one and how to get one Rob Martins at Cheesmans Accountants shows why an LPA is essential if you want peace of mind particularly if you own a business He also describes the difference between the two types of LPA available where to get the relevant forms and where to submit them Rob Martins is Company Secretary Senior at Cheesmans Accountants He deals specifically with wills probate and Lasting Power of Attorney plus all legal and compliance requirements of Limited Liability Partnerships About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter to receive updates Related Posts Is your Year End threatening the sustainability of your business Five points you must consider when incorporating a Company Wills Why are they important for you and your business and when should you make one Incorporation The big deal Lasting Power of Attorney What is it why should I get one and how can it save my business lasting power

    Original URL path: http://www.cheesman.co.uk/lasting-power-attorney-need-one-get-one/ (2016-04-25)
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  • How to write a Will
    under 18 elderly relatives or relatives with a disability who have special needs and you want to make sure that they are looked after and provided for If you make a will you can appoint guardians to look after your children and set up trusts in your will to provide for dependants Your estate is large and may be liable for Inheritance Tax and you may therefore wish to make arrangements for tax planning In other words if you die without a will and do not leave behind a spouse or children then your estate will be passed to your parents then brothers and sisters or their children if deceased then grandparents then aunts and uncles of the whole blood then aunts and uncles of half blood then the Crown If you leave behind a spouse or civil partner without children then your spouse will receive the first 450 000 of your estate If there is more left over your spouse will receive half of the remainder and your parents will receive the other half If you have no surviving parents then your brothers or sisters will receive the half in equal amounts and so on If you leave behind a spouse civil partner and children then your spouse will receive the first 250 000 and half of whatever is left over with the children receiving the other half in equal amounts How to write a will There are several ways to make a will including writing one yourself on a plain piece of paper but the most recommended way is to seek professional help The professionals can advise on Inheritance Tax and Trusts ensuring the will is valid They may also store your original will at no additional cost There are only two ways to change a will and they are Making a new will thereby revoking the old one or Making a codicil A codicil is a supplement to a will and outlines changes you wish to make The codicil is executed and signed in the same way as a will If however you have complicated changes to make then writing a new will altogether is advised It is advisable to seek professional help in writing a will if You share a property with someone who is not your spouse civil partner You wish to make provisions for a dependant You have several family members who might seek a claim on the will such as an ex spouse or children from a previous relationship You permanent home is not in the UK You have overseas property There is a business involved If you own part of or the whole of a business then making a will is essential Suppose you are a majority shareholder but die unexpectedly without a will Your shares and therefore majority ownership of the business would be subject to the intestacy rules as above If you are not on speaking terms with the inheritors or they do not understand the affairs of the business

    Original URL path: http://www.cheesman.co.uk/wills-why-are-they-important-for-you-and-your-business-and-when-should-you-make-one/ (2016-04-25)
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  • Tax and risk issues to consider before Incorporation
    well be best advised to trade through a limited company or limited liability partnership whatever the size of your expected profits Incorporate or not If there is no significant financial risk or at least you are not concerned about it the next thing to consider is the anticipated level of profit and the amount of income that you are going to need to live on As a rule of thumb if your profits are likely to be 50 000 or less it is unlikely to be cost effective to incorporate from a tax point of view Similarly if your profits are likely to be 500 000 and you need 500 000 to live on in other words you need to draw out the full 500 000 from the company in order to live then again it is unlikely to be cost effective to incorporate from a tax point of view The reason for this is that small companies only pay tax on their profits at a rate of 20 per cent whereas an individual currently pays tax at 22 per cent 40 per cent and 50 per cent reducing to 45 per cent from 6 April 2013 depending on the level of income profitability As an example ignoring National Insurance if you are a sole trader with taxable profits of 100 000 needing 40 000 to live on you would pay income tax of approximately 30 000 whether or not you drew out all the money or indeed were able to as some of it may be tied up in stock debtors etc If you were a company and made the same level of profits drew 40 000 net salary the total tax bill of you and the company would be approximately 24 000 However there is a lot more planning to do than just your perception of the risk what level of remuneration you require and what level of profits you anticipate If the risk is containable then it may be beneficial to start to trade as a sole trader or even a partnership to build a business How to incorporate Once you have several years of trading behind you then you might consider incorporating either by swapping your ownership in the business for shares in a company or selling your business to a newly formed company The profit that you make in selling your business into a company would be considered as a capital gain and taxed at either 10 or 18 per cent depending on your personal circumstances a lot less than 22 per cent 40 per cent or 50 per cent reducing to 45 per cent from 6 April 2013 How is the company going to be able to afford to pay me I hear you saying Well you would have to agree deferred consideration with the company payment over a period which in effect means that you will be able to draw money out of the company from which your business will now be trading

    Original URL path: http://www.cheesman.co.uk/incorporation-the-big-deal/ (2016-04-25)
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  • What is a Lasting Power of Attorney
    that can protect you your business employees and your family and therefore it should not be ignored There are two different types of LPAs which are Health and Welfare allowing decisions on treatment care medication where you live etc and Property and Financial Affairs allowing an Attorney to make decisions about paying bills dealing with the Bank collecting benefits selling your house etc From a legal perspective LPAs only cover people in England and Wales and therefore may not be enforceable in any other country including Scotland and Northern Ireland The LPAs must be registered with the Office of the Public Guardian before they can be used and only come into force once the Donor lacks mental capacity as specified by the Mental Capacity Act 2005 or simply desires not to make the decisions for themselves Many people are of the opinion that they do not need to complete an LPA if they are young or of sound mind etc however one cannot be certain of any eventuality and so should the unexpected happen and you are incapacitated for any length of time someone will need to be able to pay your bills and even make decisions in relation to your healthcare Therefore regardless of your age or your current state of health it is worth completing and registering an LPA in preparation for any eventuality LPAs can be made by the Donor themselves provided they are over the age of 18 but also in certain cases by the Attorney s if the Donor already lacks the mental capacity to do so It is important to note that as outlined above there are two different types of LPA and there is not a single LPA that covers both Health and Welfare and Property and Financial Affairs Should a Donor wish to be subject to both types of LPA then separate forms must be completed and two separate fees are required to be paid to the Office of the Public Guardian The fee payable to the Office of the Public Guardian for registering a single LPA is 120 and therefore the fee for registering both Health and Welfare and Property and Financial Affairs LPAs with the Office of the Public Guardian is 240 It should also be noted that it is not possible to submit a joint LPA for two or more individuals Once you have completed and submitted an LPA it can superseded at any time prior to death by registering new forms with the Office of the Public Guardian An LPA can also be revoked by way of a Deed of Revocation which once executed should also be sent to the Office of the Public Guardian for registration For each LPA at least two forms are required to be completed and at Cheesmans we would prepare the necessary forms and provide detailed instructions for signature by the Donor Attorney s and the Certificate Provider where applicable who confirms that the donor has the mental capacity to register an LPA

    Original URL path: http://www.cheesman.co.uk/lasting-power-of-attorney-what-is-it-why-should-i-get-one-and-how-can-it-save-my-business/ (2016-04-25)
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  • Setting up a Company abroad
    Zealand and Australia however only let a certain number of immigrants in each year and you will need a visa If you plan to move to the United States you might be eligible for a Business Skills visa Should you move abroad your UK tax position will change and it is important you hire a tax advisor to help you with paying UK tax The most important part of setting up abroad is research Not only will you perhaps need to learn a new language but you will need to learn local laws and tax systems and make sure that your location is suitable If your business will rely on the tourist trade then you should set up in a tourist area What is crucial is to make sure there is a market for your business It is unlikely that your café will survive in an area already saturated with them Ask yourself what is in demand and where the gaps are in the market You need to live like a local and understand your neighbours A summary of points to consider Languages If you can t speak the language then simple tasks such as filling in forms or creating a job advertisement can seem impossible Working hours and salaries You must abide by local working hours in your chosen country and pay appropriate salaries for the job and area Visas Securing a visa can be difficult if you plan to move outside of the EU You must research immigration laws and processes Tax Hire an accountant to help you with local tax laws so you don t get caught out Most UK tax advisors are not always familiar with foreign tax systems but having a UK tax advisor is also important because you might have to pay UK tax depending on your residency status Market Your target market in the UK might not be the same in your chosen country Employees Will you hire locals or UK employees This is important for payroll purposes and if you employ from the UK they will need to arrange for immigration and research their own tax implications The best way to make sure you are on track is to create a business plan This should include details of your product costs operations such as how you will conduct business and financial forecasts You should be detailed with it and include facts and figures about the market the area you plan to trade in competition and anything else that will help you get a clear picture of your business It is necessary to have a business plan should you require a bank loan The bank will also want to know how you intend to manage and if you have any security to offer against the loan One of the smartest ways to make sure your set up goes smoothly is to get in touch with an advisor in the area who can help you with all of this information Major UK banks will

    Original URL path: http://www.cheesman.co.uk/obvious-points-people-forget-when-setting-up-a-company-abroad/ (2016-04-25)
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  • Benefits of a Limited Liability Partnership
    any change of Registered Office address Members can become designated members by way of agreement from the other members and all rights and responsibilities should be outlined in the partnership deed The deed will set out The business name address and type of business Details of each member How profits and losses will be shared between each member Working arrangements between each member What happens in the event of changing circumstances e g if a member wishes to leave the partnership Every LLP must submit an Annual Return to Companies House every year You have 28 days from the made up date to do this Following your Accounting Reference Date ARD which is usually the last day of the month the partnership was incorporated an LLP must submit accounts which include A profit and loss account A balance sheet signed by a designated member An auditor s report unless exempt Notes to the accounts If the LLP has an annual turnover of less than 5 6m and assets of less than 2 8m then it can claim exemption from audit Any profits from the LLP are shared amongst its members and they are liable for income tax due on these profits Although an LLP is not liable for corporation tax any member that is a Company will have to pay corporation tax on their profits The LLP is responsible for any debts not its members and any debts must be met by its assets The liability of each member is limited to the amount they have contributed to the assets Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be

    Original URL path: http://www.cheesman.co.uk/what-are-limited-liability-partnerships/ (2016-04-25)
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  • Carol Cheesman on owner-managed businesses.
    first division is as you d expect Audit and Accounts We audit or prepare accounts and audit for any corporate entity however large or small with the exception we do not audit quoted or AIM listed companies The second division is the unusual one really It goes under the banner of Company Secretarial Services and covers company formations company structures restructuring that s in particular memorandum and articles share structures types of share directors and also wills probate partnership agreements leases etc Thirdly we have a tax department that covers all aspects of Tax That s corporate tax personal tax income tax VAT inheritance tax stamp duty land tax And we can advise both in an advisory role or for compliance areas in all of those aspects of tax We specialise in particular with owner managed businesses and try to be a one stop shop for those owner managed businesses So particularly looking at peoples personal tax affairs their personal financial affairs albeit NOT investments or pensions That s a completely separate area to which we recommend other BNI members Having looked at that we then link in peoples personal and their family situation with their company looking at particular share structures that may suit and trying to mitigate tax over all And ensuring that we have the right structure whether that be a sole trader or incorporating that business into a limited company Or increasing it to be a partnership All in all always keeping an eye to mitigating the tax And with that in mind I always have a little motto that I say which is Please don t let the Tax Man get you over a barrel but please call Carol About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter

    Original URL path: http://www.cheesman.co.uk/carol-cheesman-on-owner-managed-businesses-video-2/ (2016-04-25)
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web-archive-uk.com, 2016-10-25