The VAT threshold in the UK is £85,000, if your business reaches this threshold you have 30 days to inform HMRC to register for VAT. Once you have registered for VAT your company will be required to carry out the following:
Charging VAT on goods and services sold
Pay VAT on goods and services you buy for your business
Keeping VAT records to submit your annual VAT return to HMRC
If you company’s turnover falls below £83,000 you can deregister for VAT with HMRC.
Whether a new start up or a well established business you may want to raise some finance for specific projects, expansion or diversifying the business. Here are a few ideas of how you can raise finance.
Raise funds yourself by using a 0% APR business credit card. If you feel driven and certain on achieving a specific goal for your business you should be able to invest with your own capital. Investing your own capital gives other partners and lenders more confidence in your committent.
Use the Crowdfunding to create a campaign, this not only a highly successful way of raising funds but can also raise the interest of investors and potential customers. Crowdfunding is a good way to raising your profile while raising cash.
Apply for a business loan
Apply for a grant from the Government. There are a number of grants available with terms and conditions applied to them but they are good way of raising capital.
Find an investor who is equally passion about your business or just believes in your product or service. There are many investors looking for the next big thing so seek an Angel Investor through on the UK Angel Investment Network
Family and friends can be a source of finance if they are believe in you but you need to draw up some legal documentation.
A Company Director has roles and responsibilities so these need to be address first and foremost. Companies House need to be informed of the death within 14 days using the paper form TM01 or you can do this online on Companies House website.
If the Director is the sole Director of the company then the share holders will need to appoint a new Director.
Charitable donations are tax free. The tax is allocated to either the charity or to you depending on how you donate so it is important you keep a record of all charitable donations. There is more information on the Govenments website.
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