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How to Wind Up A Company
May 1
A company may be wound up voluntarily if it cannot pay its creditors. It may also be wound up by order of the court on the petition of a creditor. In either case, relevant documents need to be sent to Companies House.
Introduction
This is a simple guide to liquidation and other insolvency procedures. It summarises some of the rules that apply to corporate voluntary arrangements, moratoria, administrations, receivers, voluntary liquidations, compulsory liquidations and EC regulations. Please also refer to the relevant legislation, which you will find in the Companies Act 1985 (as amended in 1989 and later), the Insolvency Act 1986, the Insolvency Rules 1986, the Insolvency Act 2000, the Insolvency (Amendment) (No 2) Rules 2002, Council Regulation (EC) No 1346/2000, the Insolvency (Amendment) (No2) Regulations 2002, the Enterprise Act 2002, and the Insolvency (Amendment) Rules 2003 (SI 1730/2003).
The winding up, liquidation, insolvency, cessation of payments and similar procedures that apply to a PLC also apply to a European company, ‘Societas Europaea’ (SE) registered in GB. For general information on SEs, please see our booklet, ‘The European Company: Societas Europaea (SE)’
Growing a company from the inception to a fully fledged business that then flourishes in success doesn’t come easy. You need to have a great business idea, bowls of enthusiasm and a captive audience.
Education, education and education – a familiar mantra from ex PM, Mr Blair. This is very much mygardenschool’s philosophy, along with making gardening cool again.
A high percentage of start up businesses fail in their first 2 years. One such company that didn’t get weeded out in this tough economy is my-garden-school educational site that delivers what it says – a comprehensive suite of horticulture courses, designed for home learning. With a heavy focus on interaction with tutors and other students, via their online classroom is becoming a major player on the horticulture scene.
They offer a high quality range of gardening courses taught by some of the world’s top tutors. Some examples of their courses range from keeping Bees, vegetable gardening to building and constructing a pond. To find out more or to enrol on one of their unique courses, visit my-garden-school.com/courses and learn from the experts.
MyGardenSchool Ltd was formed in 2009 and was created by Elspeth Briscoe and Duncan Heather – seasoned experts in gardening and photography.
There are a number of points to note if you’re starting up a limited company, and many people as if they need to be VAT registered.
There are situations where being VAT registered is compulsory. If your turn over is over £85,000 per annum, than you have to be VAT registered. Any lower than that and you have the choice. If you’re turn over is low, then you can opt for the flat rate which means you will pay around 11% flat rate (at time of writing) with a 1% discount in your first year. This is beneficial if your business is starting up or if you don’t spend much on materials.
Let’s go through an example, if you’re a small local electrical business or like in the case of Voltstarelectrical providing electricians in wandsworth, there may be a case of being VAT registered, if you are predominantly purchasing you’re own supplies. This means they can claim the VAT amounts back from their purchases for electrical cables, wiring panels etc.
Statutory sick pay is essential for staff members suffering from long term illness and injury. While sick pay entitlement enables those too ill to work to keep their head above water, there are a number of people who will attempt to cheat the system. It is essential for businesses to understand the procedures surrounding statutory sick pay so that they are able to help genuinely ill staff members.
A guide to sick pay entitlement
If a staff member is still ill or injured after eight days, you can then ask for evidence from a medical professional. If they are able to get this documentation, they become entitled to statutory sick pay.
A company must pay the legal minimum statutory sick pay, which stands at £81.60 per week. However, some businesses may set up their own sick pay entitlement boundaries. If you do offer company sick pay, the necessary requirements and terms must be in employees’ contracts.
To receive their statutory sick pay entitlement, employees must formally tell an employer that they are sick, preferably by letter. This can last for up to 28 weeks and after this point, employers can choose to end a staff member’s statutory sick pay with a SSP1 form, enabling the individual to receive Employment and Support Allowance from the government.
As a business owner, we all know how quick your financial year end can come round again. There a numerous accounting software packages out there to help manage your monthly book keeping so you keep on top of your admin. Sage, quickbooks, bookkeeper, accountedge to name a few.
With Sage, you get a free months trial and this is one of the most widely used accounts packages in the UK, by small and medium size businesses. It does all the things you need it to do, VAT calculations, profit and loss accounting and you can also print all your documents.
If you’re a larger company and you have a requirement to send out a printed copy of your financial reports or annual accounts to your investors, there are now a number of online printing providers which allow you to print large volumes at an affordable cost. You can tailor your printing solution, template to suit your needs through using an online document printing portal like doxdirect. To obtain further information about how you can save money by printing online, click here for online printing solutions at one of the fastest growing print service companies. They offer a secure login/portal and a interface to manage and upload all your documents for print.
Preparing for Retirement: Pension Annuity
In desperate needs for financial relief more and more people are tapping into their 401k in hopes of providing some financial relief for their family during this tough economic time. Years of hard work, diligence and loyalty to a company has earned the individual the right to collect what is rightfully theirs. But here lies the problem; once that retirement plan has been tapped into and drained there is no going back and undoing it. It is not uncommon for hardworking individuals to decide that enough is enough hand they want to retire and try to enjoy life without the need to punch in a clock every day.
Though retirement may sound like a lovely venture with nothing more to do then wake up and decide which golf course to put around at every day but the truth is many people abuse their 401k and find themselves looking for work within five years of retiring, why? Upon retiring individuals are faced with a payout choice, to either take their retirement in a large lump sum or choose a pension annuity that can help budget or lengthen the life and duration of their life’s hard work. The appeal to take it all and go is so attractive that many choose to do just that without giving much thought to their future and what will happen if and when that money runs out.
Choosing a pension annuity is a wise investment. A pension annuity allows for monthly payouts for a set amount over the remainder of one’s life insuring that money will not be wasted or blown within the first five years of retirement. An investor looking to purchase a pension annuity has several options to sift through to find which annuity fits their individual needs best. One such option is a deferred annuity; deferred annuities is used to grown one’s assets and help provide a secure set amount of income during retirement. When the annuity is being saved and invested in the individual’s investment has the chance to grow without being taxed, making an annuity a wise investment option.
To learn more about the different annuities available, please visit www.annuitysearch.co.uk
The FTF are proposing a huge expansion to the Roland Garros tennis venue that hosts the French Open tennis tournament once a year.
The project will cost around 275m euros ($392m; £241m) and will include a new stadium capable of holding up to 5000 spectators.
A spokesman said that the existing infrastructure doesn’t really live up to the tournaments billing – not enough space or seating for the bug crowds.
Part of the plan is to include an all weather roof similar to Wimbledon. Rumours are milling around that there maybe an extension of a training facility and possibly accommodation with a large hotel complex.
This new development looks like it will get the go ahead, albeit there is some resistance from 3rd parties. Next time you visit Paris, you could be witnessing a more grandiose tennis venue for all to see.
See how you can benefit from the favourable room prices and book a room at www.hoteldealsparis.co.uk and compare 3, 4 and 5 star hotels.