WHERE LOCAL BUSINESS GROWS

Legal Entities - The Basics

You must choose a structure for your business. This structure will define your legal responsibilities, like the paperwork you must fill in to get started, the taxes you’ll have to manage and pay, how you can personally take the profit your business makes and your personal responsibilities if your business makes a loss. Find out how to choose the right legal structure for your business and how to change it if you find a new structure suits you better.


Sole Trader
 

If you start working for yourself, you’re classed as a self-employed sole trader - even if you’ve not yet told HM Revenue and Customs (HMRC).

As a sole trader, you run your own business as an individual. You can keep all your business’s profits after you’ve paid tax on them.

You can employ staff. ‘Sole trader’ means you’re responsible for the business, not that you have to work alone.

You’re personally responsible for any losses your business makes.

Tax responsibilities

You must:

  • send a Self Assessment tax return every year
  • pay Income Tax on the profits your business makes
  • pay National Insurance

You must also register for VAT if you expect your takings to be more than £83,000 a year.

Limited company
 

A limited company is an organisation that you can set up to run your business - it’s responsible in its own right for everything it does and its finances are separate to your personal finances.

Any profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits.

Ownership

Every limited company has ‘members’ - the people or organisations who own shares in the company.

Directors are responsible for running the company. Directors often own shares, but they don’t have to.

Legal responsibilities

There are many legal responsibilities involved with being a director and running a limited company.

Types of company

Limited by shares

Most limited companies are ‘limited by shares’. This means that the shareholders’ responsibilities for the company’s financial liabilities are limited to the value of shares that they own but haven’t paid for.

Company directors aren’t personally responsible for debts the business can’t pay if it goes wrong, as long as they haven’t broken the law.

Example

A company limited by shares issues 100 shares valued at £1 each when it’s set up. Its 2 shareholders own 50 shares each and have both paid in full for 25 of these.

If the company goes bust, the maximum the shareholders have to pay towards its outstanding bills is £50 - the value of the remaining 25 shares that they’ve each not paid for.

Private company limited by guarantee

Directors or shareholders financially back the organisation up to a specific amount if things go wrong.

Public limited company

The company’s shares are traded publicly on a market, such as the London Stock Exchange. You can also consider setting up a private unlimited company as an alternative legal structure. Directors or shareholders are liable for all debts if things go wrong.

How to set up a limited company

You must register the company with Companies House and let HM Revenue and Customs (HMRC) know when the company starts business activities. Tax responsibilities Every financial year, the company must:

  • put together statutory accounts
  • send Companies House an annual return
  • send HMRC a Company Tax Return
The company must register for VAT if you expect its takings to be more than £83,000 a year.

If you’re a director of a limited company, you must:

  • fill in a Self Assessment tax return every year
  • pay tax and National Insurance through the PAYE system if the company pays you a salary

'Ordinary' business partnership
 

In a business partnership, you and your business partner (or partners) personally share responsibility for your business.

You can share all your business’s profits between the partners. Each partner pays tax on their share of the profits.

Partnerships in Scotland (known as ‘firms’) are different, and have a ‘legal personality’ separate from the individual partners.

Legal responsibilities

You’re personally responsible for your share of:

  • any losses your business makes
  • bills for things you buy for your business, like stock or equipment
You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.

A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’, and can also be a partner in a partnership.

You must choose a name for your partnership and register it with HM Revenue and Customs (HMRC).

Tax responsibilities

The nominated partner must send a partnership Self Assessment tax return every year.

All the partners must:
  • send a personal Self Assessment tax return every year
  • pay Income Tax on their share of the partnership’s profits
  • pay National Insurance
The partnership will also have to register for VAT if you expect its takings to be more than £83,000 a year.

Limited partnership and limited liability partnership
 

Your liability for business debt differs depending on whether you’re a limited partnership or limited liability partnership (LLP).

You can share all the business’s profits between the partners. Each partner pays tax on their share of the profits.

Limited partnerships

The liability for debts that can’t be paid in a limited partnership is split among partners.

Partners’ responsibilities differ as:

  • ‘general’ partners can be personally liable for all the partnerships’ debts
  • ‘limited’ partners are only liable up to the amount they initially invest in the business
General partners are also responsible for managing the business.

Limited liability partnerships (LLPs)

The partners in an LLP aren’t personally liable for debts the business can’t pay - their liability is limited to the amount of money they invest in the business.

Partners’ responsibilities and share of the profits are set out in an LLP agreement. ‘Designated members’ have extra responsibilities.

Tax for limited liability and limited partnerships

Every year, the partnership must send a partnership Self Assessment tax return to HM Revenue and Customs (HMRC).

All the partners must:
  • send a personal Self Assessment tax return every year
  • pay Income Tax on their share of the partnership’s profits
  • pay National Insurance
You must also register the partnership for VAT if you expect your business’s takings to be more than £83,000 a year.

Unincorporated association
 

An ‘unincorporated association’ is an organisation set up through an agreement between a group of people who come together for a reason other than to make a profit, eg a voluntary group or a sports club.

You don’t need to register an unincorporated association, and it doesn’t cost anything to set one up.

Individual members are personally responsible for any debts and contractual obligations.

If the association does start trading and makes a profit, you’ll need to pay Corporation Tax and file a Company Tax Return in the same way as a limited company.

Change your business structure
 

What you need to do depends on the type of business, if you’re VAT-registered and if you employ people.

Set up the new structure

Follow the normal steps to setting up as a:

  • sole trader
  • business partnership
  • limited company
  • limited partnership
  • limited liability partnership (LLP)
Tell HM Revenue and Customs (HMRC)

If you’re VAT-registered, you must tell HMRC within 30 days of the change or else you’ll face a penalty.

You will need to either:

  • cancel your VAT registration and re-register
  • transfer your existing VAT registration
You can do this online or send a form to HMRC by post. The address is on the form.

If you employ people, you’ll also need to talk to HMRC about the change.

Sell your business

If you’re a self-employed sole trader, in a partnership or own a limited company, there are certain rules you must follow when you sell your business.

Close an existing structure

If you want to close down your existing business structure, follow the usual steps.

To no longer be a sole trader

You’ll need to:

  • tell HMRC you’re no longer going to be self-employed and they’ll cancel your Class 2 National Insurance contributions
  • complete a Self Assessment tax return as usual (you’ll then start to submit tax returns the next year for your new business structure)
To close a business partnership

You’ll need to make sure your nominated partner fills in a tax return when the partnership ends.

If the business partnership will continue without you as a partner, you must still complete a Self Assessment tax return as usual. You’ll then start to submit tax returns the next year for your new business structure.

To close a limited company

You’ll either need to close your limited company or make it dormant.

Changing to a public limited company or an unlimited company

It is possible to change a limited company to a public limited or unlimited company.

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News

12 results found, page 1 of 2.  
Kirklees’ Biggest Business Conference Returns

Tuesday 06 February 2018

Following on from the huge success of the 2017 Conference, the Mid Yorkshire Chamber is delighted to be hosting their 2018 Kirklees Business Conference (KBC) at John Smith’s Stadium, Huddersfield on Wednesday 21st March. The free, one-day conference has become an unmissable event in the local business calendar which is dedicated to helping businesses to connect, learn and grow. Attracting over 600 business people and 50 exhibitors, KBC includes a fantastic programme of engaging seminars, a discussion panel, surgery sessions and open networking throughout the day. This year the Mid Yorkshire Chamber is proud to announce an official partnership with Google bringing a Digital Garage to KBC as part of the seminar programme. Running alongside the four seminar sessions, more surgery sessions will also take place following their success last year. Held by local businesses located in the stadium boxes, the surgeries will provide the opportunity for companies to run their own seminars, workshops or one to ones. Rory Bourke, Events & Sponsorship Co-ordinator at the Chamber said: ”Kirklees Business Conference is definitely shaping up to be a day not to be missed. The conference is a fantastic opportunity to raise your profile, make new contacts and learn from other experienced professionals. There are many opportunities for local businesses to get involved through sponsorship, exhibiting or attending as a delegate.” Confirmed conference sponsors and partners include; AD:VENTURE, The John Smith’s Stadium, The Design Mechanics and Social Progress. Delegate tickets are free but registration is essential, significant interest is anticipated therefore early delegate booking via www.kirkleesbusinessconference.co.uk is advised to avoid disappointment. For further information about the conference follow @MYBizConfs and #KirkleesConf on twitter. To find out more about sponsoring or exhibiting at the event please email events@mycci.co.uk or call 01484 483679.
Posted by Mid Yorkshire Chamber of Commerce
Partnership deal to deliver funding for global business

Tuesday 23 January 2018

Yorkshire-based business consultancies ABL Business and Praesum Partners have agreed a partnership deal to provide a specialist commercial funding service to high worth entrepreneurs and their businesses across the globe. The new operation can fund business activities even where banks or traditional funding sources are reticent or too slow to react to a changing market and opportunities that such changes present for early adopters. The companies’ deep understanding of the commercial aspects of finance-raising, combined with a their knowledge of the issues facing family offices, trustees of family businesses, partnerships and investment companies, means they can get quick decisions for business projects. Since joining forces, the two companies have already collaborated to source commercial funding for major UK and international projects in Dublin, Monaco, Dubai and the Georgian capital, Tblisi. These range from property developments, such as hotels and luxury apartments to biotech businesses and technology innovations for export to developing countries. Andy Redman, joint Managing Director of ABL Business, said: “The proposition naturally includes funding packages for high-value assets for time-constrained entrepreneurs - items such as private jets and helicopters as well as luxury cars and yachts. Yet we are equally at home with asset financing, from car fleets to specialised plant, project finance, development finance, invoice finance, commercial property finance and straight-forward business finance. “One key distinction is that having over 120 lenders on our panel, including entrepreneurial groups of funders, means we are not reliant on one source to finance any particular transaction. Factoring lending requirements in this way means we can get to “yes” on very commercial terms in most cases presented to us”. ABL Business, based in Cleckheaton, West Yorkshire, provides asset and development finance to businesses and has been growing rapidly and expanding out across the UK since launching nearly five years ago. This new deal will take the company to the next level, enabling them to reach an affluent and influential international market. Praesum Partners, based in Wetherby, near Leeds, are advisors to HNWIs (High Net Worth Individuals) – people earning over £100,000 p/a, or having investable assets worth more than £250,000 - and Ultra HNWIs - those with assets of £20million or more. Neil Manaley, joint Managing Director of Praesum Partners, said: “Our clients and contacts have been asking us for some time to find a solution to the ever-widening “funding gap” - that is the gap between what commercial lenders will or will not do and what is then left for traditional equity providers. When it comes to raising finance, clients prefer to have all their transactions securely arranged through one dedicated advisor team who know them well and have worked closely with them to understand their specific needs”. “By joining forces with ABL we are able to bring our clients some certainty in an uncertain market, bringing direct access to commercial finance when they need it, thus providing a seamless end-to-end service”. Andy Redman added: “With access to 120 funding providers, we’ve been able to help thousands of businesses, mainly SMEs, to grow by finding them the funding they need. We’ve been extending that support across the UK through a growing network of appointed representatives who are in a position to liaise with their local business communities. “This relationship with Praesum Partners enables us to reach a completely new client group on a global level. We’re extremely excited to be sourcing funding for such major projects - some amounting to multi-million pound international developments - and helping them to come to fruition.” Photo Caption: Joint MDs Alex Beardsley, (ABL Business) Neil Manaley, (Praesum Partners) Tim Thornton (Praesum Partners) and Andy Redman (ABL Business).
Posted by ABL Business Ltd
New appointment for leading Huddersfield accountancy practice

Wednesday 29 November 2017

Huddersfield based accountancy practice, Sheards Accountants, have expanded their team with the appointment of a Senior Accountant. Zoe Lunn has joined from a small firm based in Westvale; as an AAT qualified accountant with over 10 years’ experience, Zoe will be responsible for year-end accounts and management accounts for limited company clients at Sheards. Zoe Lunn commented: “I am delighted to be joining such a reputable and well-established firm of accountants. I’m really looking forward to utilising my skills and expertise at Sheards, while working towards my ACCA qualification.” Speaking on the appointment, Kevin Winterburn - Director at Sheards Accountants, commented: “Zoe joins us at a really exciting time, having recently announced our Platinum Partnership with leading cloud accountancy provider QuickBooks UK and with a number a recent new business wins and more potential accounts in our sales pipeline. We’re really pleased to have Zoe on board and feel she is a great fit for our business to further enhance the quality and skills of our team as we continue to grow.”
Posted by Sheards Accountancy Limited
Around Town In the Huddersfield Live Hygge Tipi

Wednesday 15 November 2017

What better time to get together than Christmas? Around Town believe that connecting the business community of Huddersfield in its iconic locations and organisations is a brilliant way to share ideas, hear inspirational stories and have some FUN. Organised by Oli Smith, Michelle Crowther and Chris Buckley Around Town create memorable events every 3 months. 2018 plans are already underway; “as well as meeting at some amazing businesses we are walking Around Town in Spring - a fantastic way to get to know each other whilst experiencing some award winning locations and scenery in Huddersfield “ says Michelle And with Huddersfield Live December promises to be a memorable Around Town event. Hosted in the Hygge Tipi in St Georges Square, hear Sam Watt and Poppy Stahelin tell of the fabulous work the team at Huddersfield Live are doing and some of the stunning events planned for next year. Laura Drury sets the backdrop of how she formed the The Hygge Tipi and how it creates a convivial atmosphere for Huddersfield folk to mingle, drink mulled wine, and keep the winter night out in front of the log fire. All In the heart of Huddersfield. Tickets are limited and can be reserved FREE here. Chamber members old and new are very welcome. Around Town Events for 2018 confirmed. March 1st - Valli Opticians May 17th - Owen Scott Tailors May 25th - (Walk) Around Town - 15miles (approx) Breakfast Sarnies, The Kirklees Way, Finish in a Brewery!
Posted by The Alternative Board
Huddersfield Accountants become QuickBooks UK Platinum Partner

Wednesday 08 November 2017

Sheards Accountancy have announced that they have been made a Platinum Partner of leading cloud accountancy provider QuickBooks UK, owned by Intuit, and are currently the only Platinum Partner in Huddersfield. QuickBooks UK advanced Sheards to Platinum Partner following the firm demonstrating a commitment to training its team in the product and then quickly rolling it out to its client base – which included information events, followed by training sessions held both as groups and one-to-one. David Kay, Sales Leader at QuickBooks UK commented: “The proposal for Sheards to become a Platinum Partner of QuickBooks UK was the shortest we’ve ever experienced and was accepted unanimously; the Sheards brand, ambition, commitment and activation of their initial Quickbooks licences made it an absolute no-brainer for us to work strategically with them.” Cloud accounting solutions are becoming increasingly prevalent following the announcement of the Government led “Making Tax Digital”, an initiative which will demand that businesses submit quarterly accounting information to HMRC via a cloud book-keeping package.  QuickBooks allows businesses to keep records in real-time and store this in a cloud-based system. Allied to the efficiencies to be gained from a cloud product, with functionality such as live bank feeds, cloud book-keeping is becoming the benchmark for progressive businesses. As a Platinum Partner, Sheards can offer their clients a knowledgeable cloud solution, with the product being set up, opening balances transferred, and all the necessary training provided. Clients can either complete their own records on QuickBooks, or let Sheards manage the book-keeping function. Kevin Winterburn, Director of Sheards Accountancy commented: “We are delighted that QuickBooks UK have made us Platinum Partners. We have already seen a number of our current clients moving over to the QuickBooks system as well as new clients.” “Even though the Making Tax Digital initiative was removed from the Finance Bill due to the announcement of the General Election in June, we anticipate that the legislation will just be delayed and will be revisited very soon. Businesses should not wait though until a cloud solution is forced upon them, they should act now to get such a system in place early – they will very quickly be pleased that they did.” “We offer a tailored service to our clients’ needs as we help them move from desktop or even more traditional methods to cloud-based systems. These systems provide a huge number of benefits and therefore we are urging people to consider moving to digital regardless of the delay in legislation.”
Posted by Sheards Accountancy Limited
New Appointment Strengthens Leading Huddersfield Advisory Team

Thursday 02 November 2017

Leading Huddersfield based financial advisory firm, Sheards Wealth Management has appointed a new adviser into the business as it continues with expansion plans. Darren Brock has been working in the Financial Services sector for over 35 years, joining his first company back in the 1980's. He has experience dealing with both personal and corporate clients, as well as professional introducers.   His career began in the broker division of Allied Dunbar, from where he moved on to become a Senior Broker Consultant with Scottish Amicable in the 1990's, before starting his own successful Adviser business in 1999. He is driven by high quality advice and a focus on client's needs and priorities.   Speaking on the appointment, Mark Stewart Director of Sheards Wealth Management commented: “I am delighted to welcome Darren to Sheards Wealth Management. I am confident that Darren’s expertise and passion for providing his clients with outstanding levels of customer service will be of significant benefit to the business. With years of experience from a broad range of Financial Services, Darren is a welcome addition to the Sheards Wealth Management team”. Commenting on his appointment, Darren Brock added, “I am delighted to be joining such a reputable and well established business. I look forward to being able to utilise my skills and expertise to good use to help Sheards Wealth Management in achieving its’ objectives whilst supporting customers to achieve their financial goals”.
Posted by Sheards Wealth Management
Huddersfield accountants host sell-out quiz night for Kirkwood Hospice

Tuesday 24 October 2017

Sheards and their guests put their thinking caps on for charity at annual event Businesses from across Huddersfield came together to take part in Sheards Accountancy’s annual quiz night a fortnight ago (Thursday 12th October) in aid of Kirkwood Hospice. The event, held at Huddersfield RUFC, raised over £820 for the charity who aims is to help to improve the lives of people with incurable conditions. Whether at the Hospice, in the home or out in the community, Kirkwood Hospice make sure that those in their care have the opportunity to live the best quality of life possible and are able to make the most of the time they have left. Over 20 teams battled it out to be crowned the Sheards Quiz Champions as Kevin Sanders, Client Manager at Sheards, put together another famously challenging quiz that put local businesses general knowledge to the test. Kevin Winterburn, Director of Sheards Accountancy commented: “Now in its 5th year, we’re delighted that our Quiz Night is still as popular as ever with another sell-out event. The support from local businesses is really appreciated and the generosity everyone who joined us helped raise both valuable funds, and awareness, for a great local charity." Kate Leadbeater, Partnership Development Manager at Kirkwood Hospice commented: “Our charity partnership with Sheards is one that we really value and we can’t thank them enough for their hard work and tireless fundraising. To see so many local businesses come out to support our charity at the event was just fantastic and we really appreciate the effort that Sheards put in to promote our work within the business community.”
Posted by Sheards Accountancy Limited
Huddersfield chartered accountants play ball to raise money for charity

Monday 09 October 2017

Huddersfield-based firm Crowther Chartered Accountants held a social event at Huddersfield Lawn Tennis Club (HTLC) last month (Friday 29th September) to raise money for Forget Me Not Children’s Hospice and Macmillan Coffee Morning. Rallying together clients, business associates, partners and contacts, the day raised £840 from donations, a raffle and advertising opportunities. Commencing at 11.30am with coffee, attendees of all skill levels were then invited to play doubles tennis against each other, in a bid to clinch the ‘most outstanding player’ accolade. Other awards included ‘hardest working’, ‘noisiest’ and ‘smartest dressed’ players, to name a few. The full-day event marked one month since the appointment of business development manager David Busfield from HSBC. Michelle Crowther, business development director, said: “This was a really fun way to introduce David to our connections, socialise with new and existing associates and finish off the last of summer, while raising money for these fantastic charities. “Last year we also sponsored Kirklees and Calderdale Charity Lunch (KACCL) — the group which raises valuable funds for Forget Me Not Children’s Hospice. This event was another way for us to support them. And what better way to bring people together than on a tennis court with some food and fun games!” Jeremy Mills of Riley Dunn & Wilson clinched the top prize of best tennis player, with Crowther Accountants’ Kristian Lee taking second place. Tim Grimshaw — a business banking manager at HSBC — won ‘best entertainer’, after he dislocated his shoulder within five minutes of play. Jess Lees, corporate fundraiser at Forget Me Not Children’s Hospice said: “We are delighted that Crowther Accountants continually chooses to support our hospice. “They are a long-standing supporter of our charity and help to not only raise funds, but also awareness of the hospice across Huddersfield and Kirklees. We really value what they do for us!” Crowther Chartered Accountants provides accountancy, taxation and bookkeeping support to over 600 clients across Yorkshire and the rest of the UK. The firm has also just announced the recruitment of a business administration apprentice and an account manager.
Posted by Byram, Amy
Leading Huddersfield accountancy practice invites local businesses to get their thinking caps on for charity

Wednesday 06 September 2017

Sheards Annual Quiz Night Returns to raise funds for Kirkwood Hospice Sheards Accountancy’s annual quiz night is set to return on Thursday 12th October. Once again, the Sheards quiz master, Kevin Sanders, will create a brain-teasing quiz which will test the general knowledge of all those attending the event. The event will be in aid of local charity, Kirkwood Hospice, and will be held at the Waterloo Suite at Huddersfield RUFC from 6:30pm. Last year, thanks to the generosity and support from the local businesses that took part, over £740 was raised for The Town Foundation. Entry costs £50 for a team of 4 and will include a hot supper. There will also be a raffle on the evening to help raise more money for the fantastic work carried out by Kirkwood Hospice. Raffle donations are welcome. Kevin Winterburn, Director of Sheards Accountancy commented: “Our charity quiz night has become a popular event in the local business calendar and we are delighted to be able to host it once again this year. It will be our second fundraising event for Kirkwood Hospice, and we hope it will contribute to reaching our fundraising goal for this fantastic charity. We look forward to welcoming local businesses in what will surely be a night to remember." To book your place, please email Kevin Winterburn: kevinw@sheards.co.uk
Posted by Sheards Accountancy Limited
Batley based haulage and storage companies bought out of administration

Friday 18 August 2017

Batley-based haulage solutions and storage companies have been acquired out of administration securing all 15 jobs. Charles Brook and Allan Cadman, insolvency practitioner partners at Poppleton & Appleby were appointed as the joint administrators of both companies on 10th August 2017. CIS Industrial Ltd and CIS Industrial Hire & Sales Ltd, both family businesses, have operated side by side dating back to the 1980s. They offer haulage solutions and storage facilities serving customers both locally and nationally from their premises in Birstall, Batley. Both Companies had suffered cash-flow difficulties in part caused by restrictive historic finance issues to the point where the companies were under imminent threat of being wound up through the Courts by HM Revenue & Customs. Immediately following Poppleton & Appleby’s appointment, the Joint Administrators undertook a ‘Pre pack’ sale of the business and assets of both companies, where the purchasers are the existing family management team. The deal saved the jobs of the workforce in its entirety and ensured the continuity of supply to their customer base. Joint Administrator, Allan Cadman, said “It is gratifying to be involved in such a matter particularly in a week where there has been a media spotlight on family-owned and run businesses. The deal not only saves the jobs of 15 people in the locality but provides continuity for customers and new opportunities for suppliers. The deal will ensure that the creditors’ position will be enhanced through this process as opposed to the winding up and shut down position which was narrowly avoided.”
Posted by Poppleton & Appleby Northern
12 results found, page 1 of 2.  

Events Posted

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Kirklees Business Conference
Wednesday 21 March 2018 - Wednesday 21 February 2018, 09:00 - 16:00
John Smith's Stadium, Stadium Way, Huddersfield, HD1 6PG
Free Entry
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