So often the unsung heroes of Britain’s business environment, female entrepreneurs are rapidly changing the face of what it means to be successful today.

Michelle Mone, Karren Brady, Emma Bridgewater – there are recognisable names that will always reappear when discussions turn to female entrepreneurship in the UK. But what of the many less heard of women who are raising capital, launching ventures, and building businesses that are quietly sweeping the nation? This International Women’s Day, we take a look at some of the UK’s emerging entrepreneurs, and define the characteristics that make each one a success.

Entrepreneurs: Roshni Assomull and Shaleena Chanrai

Company: Bella Kinesis

Fitness enthusiasts turned business partners Roshni Assomull and Shaleena Chanrai launched the social enterprise Bella Kinesis in December 2014. A unique CSR concept, Bella Kinesis is a women’s sportswear brand that funds a business education for a woman in rural India for each item of sportswear sold. “We’re both in our mid-twenties and launched the company with really no business experience at all,” reveals Roshni. “Exercise not only makes women physically stronger, but also leaves them feeling more confident and empowered. We wanted to give this same feeling to other women by helping them start their own businesses.” All of their garments are made in Britain using premium performance Italian fabric, and on what Roshni calls a “shoestring budget”, the duo has set about publicizing their brand. So far, so good – Bella Kinesis has recently been featured in Glamour and the Guardian, and has just been awarded a PEA Award for promoting conscious consumerism. “We also won Theo Paphitis’ #SBS Challenge in December 2015, and were shortlisted for the Great British Entrepreneur Awards for Social Enterprise (International), Micro Business and Manufacturing,” adds Roshni.

Entrepreneur: Anna Jacobs

Company: Anna Jacobs

London-based designer Anna Jacobs possesses the definition of entrepreneurial spirit. Having studied art and interior design at school, Anna lost “everything” five years ago. “To get back on my feet, I started my own business as an artist and homewares designer and completely changed my career path,” she reveals. “My business has grown hugely over the last 18 months and I’ve recently been named as one of ‘Five super talented new homewares designers to know’ by Good Housekeeping magazine. I’m just expanding into Europe and have been chosen as one of a group of British designers to be launched in America at the end of March.” In addition to this, Anna has also launched a social enterprise aspect of her business through which she aims to help other single parents and women. “As such, one of my new cushions is being sewn by women in a high security prison. I have other plans too!” she adds.

Entrepreneur: Amy Crabtree

Company: Cakes with Faces

Nominated for a NEO Award 2015 (Best Specialist Company), Cakes with Faces is the brainchild of graphic artist/designer and owner Amy Crabtree. The brand features a range of colourful t-shirts and gifts inspired by Japanese culture and kawaii (cute) design. “I started my business as a hobby five years ago and in 2014 it became my full time job,” says Amy. “I sell online and at events like London Comic Con and Hyper Japan, and I also run a YouTube channel to promote my business.” Cakes with Faces was part of the top 100 small businesses in Small Business Saturday, and has been featured on BBC Radio, The Guardian Christmas Gift Guide, and nominated for 4 NEO Awards (Best Specialist Company). Amy’s eye-catching designs certainly haven’t gone unnoticed: “George Osborne once called me ‘the most colourful person who’s ever been at Downing Street!’”

Entrepreneur: Katrina Aleksa

Company: Predella House

Predella House is an online art gallery based in London, curating art for the so-called “culturally curious”. Predella House is run by a small, all female team looking to break down barriers in the art world through the medium of social media. “We believe the art world should not be gated by art critics and auction houses, but that everyone should be entitled to join the debate, and thus opening the gates of the art world,” says Katrina. With the online art market now valued at £2.6 billion as of 2015, Katrina is determined to push the art world forward and make this market more accessible to users on platforms such as Pinterest and Instagram.

The characteristics they have in common

The ability to recognise a gap in the market, ambition and dedication, fearlessness – a number of buzzwords are used to describe entrepreneurial characteristics on a daily basis.

While the women behind Britain’s start-up businesses may have this in abundance, they also possess so much more. “It is the ultimate luxury to combine passion and contribution. It’s also a very clear path to happiness,” once said Facebook Chief Operating Officer Sheryl Sandberg. When looking at the profiles of Britain’s female entrepreneurs, it can be seen that each venture was born out of a willingness to combine passion and contribution. There is an increasing focus on not just running a business, but building an enterprise that puts back into the community. In an article penned for Entrepreneur.com, Founder and CEO of Market Domination Media Jonathon Long outlined eight entrepreneurial qualities that contribute to success. Coming in at number eight?

Giving Back.

“It is important to understand how lucky we are, as entrepreneurs, to do what we love,” he writes. “When you are appreciative of what you have accomplished and then take a step back to see what you can do to give back, it gives you a feeling like no other.” Whether it’s helping women in India access education or helping women in the UK rehabilitate, many of the business ventures helmed by women are seeking not just to turn a profit, but to make a palpable change and leave a mark on society.

With nearly one million SMEs run by women in the UK, the time to recognize women’s accomplishments in launching and running British businesses is now. This International Women’s Day, Formations Direct, is proud to support women’s enterprise and help entrepreneurs put businesses of any size on the path to success.

Prime Minister David Cameron recently returned from renegotiation deals for Britain’s membership of the European Union. It was a policy set out in his Conservative manifesto, and something people have been waiting a long time for; as can be seen with the rise of UKIP in recent years and their success (in terms of number of votes) at the recent election. With the referendum date set for 23rd June 2016, campaigning has begun for both the “in” and “out” camps. Below we look at the impact a Brexit could have on British SMEs, who provide a combined annual turnover of £1.8 trillion to the UK.

The UK are champions of the single market, but a Brexit would limit their advocacy for further liberalisation. Many EU regulations allow for the platform that a single market requires, and by leaving Britain would lose the influence to shape EU policy and regulation in this market. Some argue that EU processes can be opaque and hard to influence, particularly when it comes to trying to shape policy for SMEs, and so losing what they see as limited influence isn’t such a bad thing.

However, the UK do still have one of the heaviest influences within the EU as they can veto in a number of policy areas. Around 74% of firms believe that the UK can continue to be influential over EU policy, and also that a Brexit will have a “negative” or “very negative” impact on SMEs (see more details here).

Some of these firms, such as EasyJet and Shell, have a signed a letter in support of the UK remaining as a member of the EU. They write that the Brexit would “deter investment and threaten jobs”. However, the opinion from SME executives remains less clear. The Forum of Private Business has refused to announce which side they support and simply urged for a reasoned and informed debate. Mike Cherry, the Policy Director at the Federation of Small Businesses, shared this approach when he said “Our research shows small business owners want both official campaigns to focus on the practical impact that remaining within or leaving the EU would have on their firms.”

As for the small business owners themselves, The Europe Business Review recently stated that 82% of SMEs regard the EU as important to their future growth. Markets in China and Brazil appear to be slowing down, seemingly making our dependency on the EU even greater. A Brexit could result in a recession, which SMEs are much more vulnerable to than larger businesses. It is likely that trade negotiations would be quickly renegotiated to stem any fallout from a Brexit, but it can’t be guaranteed how quickly this will happen and how SMEs will survive in the meantime.

As a member of the EU we are also part of the free movement policy, which allows for a large pool of highly-educated and highly-skilled potential employees to pass freely into Britain, perfect for SMEs. A Brexit could change this, halting free movement, increasing the battle between businesses for employees and an increase in wages as the cheaper influx of labour from outside of Britain is cut down. While this is good news for employees on potentially all spectrums on the wage scale, SMEs typically rely on cheaper labour.

Britain may however get the opportunity to better regulate social and employment policy, as well as trade and immigration policy if they leave the EU. Although only 12% of SMEs with 0-49 employees are actively engaged in international trade, all are affected by EU legislation, for better or for worse. Allowing British leaders to decide policy with British SMEs in mind could have many positives.

In the event of a Brexit, trade would continue with the EU and it is likely that an EU-UK Free Trade Agreement (FTA) would be reached due to the benefits of this for all EU member states. The UK would be free to negotiate this FTA on their own terms. However, it is worth remembering that the EU is the main trading partner for the UK, where we trade in excess of £400bn a year, and so we need them just as much as they need us. It will take awhile to renegotiate these deals and overseas clients might be hesitant to trade with British SMEs while uncertainty is still rife, so relying on more robust deals after a Brexit is not a secure or safe option.

We also assemble in the UK, but rarely manufacture, and so a Brexit could affect imports and exports negatively. Daniel Todaro, the Managing Director of Gekko, has said that “Ultimately, the single EU market has, and continues to be, absolutely crucial to emerging SMEs looking to expand operations overseas; and Europe is the first port of call.”

SMEs currently get support from the EU, such as with grants and loans, and this would most likely cease if a Brexit occurred. However, the UK does operate its own support organisations for SMEs such as Innovate UK, and upon leaving the EU the UK would save a sizeable amount in EU contributions, which a portion of can then be used to pump back into the funding of SMEs.

It is likely that in the short term a Brexit would cause disruption for SMEs. The uncertainty leading up to the referendum will leave the market shaky and may even devalue the Sterling, and setting up any treaties or agreements post-Brexit will take time, a commodity that SMEs don’t always have. However, in the longer term the effects would potentially become more beneficial to Britain, as British politicians gain greater sovereignty over British policy. They should still keep a good relationship with the EU, especially as we are their third highest contributor with approximately €4.7bn net contribution per annum, and so it is unlikely that a Brexit would be disastrous for Britain in the long term.

If you are a small business owner just getting started with an innovative new start up, you are undoubtedly excited about your (hopefully) impending success. You have the skills, you have the know how and you have the unique ideas that will propel your new company from obscurity to achievement – but do you have a registered office address and a place to work?

What is a registered office address?

In order to conduct business, all all limited companies and Limited Liability Partnerships (LLPs) (no matter the size) in the United Kingdom are legally required to have a registered office address. This is required before you start charging clients and producing invoices, and so many people ensure that this is taken care of early on in their planning processes. After all, being able to charge clients is pretty pivotal when it comes to business!

What kinds of addresses can you use?

Of course, for some types of businesses, a physical address will be a given. For instance, if you are planning to open a new craft micro brewery that focuses on British IPAs, you will have an address at which you operate, and you can choose to use this as your registered office address. (Of course, you can also choose to designate a different location as a registered office address.)

With that said, you might be operating a start up, and you might not need a set, determined physical space in order to work your magic. For instance, freelance writers, graphic designers and even event planners can do their daily tasks at a variety of different locales, including their home, a coffee shop and even down at the local pub.

In this is the case for you, what should you use for your registered business address?

• Your home –In some cases, is completely legal and acceptable for you to use your home address for your business. However, this information is completely publically accessible, and that means that your clients (not to mention anyone who cares to search you) will potentially know exactly where you live. If this does not bother you, feel free to go ahead and submit your residence as your registered office. If the idea of the general public knowing where you live gives you a bad feeling (or you feel it could leave you open for danger), it might be a better idea to utilise another option. (*Note – Some landlords will not allow you to use your home address for business purposes – ensure that you check with them in advance.)
• A traditional office space – A traditional office is a great idea if you have a staff of more than one or two people, if you need a storefront, or if you plan on expanding very rapidly. With that said, traditional office spaces do not often come cheap, and many start ups cannot afford this during their initial periods of operation.

• Registered Office & Mail forwarding services – If you plan to work at a start up hub, you may want to use a Registered office address, a service that is offered by many companies across the country. For a fee, they will allow you to use their address as your registered address, allowing you to stay on the right side of the law and keep your privacy.

What are start up hubs?

This is the ideal solution for many entrepreneurs who are just getting started. Start up hubs (also known as co-working spaces) are collectively occupied office and relaxation spaces; you rent a desk or workspace, and in some cases you can even utilise this as your registered office address.

In addition to a desk and a Wifi connection, these hubs are often also innovation labs, business incubators and social enterprise community centres. They are usually well located, affordable, attractive and well stocked with other brilliant entrepreneurs, giving you ample opportunities for networking. Work, collaborate, make use of the amenities and give your business the kick start it needs – these are cool spaces that have launched many a start up.

Start Up Hub Office Spaces Across the UK

Here are some of the finest start up hubs across the country. Remember, many start up hubs offer a signing bonus or trial offer that can glean you free office space for a day, a week or even a month.

• The Trampery – With convenient locations spread across East London, the Trampery offers its inhabitants modern and efficient office space in edgy, up and coming neighbourhoods such as Old Street, Bevenden Street, Tower Bridge and Hackney Wick. Their work spaces are tailored to their architectural surrounds; Edwardian warehouses, brand new glass towers, eco-builds and Victorian halls.
• OpenSpace – Manchester is home to this members collective of writers, artists, designers and small business owners, and OpenSpace not only gives them a place to work, it also gives them a sense of community. With desks starting at 147 pounds per month (for members), this is an affordable, friendly and functional space to work.
• Impact Hub – If you love to travel and want to wander the world while you produce your products or services, Impact Hub might be the perfect co-working space for you. With offices located all over the world, you could always use the closest address for your registered office address while taking advantage of an unlimited membership that will grant you access to spaces across the globe.
• Baltic Creative – Need a great working space in Liverpool? Baltic Creative is for you. Located in the revitalised Liverpool Docks, this hub is comprised of regenerated warehouse spaces that will lend your business an on-trend feel and help you connect with other entrepreneurs in the area.
• Funkyspaces – Funkyspaces provides bare bones desk space (think less community building and relaxation spaces and more just a place to get to work and connect to wifi) to Bristol start ups and freelancers. With locations across the city (and rock bottom prices starting at 53 pounds per month), this is a great solution for those who want to get down to work and don’t really fancy socialising.
• The Hot Desk – Located in Glasgow, The Hot Desk provides solutions for many different types of businesses; students, freelancers, designers and start up entrepreneurs will all find pricing structures that work for them (5 days a month starts at just 60 pounds). Featuring super fast internet connections, a bike shed and a communal kitchen, this is a great option for any business in need of a desk.

As a small to medium sized business owner, it can be bewildering to know what you should be tackling yourself and what tasks and responsibilities you should consider outsourcing. This is actually a very important decision – outsourcing at least some of the daily (or weekly/ monthly/ annual) duties involved in your operation can free you up and leave you more time to focus on your core business.

Entrepreneurs who are running their own SMEs are required to be modern day “Renaissance (Wo)Men,” juggling dozens of balls at once and still expected to deliver products and services at a high level of quality on time, every time.

On a day to day basis you might find yourself:

• balancing a cheque book
• entering information into complicated payroll software
• attending myriad planning meetings
• scouring an online recruitment website
• writing a business blog
• posting photos on your company’s Instagram page
• scheduling an interview with a prospective employee
• heading to the stationery shop to buy a ream of paper
• even plunging a toilet!

All of these tasks, while integral to your daily operations, are taking you away from the things that you do best – running your business and putting out an excellent product and providing fantastic service.

If any of this sounds familiar, you need to start thinking about outsourcing. After all, you wouldn’t hesitate to delegate tasks to your employees, would you? Outsourcing is just another form of delegation, and smart business people are experts at delegation.

Here are some of the tasks and responsibilities that you should consider outsourcing as soon as possible.

1. Social Media – Every savvy business person knows the importance of utilising social media in order to connect with their clientele, advertise their products and stay in touch with others in their industry. That said, social media expertise is in its infancy, and the average person is not capable of creating a comprehensive and effective social media strategy, let alone spending the heaps of time required for its implementation. Outsource your social media duties and you will not only see a huge boost in your success, you will save a lot of precious time.
2. Blogging – Related to social media, blogging is key if you want to increase your search engine rankings (i.e. appear higher on the results list when someone Googles search terms relevant to your company). Successful SEO (search engine optimisation) is much more than posting your thoughts and ideas; SEO blogging is a science, and a skilled writer will know how to help you achieve results you never dreamed of and increase your sales. You can find excellent business bloggers and article writers on sites such as People Per Hour.
3. Payroll – Payroll duties are another very sensible thing to be outsourcing – payroll software programs are notoriously finicky and complex, and you want to ensure your team is paid on time, accurately and without complication. Outsourcing your payroll duties will save you hours of time each week and give you the peace of mind that your employees are paid correctly. Another bonus? When tax time comes around, you can rest assured that your payroll paperwork is in order.
4. Bookkeeping – If you are like most entrepreneurs, you probably dread the myriad bookkeeping tasks that are required in order to run a successful business. Keeping track of paperwork, receipts, forms and more can be exhausting and irritating – and it can take you away from your core tasks. This is one that is definitely better outsourced – a bookkeeper can lift a huge weight off of your shoulders and keep you organised and on the right side of the law.
5. Recruitment – Depending on the position that you are seeking to fill, the recruitment process can be exhausting and time consuming – not to mention fraught with uncertainty and confusion. Hiring is an art, and a skilled recruiter will be able to help you land the employees of your dreams. While recruiters come with a sometimes hefty cost, they do often increase your chances of staff retention, saving you a lot more money in the long run.
6. Buying stationery, cleaning supplies and snacks – We now live in a world where you can buy nearly anything online, and loads of new companies are popping up whose entire business model involves helping individuals fulfill their simplest needs. Need snacks for the office? Head to Graze and get healthy snacks delivered. Cleaning supplies? No problem, you can have those delivered within one business day. The same goes for stationery, office furniture and pretty much anything else your heart – and your business – desires. Do not waste your time in queues or wandering aisles! Outsource this asap.
7. Odd jobs and repairs – Leaky tap in the office loo? Door squeaking unbearably whenever it swings open? Framed photos sitting woefully unhung? These small tasks and odd jobs add up, and finally getting around to them will take you away from your more important duties. Thankfully, the sharing economy is alive and well, and you can find skilled handymen online at TaskRabbit, Handy and from other similar apps.
8. IT Support – If you are struggling to set up and maintain functioning, consistently up to date hardware and software, consider outsourcing your IT support. Many different levels of support are available, and with various subscription plans you can have a third party IT company supply you with computers, printers and scanners. More importantly, they will be available 24/7 in order to answer urgent queries, fix problems and make sure that the technological side of your business is running smoothly at all times.
9. Delivery – If you are still attempting to hand deliver packages, important documents and products to your suppliers and clients, you urgently need to look into outsourcing delivery. Countless companies exist who will take the stress of time consuming deliveries off of your plate and ensure that your items get where they need to go on time.   

Ireland has won a highly competitive global bidding process to host the Startup Nations Summit (SNS) from 18th to 20th November 2016 in Cork. The event is now in its fifth year, and was launched by the Global Entrepreneurship Network (GEN), an organisation established in 160 countries that offers year-round programs and initiatives with the aim of creating one large, global entrepreneurial ecosystem.

The event has never before been held in Europe, marking a huge win for both Ireland and Europe as a whole. The event itself involves countries from all over the world, creating a network of startup community leaders, policymakers and advisors all committed to sharing their wealth of knowledge to help entrepreneurs both start and scale their enterprises.

The Startup Nations Summit, which has previously been held in prestigious business locations such as Kuala Lumpur and Toronto, will serve as a conclusion to Global Entrepreneurship Week 2016 (GEW), a celebration of entrepreneurship and enterprise with over 30,000 events and 10 million participants worldwide.

Last year, GEW 2015 was recognised by U.S President Barack Obama in a video broadcast when he issued a challenge to the private sector, foundations, investors and universities to help entrepreneurs start and scale new enterprises to drive innovation and economic growth. Pulling in support from other big names such as Richard Branson, and well-known brands like Evernote, Barclays and Microsoft, the conclusion to GEW 2016 in Cork is sure to be an excellent, inspiring and high-impact event for the millions of participants involved.

It will have a wide-reaching impact in Ireland as well, and GEN president, Jonathan Ortmans, had this to say on the matter: “Bringing the […] startup community leaders to Ireland will further advance a fast-moving global dialogue on the most impactful policies and programs […] while highlighting the rapid expansion of Ireland’s startup ecosystem.”

Startup Ireland and Cork Innovates, the two entrepreneurial groups spear-heading Ireland’s bid to win the right to host the Startup Nations Summit, are credited with achieving this historic win for Ireland. Eoin Costello of Startup Ireland, said “We are delighted that the first time this event is held in Europe, it will be in Ireland. In order to create the most supportive environment possible for entrepreneurs, it will be useful to not only learn about new and innovative policy approaches from other startup nations, but to apply those lessons throughout Ireland.”

Dublin is fast becoming a hub for growing entrepreneurs, and awarding the Startup Nations Summit to Ireland is part of a conscious effort by GEN to scale its work to support entrepreneurship in the country. Siobhan Finn of Cork Innovates will act as the project director and lead-planner for the event. She said “Cork is a prime European location for Startup Nations Summit in 2016. The vision of the local authorities, business support agencies and education institutions in the region have been working together for the last number of years […] to drive and nurture entrepreneurship and innovation in the Cork region.”

While full details have yet to be released, the SNS will follow familiar formats to previous years with both invite-only and free to the public events, running over the course of two days and involving networking dinners, cocktail receptions, entrepreneurship festivals, and awards ceremonies, amongst other activities and events. They have also involved keynote speakers sharing their knowledge on entrepreneurship, as well as business competitions with prize money of up to $100,000 in previous events. SNS 2015 brought in delegates from over 56 different countries, and, as this has been slowly increasing year on year, SNS 2016 will be looking to build on this success, bringing in at least 400 delegates from all over the world.

With the goal of making a Ireland a global startup hub by 2020, hosting the SNS 2016 will complement Ireland’s Startup Gathering (SG) 2016 event immeasurably. While the SG 2015 was about bringing a fresh entrepreneurial agenda to towns and cities throughout Ireland, SG 2016, with the fact that hundreds of entrepreneurs will be arriving from around the world for SNS 2016, will have a focus on sharing knowledge and experiences to discuss how best to accelerate Ireland’s bold plan to become a startup hub by 2020.

While exact details of the event haven’t yet been confirmed, this year is set to be a big year for both Ireland’s and Europe’s entrepreneurial enterprise scene. Stay tuned for more details; we’ll release them as soon as they’re available.

Starting a new business is an exciting time in any entrepreneur’s life; you have an innovative idea and are taking the leap into business ownership in order to make your dreams happen and your idea come to life. With that said, there are countless small details that one has to factor in when starting a new business, things that you may not have considered in the rush to get started on design and production.

If you are in the process of starting a new company (no matter how big or how small) in the UK, you simply must consider the following business costs in order to ensure that your dream does not go bust due to avoidable factors. Planning ahead for business costs is a smart and savvy thing to do – and it could mean the difference between failure and success.

Here are some of the most common business costs that entrepreneurs incur in the UK.

• Office Space – Even if you plan to do most of your work from home or the local coffee shop, unless you are comfortable making your address visible to the general public you will need a registered office address. This can either be a traditional office space (which can get pricey very quickly) or desk space at a start up hub or co-working space, which while affordable does not offer privacy.
• Business rates – If you do plan to rent a traditional office space, you will be required to pay annual business rates on your property. This is comparable to council tax – business rates ensure that you to contribute taxes to your local area for the services and amenities that you use. These rates are calculated based on the overall value of your business – in order to estimate what this will be, you can use the government business rates estimation tool, found here.
• Employee wages – You might be a solo act for a little while, or you might need to hire immediately – but remember: the better the talent you hire, the more you will have to pay them, as top candidates often demand higher salaries. There is a lot to be said for hiring young, affordable employees who can learn your preferred ways of running a business, but ultimately these seemingly cheaper hires may cost you money as you struggle to mend their mistakes and spend time training them from scratch. Before determining your employee salaries, you will have to put some thought into what you value – and what you can afford.

• NICs – If you are just starting up, you are probably not yet familiar with the intricacies of the taxation system and how to pay taxes as a self employed individual. Here is an excellent link that can help you sort out your National Insurance Contributions (NICs – budget 2.80 a week), personal income tax rate and your year end paperwork. Do not let this get away from you – taxation fees and penalties can add up, and the legal cost of ignoring your taxes is far too high to pay.

• Accountant/ bookkeeping fees – Does the above point make you want to break out into hives? That is a sign that you should be working with an accountant or bookkeeper right from the start. By hiring a skilled accountancy professional you can alleviate the stresses that come from number crunching, taxation codes, payroll and paperwork, but they come at a cost. With that said, if you can afford to outsource this work, it is a very wise investment in your future success.

• Workplace pension – No matter how small your firm, you must enrol your employees in workplace pension scheme upon hiring. This is a rather simple process, and the amounts you are required to contribute will be dependent on the salaries of your staff. Failure to enrol employees in a timely fashion will result in hefty fines – don’t risk it!

• Domain Registration and Web Hosting – This is a seemingly small cost, until you consider that you will need to renew your domain name each year in order to ensure that it is not purchased out from underneath you. The more desirable the domain name you hope to snag, the more it is going to cost you; many of the best names on the internet have been purchased and are held by cheeky resellers who raise the prices on attractive domain names. You may also want to purchase all of the ‘top level domains’ for your name (the various permutations of .net, .co.uk, .com etc) and point them at your main site in order to avoid confusion.

• VAT – Once your business meets the threshold of £82,000 you must start collecting VAT (unless your product or service is exempt). You will probably collect more VAT from your customers than you will pay to your suppliers, and so you will fill in a quarterly VAT return and arrange to pay the surplus to HMRC. This is of dire importance – you cannot ignore the importance of paying VAT. Failure to do so can result in your complete bankruptcy and a black mark on your credit report, preventing you from doing business in the future.

• Annual Return/Annual Confirmation Statement – Each year you are required to file a statement with Companies House confirming the statutory details of your company, i.e. the Registered Office Address, Officers, Secretary, Business Classification etc. Up to 30th June 2016 this statement is known as the Annual Return, but from 1st July 2016 the Annual Confirmation Statement will take its place. A filing fee accompanies this statement and, at the time of writing, this stands at £13 for filing online and £40 for filing on paper.

Good planning and strong business sense can go a long way when it comes to ensuring that your new enterprise is successful, efficient and profitable – both as soon as possible and far into the future. By preparing for the costs above, you are on track to triumph.