Young people starting a business

Young people starting a business is no longer impossible with today’s technology advancement. Many young kids now have their own smartphones and have access to the internet. They can start their own business using that device. The question is, how a kid can start a business.

Let me give you an example. I took my daughter to a Youth In Business workshop. After the workshop, my daughter told me that she does not have to go out to look for a job during the summer school holiday anymore. She can be her own boss straight away. Last Summer, she tried to look for a job in the local area. She did not get one. She was upset because the feedback she received was that she has no work experience and too young (13 years old).

I run a test to see if it is possible for a child who knows how to use a smartphone and a laptop able to set up an online store herself. The answer is yes. I set up a tortoise t-shirts company from scratch in 3 hours including creating a design for the T-Shirts.

Young people would like to use a limited company for business must be at least 16 years old of age This is because the UK company law says to be a company director, you must be age 16 and older.

Help and support for young entreprenuers

The UK government provide lots of help and support to young people starting a business aged 18 to 24 helping them to kickstart their businesses. The help includes access to finance like startup loans and one year of mentoring.

An organization called The Prince’s Trust run an Enterprise Programme for young people starting a business too. This program is designed for young people aged 18 to 30 years old. Likewise, you could access a startup loan up to £5000 and also mentorship.

There is nothing to lose for young people to set up their online store to make money for themselves. Go for it.

Contact Companies House

Contact Companies House if you have any questions about UK company incorporation procedure and legal filings requirements. They are the governing body for businesses trading as limited companies and partnerships in the United Kingdom. Broadly, they administer and maintain public records of private and public limited companies. In addition, they also administer statutory filing of limited liabilities partnerships. In other words, they make sure companies and partnerships submit their Confirmation Statement, annual accounts and other compulsory legal documents with them on time for public record.

Generally, your company and limited liability partnership must submit the following documents to the Registrar of Companies and HM Revenue and Customs (HMRC) every year. There is no exception to a dormant company and a non-trading company. Both types of these companies must submit accounts and also file their Confirmation statement.

In addition, all your companies and partnerships’legal documents must also comply with the Companies Act 2006.

If you are not familiar with the UK company law (the Companies Act 2006), it is best to use a firm of accountants to take care of your UK company’s filings for you. This would allow you to focus on your business rather than stress about how to do this or that to maintain your UK company. Another thing is your accountant can also help you to avoid the late filing penalty and fines from Companies House. Usually, they would send you reminders when your UK company’s filings become due.

Companies House’s contact details are as follows:

Contact centre: 03031234500
Mini-com: 02920381245

If you would like to send your SIGNED UK company accounts by post, please send it to one of the following Companies House offices. For example, if your company has a registered office in England or Wales, you can send your Signed company accounts to either Companies House Cardiff office or Companies House London office.

Companies House Cardiff

Crown way
CF14 3UZ

Companies House Edinburgh

Fourth Floor
Edinburgh Quay 2
139 Fountainbridge

Companies House London

4 Abbey Orchard Street
Westminster London

Companies House Northern Ireland

Second floor
The Linenhall
32-38 Linenhall street

Feel free to contact Companies House or our London Accountants, if you have any questions about the UK company’s statutory filings. We will be more than happy to help you.

You have a great day.

Be prepared for Brexit no deal

Be prepared for Brexit no deal, it is no long to go now. The Brexit date and time is 31 October 2019 at 2300, UK will be officially not part of the EU. This would not change no matter what, according to Prime Minister Boris Johnson. So the only outcome we are waiting for is, whether there is deal or no deal.

While we wait for the Brexit outcome, UK government has created an online checker tool to help UK businesses to get ready for Brexit on 31 October 2019. The checker tool is very easy to use. You just need to answer the questions and the checker tool will retrieve the relevant information and also recommendations on what to do.

Work permit or Visa for your staff

For example, if you have staff from EU countries working in your UK business, you may need to check if your staff need a work permit or visa to continue to work in your UK business after Brexit. Generally, EU nationals want to continue living in the UK after Brexit, they must either apply for a settled status under the EU settlement scheme or apply to become a British Citizen. The EU settlement application is free. There is an one time application fee for British citizenship application.

Business travel to Europe after Brexit

Besides, if you frequently travel to EU for business purposes, you must follow the travel to Europe after Brexit rules. For example, make sure your passport has at least six months before expiry.

Another thing, if you travel to Europe by car. You must put a GB sticker on the back of your car, even if your number plate already shows GB with a Euro symbol. You could get a fine if you do not have a GB sticker when you need one. Read more about driving in the EU after Brexit and GB sticker here.

The checker tool make your life very easy to know what you need to do to be prepared for Brexit no deal. Use it, it is a free tool.