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How to find who are the company directors and who has the controls over the company?

Leaving the accountants, solicitors and other professionals aside many people have no clue on how to find the company, their public documents, who owns the company and who is the company director or company secretary. In the blog below we are going to let you know a step by step process on finding each of these details. This is very important, in other words we can also say this is a general due diligence that all small businesses must perform and document when they plan to sub contract or work for any companies.

Companies house regulates all the company incorporations and changes and closure process of any limited companies and all other different types of structures.

Lets start first with “how to find the incorporation companies?”

Type in google; Companies house and click on “Get information about the company” or “find company information” or click on the link below.

https://www.gov.uk/get-information-about-a-company

After you click on the above link, click Start Now and the opens the whole information about all the companies.

Type in the company name there and search. You will see many companies, out of which you need to chose the right company you are looking for. It can be little confusing if you are using it first time but over the time you will get used to it. Type the full company name correctly to find the right company.

After you find the right company, there are 3 main tabs that you can see, Overview, Filing History, People.

In Overview section, you can check when the company was incorporated, registered office address, when are the accounts or confirmation statements are due etc. A general rule of thumb could be if the accounts are overdue and not filed in time, you can think they are little less organised. But this mayn’t be the reason in every cases. so its entirely up to to analyse it further and find that it is the right fit.

In the People section, you will see two sections within, Officers and Persons with significant control. In the officers section, it shows the company secretary or company director. Anybody can see the past directors as well. Anybody will be able to check when they become the company director, whether they resigned already, what is their occupation, their nationality, month and year of date of birth, country of residence etc etc for each officers. This will help in the due diligence process as this can be verified with the information provided to you.

On the Persons with Significant control section, it will show who has what percentage of control whether 25% – 50% or 50%-75% or 75% and more. This also gives us an idea about share holdings. But again the shareholdings can also be checked in another section. However it may be the correct always.

Filing History section has all the filings the company has made so far on the public domain. For most small companies will only file their balance sheet. However it still is very helpful

All the information about any filing since the incorporation of the company are listed here with the documents, these documents can be checked reference to any details and verified if needed. This way anyone has an access to any companies documents, filings, officers detail etc etc.

https://beta.companieshouse.gov.uk

Shortcut link you can follow to find the company details

If you are looking to set up a company or want an expert to do a due diligence check on your potential client or contractor. You can look no further. Mayfair Tax advisors is here to help you understand the process as well so next time you can do it on your own.

You can call us now to discuss your needs or email us for the quotes.

Are you running business from home; Council Tax?

There are many entrepreneurs who run their business from home. Not many of them are aware that you might need a separate insurance or even a business rates might be applicable?

Over the course of 2 decades we have seen many clients, companies etc they run from the comfort of their own home. They start small and scale it up which is an extraordinary model as it will put very less pressure on the entrepreneurs and they can focus on growing their business. However we advise our client to check first with their landlord or estate agent to confirm if they are allowed to open a company and use their home address as registered office address or now.

On many occasions we have seen a clause put in the rental contract that stops the tenant or entrepreneurs to use their residential address as registered office address, in this scenario it could be a breach of contract with your landlord.

As a solution to this there are many companies like Regus etc which will allow a small businesses or even a sole trader to use their designated office address as the company’s registered office address for a fixed monthly fees etc. There could also be a facility of booking board rooms and organise conference or have a meeting likewise. This helps a small businesses to enhance their image.

We would recommend our client to check whether it is allowed to do business from the premises registered. It is always good to be on the safe side then getting caught after.

Further information on this can be found or government website on Gov.uk, or in the link below.

https://www.gov.uk/run-business-from-home

We are expanding above and beyond

Mayfair Tax Advisors has a vision to become one of the top 100 accounting firm in the next five years. Hence we are adding all the value added services in our service category so our clients can look no further for all accounting, finance related solutions.

We are partnering with many other firms and expert advisers so we can provide you the best solutions to your problem.

We are opening our branches in every major city of UK and has a vision of opening our next branch internationally by the end of 2020. Our expert in-house staffs are working very hard to make this dream come true.

We would like to thank everyone for their effort, knowledge and expertise in taking us a step further every year.

Please click on our Video to watch for the services we provide. We believe in doing than just talking.

Is debt funding right for you?

We have seen many clients use debt as one of the funding method. This is obvious in many businesses. We have seen many businesses going into administration because they are unable to repay their loan.

We always advise our clients, we plans debt funding to be aware and conscious of the cashflow and the pay back period. Every businesses should follow “cash is king” mentality and it is. it can create a complete chaotic situation if this cannot be managed well.

Plan ahead for the next 3-5 years before you apply for debt whether the business will be able to fund it and decide accordingly.

If you need help please contact us on 0207 193 8157.

The 5 most regular questions clients do ask

Every businesses has their own framework and blueprint. But the basics of business remains the same. We can call it the business DNA. Every time we talk with the client, the problems resonate to each other businesses although they are entirely different and completed unrelated.

Below are the 5 most frequently asked questions about their business;

  1. How to manage next months payroll? – Working Capital issues
  2. The VAT money has been used up, what can we do? – Cashflow problem
  3. Can I pay my employees on the third week of next month? – Trust issues
  4. How much is my cost per hour – Lack analysis
  5. Can we voluntarily wipe the creditors? – survival issues

If you are facing similar hurdles in the business, you need to call us now on 0207 193 8157

What expenses can be claimed by a sole-trader?

Both Limited company and Sole trader can claim similar expenses for sure as long as it is wholly substantially occurred in the business process.

Many people from all different background has confusions on this point and it happens every year when the tax return filing time comes nearer and the sole trader clients especially starts thinking this and that and will start confusing themselves about the claimable expenses.

Below are the few expenses which can be claimed without any questions:

  1. Travel expenses (everything apart from ordinary commuting)
  2. Subscription paid for the business
  3. IT expenses for business.
  4. Meeting expenses and lunches
  5. Laundry expenses
  6. Tools and equipments if purchased
  7. Repairs and maintenance
  8. Stationery and postage
  9. Courier charge
  10. Employees wages
  11. Director wages
  12. Capital items like laptop, cameras etc purchase
  13. Office Rent
  14. Utilities, water, light and heat
  15. Business rates etc etc

If you can confusion on what can be claimed if your confusion is apart from the above mentioned expenses, please call us now on 02071938157 or email on info@mayfairtaxadvisors.co.uk

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About Us

After being in the practice for more than a decade, we found out that when it comes to taxes almost every clients are paying more than they are supposed to. Their traditional accountant were not up to date with the rules and it was costing the client heavily in terms of taxes. Hence we incorporat..

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