Startup Wednesday 8: Legal issues & accounting

Session 8 Legal Issues Accounting

By the end of today’s session you should: ,[object Object],[object Object],[object Object],[object Object]

When should you legally register your startup? ,[object Object],[object Object],[object Object],[object Object],[object Object]

The main types of company ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Other types ,[object Object],[object Object],[object Object],[object Object],[object Object]

Sole trader ,[object Object],[object Object],[object Object],[object Object],Sole traders can count a percentage of their losses against other tax they have paid. This is good if you are employed and earning more than £7,475. Sole traders are personally liable for all losses the business incurs. You cannot sell shares in your business. To set up call HMRC or visit http:// www.hmrc.gov.uk You can do everything online.

Doing your accounts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Doing your accounts ,[object Object]

VAT ,[object Object],[object Object],[object Object],[object Object],You can reclaim VAT you have paid on goods and services you buy for the business. You must add VAT to the prices you charge to your customers, and pay this to the Government.

Partnership ,[object Object],[object Object],[object Object],[object Object],Partners are personally liable for all losses the business incurs. If your partner runs up losses and disappears, you are liable. To set up call HMRC or visit http:// www.hmrc.gov.uk You can do everything online.

Limited liability partnership ,[object Object],[object Object],[object Object],[object Object],You cannot sell shares in the business. You can be fined if you do not file accounts correctly. You are personally protected from losses in most cases. In some cases you can claim losses against personal tax. To set up use an online service such as www.companiesmadesimple.com

Company limited by shares ,[object Object],[object Object],[object Object],[object Object],[object Object],You can divide ownership of the business up with shares. You can sell shares in the business to investors. You are personally protected from losses in most cases. You can be fined if you do not file accounts properly every year. You cannot usually count losses against your other earnings. To set up use an online service such as www.companiesmadesimple.com

Setting up a company limited by shares ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Issuing shares ,[object Object],[object Object],[object Object],[object Object],[object Object]

At the end of the year ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Company limited by guarantee ,[object Object],[object Object],[object Object],[object Object],[object Object],This type of company is usually used for charities or social enterprises. The members and trustees are protected from losses. The company can still make a profit and pay its members. Special rules apply if the company is also a charity. The company cannot usually be sold to profit the members. To set up use an online service such as www.companiesmadesimple.com

Community Interest Company (CIC) ,[object Object],[object Object],[object Object],This type of company is usually used for social enterprises. It can pay limited dividends to encourage investment. Some public bodies and trusts will give grants to CICs. Some public bodies and trusts only give grants to charities. To set up visit http://www.cicregulator.gov.uk

Charity ,[object Object],[object Object],[object Object],[object Object],[object Object],Charities can claim tax exemptions. Many companies, trusts and public bodies will only give donations and grants to charities. The law limits some of your activities. You attract grants but not investment. To set up visit http://www.charity-commission.gov.uk

Insurance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Risk, Health & Safety ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Where next? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Course programme 2pm-4pm in Arts Building S21 1 20 Oct Finding role models and teams 2 10 Nov Generating ideas 3 24 Nov Planning your first year 4 8 Dec Branding and building a website 5 12 Jan Pitching and raising finance 6 26 Jan Marketing and PR for startups 7 9 Feb Selling and negotiating 8 23 Feb Accounting and legal issues 9 9 Mar Running an office and bookkeeping

Startup Wednesday 8: Legal issues & accounting

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Startup Wednesday 8: Legal issues & accounting