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Digital Company Formation

StartingMyBusiness.Biz

Press Releases

14th March 2011

“The leading UK online company formation agent Starting My Business has announced that from the 8th of April 2011 it will be introducing an online company registration package not only cheaper than the new citizen’s incorporation service (introduced by Companies House under the new Business Link initiative) but also inclusive of online limited company first minutes, memorandum and articles of association and very importantly a free personalized limited company bank introduction to HSBC or Barclays and a free consultation with a certified accountant worth £45.00 to discuss their accounting service and VAT needs. The Starting My Business CEO and barrister, Barry M. Spencer-Higgins said that... “whilst he strongly disagreed with the effective nationalization of the company formation business and the undoubted job loses it will create in a sector that can trace its history back almost 200 years, he also said that in the case of Starting My Business its strategy for survival must be to offer a better and more complete service than that offered by Companies House and its new citizen’s incorporation service.” In effect, Starting My Business will be subsidizing its online company formation services both in England & Wales together with Scotland by using its competitive London based accountancy services. Mr. Spencer-Higgins is unfortunately of the view that company formation agents that don t have their own legal and accountancy service divisions will undoubtedly collapse over the next year. A sorry legacy for a coalition government ostensibly being a government for business!!”

31st March 2011

Starting a Business - An Appraisal of the 2011 Budget

Business Report from Starting My Business.Biz

Corporate Tax Rates Down but High UK VAT Rates remain ..... Re-introduction of 'Enterprise' Zones

George Osborne's 2011 Budget provides a mixed bag of good and bad from the perspective of those considering starting up in business - The general UK economy is still very weak and little has really been done to address the most serious problem facing both business start ups and growing businesses' namely financing and liquidity: Over the last year there has been much talk about helping small business gain access to business finance but from a random survey carried amongst Starting My Business clients it is clear that there are still very significant problems, which must be addressed i f the UK is to get its economy on track . In respect to the Chancellor's reintroduction of 'enterprise' zones, this has been greeted with some skepticism by economists as it has historically been deemed to distort the free market and result in a misapplication of resources.

On a more positive note the Chancellor has proactively reduced corporate taxes to 20% for small companies and 27% for big companies from the beginning of April and 1 percent every year thereafter until the rate reaches 24 percent. However, the now standard rate of VAT at 20% (replacing the earlier 17.5% rate) will despite the Chancellor's contentions, not be seen by the business community as sending out a sign to the world that "Britain is Ready for Business" quite the opposite in fact. There is also substantial debate whether the effective 'nationalization' of the company formation business from the 6th of April with the introduction by Companies House of the citizens incorporation service will really make any difference to helping business 'start-up's' as the UK already has some of the most efficient and cost effective company formation services in Europe but what is sure is that one small business sector, that of company formation agents, will be decimated as a result!

In precis, the 2011 Budget is not a catastrophe for the small business sector but there is undoubtedly substantial hyperbole from the Chancellor and a total failure to address the key issue of raising finance on reasonable terms for small business.