Blog

The UK economic growth has elevated by 3.2% in the second quarter compared to the same time in the previous year. This is actually higher than the 3.1% original estimate.The growth was helped by the construction sector performing better than previously predicted.The figures show the best economic performance the UK has seen for over 6 years. The service sector which equates to 78% of the total economic activity grew by one percent in the second quarter. This was also the best performance this sector has seen for over 6 years.Also manufacturing output grew by 0. 3% however the agriculture industry actually shrank by 0.2%.The service sector was the overall winner, with widespread growth. Increases were seen in business services, transportation, hotels, food services, communication and storage.The service sector is now officially above the previous high by 3%, the last previous peak was in 2008. The latest figures are showing that the economy recovery is will underway and it is being led by consumer spending.However the UK manufacturing sector is still below by 7.5% below its peak in 2008.The Bank of England is not expected to raise the interest rates soon, interest rates were expected to rise in 2015.Your Virtual Office London provides professional business services, if you would like to discuss how we can help your company, dont hesitate to get in touch with us.

The EU economic recovery is looking more and more bleak now. It's unfortunate, as the UK's largest trading partner has become stagnant. One Bank of England policymaker has said the exports to the UK are dead in the water.The same policy maker explained it was looking more and more difficult to see any exports grow because of the ongoing economic issues in the Eurozone. He went on to say the UK`s economic growth was no longer being led by consumer spending.UK exports figures have been very low, growth has been slow over the past 2 or 3 years, according to one professor. He suggested the main reason for the slow growth was due to the Eurozone and the economic issues the member countries are facing. He added that it is hard to see exports growing in the near future.The UK government has place a target for UK exports, it wants UK exports to reach the £1trn mark by the year 2020 and 100,000 more UK companies are needed to start exporting if the UK is to meet this target.If you found this blog interesting you can find more posts in our economy blog section.

Our mail forwarding service allows a customer to use our prestigious office address in London as if it was their own. Using our address enables our clients to have post sent to the central London office address we have provided, they can then choose to have the mail forwarded from the provided mail forwarding address to an address of their choice.

Why would I use a mail forwarding address?

There are many reasons why you someone would choose to use our mail forwarding service. Firstly it can be used by personal customers who have decided to go travelling or take a long vacation, using our service allows them to have post sent onto their address no matter where they are in the world. This has obvious benefits, someone who spends long periods of time away from their main postal address can expect many bills and important letters that may be time sensitive. Our mail forwarding service enables the client to receive these documents no matter where they are in the world.Many business customers also benefit from the use of our mail forwarding service. Our address is situated in a prominent and prestigious location in central London, this creates a positive image for any prospective clients who may be looking to work with your company.Our mail forwarding address service also has can help with privacy, all businesses are legally required to provide an address of where they are operating from in the UK. Our address service can help protect your home address, thus preventing any unwanted callers turning up when you least expect them.

Other key benefits to the mail forwarding service

• Private and Confidential
• For personal and business customers
• Prestigious address in central London
• Creates a professional image for your business
• Mail forwarded worldwide
• Collect mail from our premises
• Parcels and signed for post accepted
• Digital scanning of post available

Your Virtual Office London has been providing professional mail forwarding services for over 20 years. Many business customers also choose other supplementary services which can complement the mail forwarding service.We provide a registered office address in London for our Limited company clients; this allows them to use our prominent London address at Companies House in place of their existing registered office address. Another service that is popular with our company clients is a directors service address, again this is for updating the directors address at Companies House. Both address services are aimed at improving your image and keeping your personal details safe and secure, away from public view.If you would like to discuss any of the services mentioned in this article please feel free to contact us, we have an expert team on standby ready to take your call.

In this article, we explain who can act as a company secretary and how one can be appointed or removed and the typical duties performed by the secretary.

Who can be a Limited Company secretary?

There are not many people who cant act as your company secretary in a private Limited Company. There are a few restrictions; the company secretary must not be an undischarged bankrupt unless the court has given leave. Also the companies auditor is not allow to perform the role of secretary. A partnership, company and of course an individual are allowed to perform the role of company secretary.

What is the process of adding or removing a company secretary?

The adding of an appointment of a company secretary or the removal of a secretary will be governed by the Companies Articles of Association. It would be decided by the board of directors of the company, that they wish to add or remove the appointment. The Companies Act 2006 doesn't provide details of how the process should be handled.

What are the main duties of a company secretary?

The duties of a company secretary can vary, there are no right or wrong duties however typically the duties are as follows:1. The company secretary would normally provide the service of Filing annual returns.2. Preparing and maintaining the statutory records.3. Arranging meetings for shareholders and directors, maintaining minutes of meetings.4. Maintaining correct company details with companies house, updating when changes happen.5. Legal compliance6. Holding and safe keeping of company documents7. Maintaining a registered office address

Why use Your Virtual Office London to form your company?

Your Virtual Office London are company formation experts. We have been forming companies for over 30 years, we have a huge amount of experience and we are always happy to share this with our clients. It is important to understand the supplementary services we provide our company formation clients, services such as registered office address, mail forwarding, virtual office and business accounting. Incorporating a company can be a daunting process and our team are specially trained in guiding small businesses through the minefield of forming and starting a new company.

Europe-Zone economies under-performed worse than what was predicted in the second part of the financial year. The German Gross Domestic Product contracted by 0.22% in the last three months leading up to June. This is in contrast to the first part, the German economy grew by 0.7% in the first three months of this year.The German Federal Office explained that they were losing momentum due to the trade balance directly slowing the growth of the economy.The French economy remained stagnant; the economy had 0% growth. This is the second quarter where no growth took place; again the official figures were not what was expected. The French economy was predicted to have a slow positive rise in growth; this is suggested to be due to weak manufacturing output. Another aiding factor has been sighted that the second quarter has a larger number of public holidays which can also slow manufacturing output.The minister of finance for France, Michel Sapin, has explained that France is not expected to meet its deficit reduction target in 2014.Other causes have been signalled to possible reasons for slow growth. The Ukraine fighting has possibly affected confidence in both countries. Along with Russian sanctions, investments may be reduced and overall confidence lowered in the region.If you found this news article interesting, you can read more on our economy blog section.

Unemployment in the UK has hit a six year low in the last three months. The ONS (Office for National Statistics) has reported that the amount of people out of work has fallen by to 6.4% in the last quarter. This is the lowest level since 2008 and it has gone done from 6.5% in May.The actual figure of people out of work decreased by 132,000 to 2.08 million, however average wages rose at the slowest rate since records began in 2001.The Office for National statistics suggested that the slow wage increase was affected by a large number of employees actually deferring bonus payments in the hope of the top rate of tax being cut.This deferment is thought to have affected the actual real rate of increase, which would have been higher if it was not for the bonus deferring.Low salary inflation, the rate at which the real value of a salary increases is a growing concern for top financial decision makers in the Bank of England, it could ultimately have an effect on the timing of when to raise in the interest rate.The Bank of England has now reduced its forecast by more than half, saying the average salary increase would be around 1.25% for 2014.The slow salary growth is likely to prevent an increase in interest rates this year, mainly due to the average person being made to pay more for their mortgage and subsequent knock on effects to the cost of products and services.The slow increase also suggests that the economy is still fragile; the figures should be used seen as a warning sign that the economic recovery still has a long way to go.The unemployment is still expected to fall further as we move into the second half of the year. It is also very probable that the unemployment rate will fall below 6%.If you found this news article insightful you can find more economy posts on our blog.

What is a registered office address?

A registered office address is for Limited Companies and Limited Liability Partnerships. It is a legal requirement from Companies House that a registered office address must be given when you incorporate a company. The address will then be used by Companies House and HMRC to send your company official statutory official post.

Why do I need a registered office address service?

Many small start up businesses are usually formed from a residential address, a homeworker for example starting a business would normally have no choice but to use the residential home address as the registered office address. The address is then available on public view, which means customers and business associates will be able to find out where you live and of course this can sometimes have privacy issues which may not be suitable for someone working and living at home.

Why Your Virtual Office London Registered Office Service?

Your Virtual Office London provide a real London office address in a prestigious and prominent area of central London. Our service can be used by Limited Companies and Limited Liability Partnerships (LLP`s). The service can be used as long as the company is trading from England or Wales.

Is postage free?

We include all postage of statutory mail for free, your registered office post is sent first class same day and we also include free postage for our international clients; this post is sent out via airmail same day.

I am a director can I use this for my service address?

Our registered office is only for the company address, if you are looking to update your directors details with a London address, we do provide a directors service address. This is used by directors and secretaries of companies, it allows them to receive staturoy notices in their name to our service address in London. Again all post is included with this service, so there are no additional mail handling fees.

Can I have normal business post sent to the address?

If you are looking to have everyday trading mail, such as letters from clients and business associates, statements from banks and other marketing materials, you will need our London mail forwarding address. This is ideal for real trading businesses looking to have a prime address in the heart of London. Postage costs for this type of mail is not included and we would require a postage deposit.A London address can really help boost your companies image, increasing the prestige of your operation through a prime address in central London can help your client perceive that your business is established and secure. Image is key to winning important contacts and clients, we strongly recommend our mail handling services to help aid the progression of your business. If you would like to discuss any points raised in this informative business article, please get in touch with the team today.

Over 30% of business managers in the UK did not use their full holiday entitlement. This comes as a warning to business owners, holidays are an important part of the workforces entitlement and can lead to increased productivity and happiness.The institute of Leadership and Management said that firms should make sure all staff take their full annual leave entitlement.One in 20 UK business managers has said that they have lost a week or more due to the annual allowance not being taken.It is known holidays help creating a happy and healthy workforce. When staff return from holidays they are refreshed and re invigorated which is ideal for businesses to increase productivity.

Leading UK firms BDO has suggested that its job index for July which measures hiring plans for the coming three months was at the highest level since 1998.The report has seen a large increase in firms looking to hire new staff. An increase in the rate of new jobs that are being created is expected to last for the rest of the year.Another index report from BDO which measures businesses expectations over the next 6 months was at the highest level for more than one year. This is testament to the UK`s economic growth and increase in consumer confidence.The increased optimism will only have a positive real outcome on the UK economy and employment figures, which is great news for Britain as a whole.However increase employment can lead to a shortage of skilled workers and it is thought Europe will help fill gaps in the employment market.If you enjoyed this business and economy article you can read more on our informative business blog.

For accountants who are responsible for project formulation, financial statements are the corollary of their work and the culmination of their efforts. For entrepreneurs and managers of businesses, this allows them to take actions and decisions they deem appropriate for the proper conduct of the business.This situation can be summarised in the financial statements, whereby they record the financial results for the integrated management of business that the organisation runs. This information is of interest to various sectors, such as:- The owners and / or shareholders and those fully interested in knowing the results of the economic entity.- The directors and officers are interested in the excellent conduct of the business, to know if you are meeting the objectives established.- Administration: To guarantee the proper administration of the institution in accordance with its goals and objectives.- Supervisors and control bodies: Those that manage audited financial statements give credibility to your financial information.- Government bodies: Interested in the financial statements that are audited by aspects of formality and regulation.- Workers : As a means of feeling security in their employment.- Suppliers and creditors: Because they are interested in liquidity and fairness of the financial statements.- Investors: Because they will be able to analyse, to invest or not to invest in certain types of business.- To the general public: To know whether a particular organisation has a good picture of trade, if there are good services, products and whether they have quality.Under this perspective, the audit of the financial statements involves an examination of the financial statements of its operations holistically, including media, economic, administrative, financial / accounting, legal, environmental etc. An established, well respected company such as thecheapaccountant.co.uk can help with this aspect.Due to the above, the financial audit should not only aim at the verification of the accounting record, but also the detailed examination of the actions of the organisation, areas, processes, licenses, operations, records and support in a responsible manner to be as efficient as possible.In that way a financial audit process requires consideration of, among others, the following:- Understand the organisation, policy, regulations, structure, processes, financial reporting and accounting handbook with your chart of accounts.- Prepare guidelines, programs or questionnaires for an audit and internal control and other working papers, based on the representative account.- Know the computer applications that manage the organisation, especially accounting and finance.- Review the different accounts assigned to the financial statements, considering the accounting, financial, administrative, legal, economic, environmental or otherwise. Determine for each of them, the cause, effect and impact as well.- Translate in technical working papers, supported and objective manner, each of the findings, to be considered in drafting the final review report.With respect to internal control you should:- Evaluate the quality of information systems and media in the accounting process.- Check profiles of who will be able and responsible for handling and recording of accounting functional areas.- Verify proper handling of correspondence and memory of the organisation file.- To verify the existence of control processes that perform the accounting area of dependencies and other sources of accounting information.- Monitor an Improvement Plan,Another insightful blog post produced by Your Virtual Office London.