170 likes | 174 Views
the business of life. Richmond & Kingston Area Board BA/CL Launch Meeting September 2015. YE Resources /Support. Volunteer Business Advisers Centre Leads YE Manager (Anna Jakubcova) YE RK Board (Fazl Hasnain) YE Online. YE Online Resources. ( https://yeonline.y-e.org.uk )
E N D
the business of life Richmond & Kingston Area Board BA/CL Launch Meeting September 2015
YE Resources /Support • Volunteer Business Advisers • Centre Leads • YE Manager (Anna Jakubcova) • YE RK Board (Fazl Hasnain) • YE Online
YE Online Resources • (https://yeonline.y-e.org.uk) • Getting Started • Business Planning • Running the Business • Company Profile • Company Accounts • Company Documents
YE Online Resources (continued) • Social Enterprise/Community Interest Company • Donations to Charities • Company Finances • VAT • Insurance (including Prohibited Products) • YE Online Accounting Software
Social Enterprise/Community Interest Company • Separate Memorandum and Articles of Association (Company Information Company Documents) • Social or Environmental impact objective • Dividend Cap • Asset Lock • Charitable Giving • General Guidance Getting started Types of YE Companies Social Enterprise Company
Donations to Charities • Charitable giving (Name of charity or percentage of profit to be donated) can NOT be included in • Sales & Marketing activities or materials • Trade Stand display • Social enterprise company can make a general statement of its social aim • All companies can donate to charities at liquidation (General Guidance Getting Started Legal matters Charitable Giving)
Company Finances • Nominal value of each share - £1. Each team member must buy, at least, 1 share • Maximum issued share capital - £500 (500 shares) for company programme and £1,000 for start-up. YE Support Centre (info@y-e.org.uk) approval required for exceeding limit • Maximum individual shareholding - £25 for company programme. No cap for start-up • Same rules for Crowd Funding investment
Company Finances (continued) Financial support, Grants or Donations allowed for: • Registration Fee • National or International trade fairs • Home Company Information Company documents legal & Insurance Responsibilities Company Finances
VAT • VAT is payable on all sales and miscellaneous income including fund raising activities (receipts). Only exception – Prize money at trade fairs • VAT is recoverable (receivable) on all purchases, and expenses (payments) but not on salaries or wages to team members and YE registration fee • YE online receipts & payments spreadsheets show items subject to VAT
VAT (continued) • VAT is an internal calculation – not to be shown separately on invoices to outside customers so no registration with HMRC • Software automatically calculates net VAT amount shown on the balance sheet • VAT rate is 20% on net sales or costs or 1/6th of gross sales or costs
Insurance • Products and Public Liability Insurance cover - up to £10 million but excludes: • trading with Canada or USA • Mechanically propelled vehicles • Explosive gases, helium balloons and fireworks • Cosmetics and beauty preparations including Henna products and face paints. (Resale of proprietary branded products in original packaging of perfumes. soaps & bath salts are allowed) • Products plugged into mains electric supply
Insurance (continued) • Alcohol or tobacco products • Unbranded or refrigerated foodstuffs or branded products in original packaging with sell by date of less than 3 months • Travel agency, taxi service or gambling activities • Home company Information Company documents Insurance & Legal Responsibilities
YE Online Accounting Software • Receipts, Payments, Debtors and Creditors pages • Enter amounts only on Receipts or Payments (or Debtors or Creditors) sheet • Software automatically updates Summary Extended Trial Balance, Profit & Loss Account and Balance Sheet • YE Accounts Step-by-Step Guide (General Guidance Business Planning Accounts Accounts Step-by-Step Guide 2015-16)
YE Corporation Tax • Computed automatically in the Profit & Loss Account and Balance Sheet • YE Corporation tax rate is 10%
Need help? • Contact YE Support centre • info@y-e.org.uk • Or me: hasnain@blueyonder.co.uk