Tuesday 30 April 2013

Company House Filings relating to UK SIC codes.

This blog is to discuss UK SIC codes beings that more and more recently we have experienced companies either filing under incorrect UK SIC codes within their annual return creating confusion when applying for trade accounts.

Companies House and SIC 2007

The United Kingdom Standard Industrial Classification of Economic Activities (SIC) is used to classify business establishments and other standard units by the type of economic activity in which they are engaged. The new version of these codes (SIC 2007) was adopted by the UK as from 1st January 2008. This Q & A notice explains why we are replacing the SIC 2003 codings with the SIC 2007 codings for companies to use when giving their principal business activity.

1. What is SIC 2007?

It’s the latest version of the Standard Industrial Classification which was last revised in 2003. It’s a numerical classification that Companies House adopted to identify company principal business activities which are required to be stated on the annual return (form AR01) each year. The new classification system was adopted by the UK on 1st January 2008.

2. When did Companies House adopt SIC 2007?

We adopted SIC 2007 from 01 October 2011. Companies are required to change their SIC code to the latest classification (SIC 07) upon filing their annual return with a made up date of 1st October 2011 onwards.

3. What are the changes to Annual Return information required in the Companies Act 2006 (Annual Returns) Regulations 2011?

The new regulations contain changes to shareholder details required on the annual return with made up dates 1st Oct 2011 or later which can be summarised as follows:

For returns made up to 1st October 2011 or later:

a) Companies whose shares have not been at any time admitted to trading on a relevant market must provide a 'full list' of all shareholders on the first annual return following incorporation; and thereafter on every third annual return. Any details of transfers of shares that have taken place during the year will be required for intervening annual returns

b) Companies any of whose shares have been admitted to trading on a relevant market, must provide the names and addresses of shareholders who hold 5% or more of the company’s issued share capital as at the made up date of the return every year. The Regulations remove the requirement for a full list every third year and details of transfers of shares that have taken place to be shown on intervening annual returns

c) Companies any of whose shares have been admitted to trading on a relevant market throughout the return period and who were subject to the Vote Holder and Issuer Notification Rules contained in Chapter 5 of the Disclosure and Transparency Rules source book issued by the Financial Services Authority (DTR5) throughout the return period; shareholder details do not have to be provided. Since September 2010 all major shareholder notifications required under DTR have been available online on the National Storage Mechanism ; this means that there is no longer a significant public interest in Companies House holding historic information on the holdings of major shareholders of companies subject to DTR.

4. Apart from the Annual Return, are there other forms that should be using SIC 2007 after 01 October 2011?

The new SIC 2007 codes should also be used on the following forms; SE FM01, SE FM02, SE FM03, SE FM04, SE FM05, SE TR02, and SE TR03

5. Where can I get more information about SIC 2007?

The website of the Office for National Statistics

Alternatively contact ONS by email: classifications.helpdesk@ons.gov.uk

Please feel free to contact us relating any company filings whatsoever as we can provide up to date hard copy filings direct from Companies House either on a PAYG basis or within packages via www.creditserve.co.uk. 01992 414222

Friday 26 April 2013

Creditserve Credit Checking and Business Information News, Offers and Events

April 2013 has seen a swift increase in company credit checking with many more companies feeling the need to carry out credit reports on both prospective customers and suppliers alike.

We are pleased to welcome the many new customers who are taking up the offer of unlimited company credit checks, with the back up of consumer credit reports, overseas credit reports, companies house documents, IDU checks and debt recovery.

We have seen, blogged and tweeted about many of the financial milestones and news throughout the month and if you would like to subscribe to receiving this blog then please follow, or you can follow us on Twitter,  Facebook or LinkedIn and receive the latest news, offers and handy hints to anything financial.

In this blog I would like to take this opportunity to offer you a no obligation free trial of our system where you can make use of our credit checking facilities to ensure you are getting the best product, services and prices in the market place.

We offer our Unlimited online UK and Eire credit reporting silver package and can guarantee to reduce your annual subscription by 25%!!!

Please feel free to contact me direct on sales@creditserve.co.uk or 01992 414222 or please visit www.creditserve.co.uk. 

Tuesday 23 April 2013

Polish Company Information Filing Requirements


Please feel free to view the blog below written by Creditserve Business Information Ltd relating to Polish Business Credit Reports-

http://www.creditserve.co.uk/Media-Centre/Blog/April-2013/Online-credit-reports-on-companies-in-Poland


If you need any further help please contact me direct

martin@creditserve.co.uk / 01992 414222 / LinkedIn / Facebook

Friday 19 April 2013

Please Do Not Read This:


Please do not read this: 

Marketing specialists now work on the fact that people are inquisitive and cannot refuse a look at something even if the title asks them not to, I mean you are reading this after you we're asked not to aren't you... How very interesting I thought!

Now that I have your attention I wanted to suggest you look at our website www.creditserve.co.uk so you can benefit from the various money saving offers we have relating to our credit checking facilities:-

Creditserve Specials:-

1) 10 Online overseas credit reports throughout Europe and USA for £200 + VAT

2) Unlimited UK & Southern Ireland Limited and Non Ltd online credit checks, including unlimited company monitoring, director database, companies house documents with a guaranteed 25% reduction on your current contract value.

3) 10 Offline freshly  investigated international credit checks anywhere in the world for £750 + VAT

4) In House debt recovery on a no collection no commission basis - no minimum debt value, no age restrictions.

5) 100 consumer credit reports for a one off fee of £500 + VAT.

If you have any questions regarding any or all of these services please feel free to contact me direct on martin@creditserve.co.uk or 01992 414222
LinkedIn Martin Brown or Twitter @creditserve.

Tuesday 16 April 2013

What You Need To Know About Bankruptcy - Part 2

Applying for bankruptcy:

You have to ask (petition) the court if you want to be declared bankrupt. They will decide whether or not to allow it. If they do, they will issue a bankruptcy order against you. You will then be officially bankrupt.

Fees:

The fees are:-
  • £525 for managing your bankruptcy.
  • £175 for court costs, if you are on income support you may not have to pay this - court staff will advise you.
You can pay using cash, postal orders or a building society , bank or solicitors cheque made payable to Her Majesty's Courts & Tribunal Service.

The Court will not accept your petition unless the fees are paid.

Restrictions of bankruptcy:

If you are made bankrupt by the court you have to follow 'bankruptcy restrictions'. This means you can't:-
  • borrow more than £500 without telling the lender you are bankrupt.
  • act as a director of a company.
  • create, manage or promote a company without the court's permission.
  • manage a business with a different name without telling people you do business with that you're bankrupt.
  • work as an insolvency practitioner (an authorised debt specialist).

How log do the restrictions last and can they be extended?:

  • The restrictions usually last for 12 months from the date the court made you bankrupt.
  • Bankruptcy restrictions can be extended if you are careless or dishonest behaviour caused bankruptcy. For example, you tried to hide assets or you got credit using false information.
  • The Official Receiver will tell you if the restrictions are going to be extended.
For more information relating to bankruptcy or any financial news or blogs either subscribe to this blog, follow me at @creditserve or visit our website www.creditserve.co.uk





Thursday 11 April 2013

What you need to know about Bankruptcy. Part 1

To be made bankrupt, a court has to issue a bankruptcy order against you. This can happen for two reasons:
  • you can apply to the court if you're unable to pay debts
  • your creditors (the people you owe money to) apply to make you bankrupt if you owe them £750 or more
When you're made bankrupt:
  • your assets can be used to pay your debts
  • you must follow certain rules called the 'bankruptcy restrictions'
  • your name and details will be published on a bankruptcy register called the 'Individual Insolvency Register' (https://www.gov.uk/search-bankruptcy-insolvency-register)
  • after 12 months you're usually discharged (freed) from your bankruptcy
For more information regarding bankruptcy, insolvency or debt recovery please feel free to subscribe to this blog or contact us at www.creditserve.co.uk.

Creditserve offer online credit checking on businesses, consumer credit checks and anti money laundering checks to assist when credit checking businesses or individuals and for more information relating to these services please feel free to contact sales@creditserve.co.uk or call on 01992 414222.

Tuesday 9 April 2013

Anti Money Laundering and ID Checks Blog

In business you will be dealing with varying types of business entity and therefore there are differing ways to try and ensure you will not be left with bad debt. This blog is to give you an insight as to why carrying out AML (anti money laundering) and ID checks can benefit your company.
 
As we all assume that AML or ID checks are specifically used when carrying out consumer credit checks. However I would like to raise the point of potentially checking the business owners/directors behind a Limited company to ensure they are who they say they are and they are a viable risk in themselves.
 
We have seen a significant rise in fraud in the UK and the AML or ID checks are a very cost effective quick solution to ensuring you are not caught by this potentially damaging form of crime. Please see below what is available in these credit checks:- 
  • Instant verification of owner identity
  • Confirmation of residential address
  • Provides a detailed report for risk assessment
  • Identifies insolvent individuals
  • Verifies UK and International passports
  • Verifies utility bills
  • Verifies credit/debit cards
  • Verifies bank account
  • Verifies land register
Our AML and ID checks are ideal when credit checking sole proprietorship's and partnerships but also very useful when doing due diligence on potential customers. Some of our biggest subscribers of this information are in the financial services sector as well as large wholesale and distribution companies.

We can offer these reports individually through http://www.creditserve.co.uk/Online-Shop/Anti-money-laundering-searches or we can offer vastly reduced prices when a customer has bulk usage requirements.

If you would like any further information regarding this service or if you have any questions in general please do not hesitate in contacting me direct martin@creditserve.co.uk or 01992 414222 @creditservehttp://www.creditserve.co.uk/Products-and-Services/Consumer-AML

Monday 8 April 2013

Creditserve Online Overseas Credit Checks

Creditserve now offer instantly available online overseas credit checks throughout Europe and USA.


We now offer instant online access to business information throughout Europe and USA through our online shop http://www.creditserve.co.uk/Online-Shop.
 
The countries which we cover are:- 
  • Belgium
  • Czech Rep
  • Denmark
  • Finland
  • France
  • Germany
  • Greece
  • Iceland
  • Ireland
  • Italy
  • Lithuania
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Slovakia
  • Spain
  • Sweden
  • Switzerland
  • USA 
These reports contain valuable financial and business information to assist in making sound business decisions whether it be taking on new customers or ensuring that your suppliers are viable business partners.
 
The reports throughout Europe include the following: Statutory Information, Address Links, Group Structure, Latest Financial Accounts, Director Information, Credit Limit & Risk Score.

Our online overseas credit reports carry a £30 + VAT charge per report, however we offer significant reductions in price for bulk packages which we are happy to quote for. Please feel free to contact me direct on martin@creditserve.co.uk or call me direct 01992 414222.

http://www.applegate.co.uk/listings/71c8a540872911e29106005056822520.html



 
 
 
 
 

Friday 5 April 2013

HMV to be saved in £50m deal with Hilco

HMV to be saved in £50m deal with Hilco
Apr 5 2013
Companiesandmarkets.com - Apr 05, 2013 13:30 CEST

HMV's future as a high street retailer was salvaged today in a £50m deal that secures 2,500 jobs on Britain's beleaguered high streets.

A deal to salvage one of the most prominent names on British high streets will secure jobs at 141 stores.

Restructuring specialist Hilco, which already owns HMV Canada, said it had struck a deal with Deloitte to acquire 132 HMV shops and all nine branches of the Fopp chain.

While that represents little more than half of HMV's UK stores that were open before it called in administrators in January, it represents a more optimistic outcome for the chain than many analysts had predicted.

Hilco's chief executive, Paul McGowan, said the firm hoped to replicate its success with HMV Canada, which it acquired nearly two years ago and which he said was now "trading strongly".

He added: "The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business, but we believe it has a successful future ahead of it."

At its peak, HMV had more than 400 outlets around the world, more than half of them in the UK.

But from 2007 onwards, a series of turnaround plans saw the retailer diversify into other areas, including a short-lived venture into live music venues, without solving its underlying problems

HMV had outstanding debt of around $280 million on Oct. 27, the latest figures available, but had struggled from reduced spending by British consumers who are facing an ongoing downturn in the local economy.

Ian Topping, one of the Hilco executives who will be involved in running HMV, added:

"The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that."

Nick Edwards, Rob Harding and Neville Kahn, restructuring partners at Deloitte, the business advisory firm, were appointed Joint Administrators to HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd (together “HMV” or “the Companies”) on 15 January 2013.

Thursday 4 April 2013

What is the difference between Administration and Liquidation?

With all the laws governing insolvency in the UK it is common to hear the question posed, "What is the difference between administration and liquidation?"

This is probably because of all the reports of administrative orders that make the daily papers when large corporations are on the brink of insolvency. You will rarely hear anyone ask, "What does liquidation mean?" because it is self explanatory and often used synonymously with the winding up of a business.

In other words a liquidation definition could simply be 'winding up a business.' It can be compulsory (court ordered) or voluntary, but it always results in the winding up of a business.

Administration, on the other hand, does not need to result in the winding up or liquidation of a business. An administrator is appointed by the court, creditors or the company itself. Furthermore, the administrator takes on a broad scope of duties and literally takes over those duties which were previously held by directors. He or she sees to the operation of the company in order to comply with the administrative order of the court. It may be to liquidate the company and it may also be to turn financial matters around within a given timeframe, usually 12 months, in order to bring it back to being solvent.
 
So then, what is liquidation and how is it different from administration? In terms of a simple definition, liquidation is the winding up of a business that will cease operations while administration is the appointment of an administrator who may or may not seek liquidation. Liquidation can be sought even when a business is solvent but administration is ordered when the company is insolvent. Liquidation is the final phase of a business but administration may be an interim phase intended to bring the company back to solvency.

If you would like any information pertaining to Creditserve Collections and the services we offer as a debt recovery agency then please do not hesitate in contacting us. We offer our debt recovery on a 'no collection no commission' basis.

For mor information please visit www.creditserve.co.uk or email martin@creditserve.co.uk