Author : chris

The Flat Rate Scheme for small businesses

Posted by Chris at 4:48 pm

VAT can be a daunting task, fortunately the HMRC offers a number of VAT schemes designed to make filling your VAT return easier. The Flat Rate Scheme provides a good option for small businesses and contractors who turnover less than 150,000 net, and are able to convert sales into profit.

How does the Flat Rate Scheme work?

The Flat Rate Scheme simplifies VAT returns by paying a predetermined percentage of sales to HMRC without having to calculate the difference between sales input, and purchases output. The predetermined percentage is defined by business sector. Below is a link to the HMRC site with a full list of the business sector rates, and a selection of business sector rates that might apply to you:

Computer and IT consultancy or data processing 14.5%
Advertising 11%

Flat Rate Scheme percentage rates:
http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm

First year discount

For the first year of being registered for VAT the HMRC offers a 1% discount from your standard business sector rate. So a Computer / IT consultant would use 13.5% for the first year, following which it would increase to 14.5%.

I am VAT registered already, should I move to Flat Rate Scheme?

In order to establish if you should move there is a simple calculation you can perform:

Step 1)
Take your gross sales for your previous VAT quarter and multiply it by your appropriate business sector rate (based on industry rates above).

Step 2)
Compare the result to box 5 on your previous VAT return.

Step 3)
If your total is less, then you would have saved money using Flat Rate Scheme in that VAT quarter.

Claiming back VAT under the Flat Rate Scheme

Under the Flat Rate Scheme you typically cannot claim back the VAT you spend on capital assets for your business. However, you may be able to claim back the VAT on certain capital asset purchases with a VAT inclusive price of £2,000 or more.

I should not apply if…

You mostly buy items which contain VAT at the standard rate of 20%. As a rule you cannot reclaim the VAT back on your purchases.

You predominantly make zero-rated or VAT exempt sales.

How do I apply?

You can apply for the Flat Rate Scheme with form "VAT 600", which is available from HMRC website (www.hmrc.gov.uk), search for "vat 600".

To download the form in a PDF format, please click here.

A Massive Thank You

Posted by Chris at 12:18 pm

On a sunny evening deep in the heart of Shoreditch The Hoxton Mix Mixer #7 curated the “Next Tech” evening at Digital Shoreditch.

We had a great crowd of close to 350 attendees, inspiring keynotes, insightful chats, and an open-mic session followed by a drinks reception.

We want to highlight and thank our keynote speakers Adewale Oshineye (Google+), Alex May, Rob Bateman and James Oury (Oury Clark) for their inspiring and pioneering talks!

We would also like to take this opportunity to thank the sponsors Oury Clark and Google+ who made our The Hoxton Mix Mixer #7 at Digital Shoreditch such a huge success, without their generosity, this would not have been possible.

Great thanks as well to our wonderful event hosts, Digital Shoreditch especially to Kam Star, and to their great staff. You guys rock!

We hope everyone enjoyed the evening and we look forward to seeing you soon at The Hoxton Mix Mixer #8.

Your Hoxton Mix Team

Hoxton Mix, Old Street Coming Soon

Posted by Chris at 5:18 pm

The Hoxton Mix are pleased to announce that the Hoxton Mix, Old Street will be opening in March 2012.

The newest addition to the Hoxton Mix family, Old Street is a modern and contemporary top floor office which has just finished being renovated. It’s high ceiling and windows provides a bright and spacious feel. The office includes a glass encased meeting room and break out working areas, alongside all the modern kitchen amenities.

We have will 34 desks available to companies from one man startups to small agencies within the digital sector. The office is located in the heart of Old Street, dubbed the Silicon roundabout, well known for being the centre of cutting edge development in the digital sector.

It’s just 2 minutes walk from Old Street tube station, and it’s extremely competitively priced at just £275 PCM.

We are currently adding interested parties to a waiting list, so please contact us today to avoid disappointment.

Reception at Buckingham Palace

Posted by Chris at 5:24 pm

The Hoxton Mix directors Chris Sees and Matthew Evans has been formally invited to attend a reception at Buckingham Palace to honour UK innovation and entrepreneurship in the field of new and emerging technologies.

In addition to selection of tech companies Chris and Matt will be joined by successful corporates and financiers to celebrate the growth of the Tech City cluster in East London.

The Hoxton Mix networking Mixer No. 4

Posted by Chris at 5:14 pm

We are very excited about the next Mixer event which will have a gamification theme.

We’re very pleased to announce the following speakers:

Kam Star – Chief Play Officer at Playgen

An overview of Gamification for brands

Ian Hetherington – CEO at eeGeo

An Introduction to MyWorld – a highly accurate persistent 3D model of the work built in a gaming environment.

These amazing talks will be followed by introductions to new residents of the Hoxton Mix and networking until we get thrown out at around 11pm.

Limited space for this event, so sign up now.

Amazon Web Services move into The Hoxton Mix

Posted by Chris at 11:09 am

It’s official! Amazon Web Services (AWS) will be running the first of their advice services from The Hoxton Mix starting on the 5th October.

The service will run each Wednesday for startups using AWS or considering AWS as a platform. So if you’re a seasoned AWS user, and want to talk about the intricacies of EC2 and S3, or you’re just thinking about your first foray into cloud computing email ukstartups@amazon.com to book in a session.

So welcome to Nick Wallace. We hope to see you in The Princess shortly!

Lord Sassoon visits the Hoxton Mix

Posted by Chris at 5:44 pm

Lord Sassoon, the Commercial Secretary to the Treasury paid a visit to the Hoxton Mix on Friday 9th September to discuss how the government’s Open Data strategy can help technology entrepreneurs.

Lord Sassoon, chaired a roundtable discussion joined by key companies from the Tech City area including a number of residents from the Hoxton Mix.

The residents of the Hoxton Mix were delighted that Lord Sassoon has taken the time to join us. His visit is in recognition of the growing talent and advancement of the area, and a clear indication of how London is forming the digital capital of Europe, and becoming a technology hub to rival Silicon Valley in the States.

April’s Mixer

Posted by Chris at 4:06 pm

On Wednesday, 20th April The Mixer took place at The Gopher Hole in London’s Old Street. The Mixer brings companies and individuals together for a night of digital inspiration, innovation and discovery. The Mixer night aims to mine the most inspirational ideas from the community, and generate discussion on hot topics. There are obviously a few drinks and some nibbles to lubricate the brainstorm.

A big thank you to the guest speakers who included:

Eric Van der Kleij, CEO Tech City Investment Organisation. The Tech City UK initiative was launched by the Prime Minister, David Cameron to build on the existing cluster of technology companies in East London to create a world-leading technology centre.

and

Ben Rometsch who explained how design and technology companies can take advantage of R&D Tax Credits to help companies improve profits and growth by creating new high value-added products, processes and services.

Following the guest speakers the event offered an open mic section. Each speaker had 3 minutes to tell the room what they specialise in, what their recent achievements are, and what they might be looking for help with.

Following on from the success of the event, and the warm reception from all those who attended we are pleased to announce the next Mixer will be taking place on Wednesday, June 29, 2011 at  The Gopher Hole. We have some really good stuff lined up for the night. Already pencilled in for the primary slot is: Matt Wood, Amazon Web Services UK, and Matt will be followed by Mark Twum-Ampofo from Kingston Smith on Government and private funding, seed capital and tax implications), and Simon Underhill from Tonic on Augmented Reality – after the novelty.

For the open mic section we want to hear from people about one project you are really proud of. Ideally something cutting edge, beautifully designed, innovative, inspiring or intensely effective. PowerPoint / Keynote and web connectivity will be available.

If you are interested in attending The Mixer and joining the creative fun, head over to Meet Up and register today.