Innovate UK is the UK’s innovation agency. It works with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.
Innovate UK works to:
Determine which science and technology developments will drive future economic growth
Meet UK innovators with great ideas in the fields we’re focused on
Fund the strongest opportunities
Connect innovators with the right partners they need to succeed
Help our innovators launch, build and grow successful businesses
Since 2007, Innovate UK has invested over £1.5bn in innovation, matched by a further £1.5bn in partner and business funding. It has helped more than 5,000 innovative companies in projects estimated to add £7.5 billion to the UK economy and create 35,000 extra new jobs.
Being an employer means a business must have employers’ liability insurance, with a minimum cover of £5m. Having Employers Liability Insurance will cover the business against claims of compensation in the event of injury or illness of employees.
Under the Employers’ Liability (Compulsory Insurance) Act 1969, it is a requirement that the insurance is provided by an authorised insurer. This list can be found on fca.org.uk/register
When do I need to be VAT registered?
Once your business reaches a VAT taxable turnover, you need to register for VAT. The threshold is the total of everything you sell that isn’t exempt from VAT reaching more than £82,000 in a rolling 12-month period.
If you’re unsure if you have reached the threshold in a 12-month period, total up the following items to check:
Goods hired or loaned to customers
Business goods used for personal reasons
Goods that you have bartered, part-exchanged or given as gifts
Services received from other countries that you had to reverse charge
If you completed building works for the business yourself that exceeded £100,000
Although you are not able to charge businesses VAT on your invoices until your VAT number is allocated, you will need to advise HMRC of VAT spend during this period.
Compliance and Regulation
Better Business for All (BBfA) is a collaboration between business and regulators to enable simpler and more consistent compliance with relevant regulation, ultimately leading to a safer and more profitable society.