August has a habit of being either super busy you wish you could clone yourself, or worryingly quiet and questionable. However, it's worth remembering that founder businesses rarely move in a straight line. After a busy month for us at Innovator including moving our office to a new city, running multiple events including another in person collaboration with Venture Cafe, this week has been quieter on the news front, and that's okay. Here's what we did publish, plus a few extra bits worth your time while things are calm.
Do you need an accountant yet?
Short answer, if you're pre-revenue, probably not yet, but you should still be talking to one. We broke down the three actual triggers that mean it's time, approaching the £90,000 VAT threshold, taking on your first employee, or your income heading past the Making Tax Digital thresholds, and what to put in place in the meantime so you're not caught out later.
Harriet shared her experience of getting this wrong the first time round in her own business, logging everything herself in QuickBooks for months before finally taking the leap and hiring an accountant, calling it one of the best decisions she's made. Worth a read whether you're pre-revenue or already past one of those triggers.
Innovator International
Where we stand on the visa pivot rules
Following our live session on major visa pivots, we've published a short recap covering what a pivot actually is, and the difference between a minor and a major one now that the Home Office requires a full reassessment fee for major pivots. A few points are still awaiting full clarification from the Home Office, and we'll issue a proper article once those are confirmed, along with a further session to go through it.
Innovator International
A resource worth revisiting: the ILR and Same Business guidance
If settlement or your next endorsement is somewhere on your horizon, it's easy to forget what's already sitting in our resource library waiting to be used. Our guidance on ILR and Same Business applications covers exactly the kind of detail that's easy to underestimate until you're actually pulling your evidence together. We also run regular sessions specifically on applying for your next endorsement, open to current visa holders, so keep an eye on our events page for the next date.
Richard Harrison
September Events
Your next chance to ask us anything
Our monthly Open Q&A returns on Wednesday 9th September, 10 to 11am UK time. No slides, no fixed agenda, just bring whatever's on your mind and we'll work through it live. Open to all registered members, registration required via Zoom.
Innovator International
What other events do we have coming up this month?
What Does "Considerable Progress" Really Mean? - If you're preparing to extend your Innovator Founder visa, one of the key requirements is demonstrating that you've made considerable progress against your endorsed business plan.
We'll walk through how this is assessed, including how decision-makers compare your progress against your most recently endorsed plan, what kinds of evidence help demonstrate meaningful growth, and how this differs depending on whether you're applying for ILR or staying with the same business. Places are limited, so click below to register your space early.
(Please note this session will not be recorded)
Innovator International
Our applying for your next endorsement sessions are a MUST attend for anyone who is in the final year of their visa. This will help guide you to what is you need to achieve in order to apply for an endorsement, the process, the information you need to prepare and how to ensure we can provide what is required.
If your visa is coming up for renewal, we've got another free 30-minute webinar just for you. We'll walk through the re-endorsement process — what's required, what to expect, and how to prepare. Places are limited, so register early. (This session is not recorded).
Innovator International
Before we sign off... New series: Where Are They Now
We're kicking off a new segment for our Founder Stories this month called 'Where Are They Now?', going back to some of the very first founders who trusted us with their story and finding out what's changed since.
First up is Hari from Fusion Kitchen, whose original story on taking on food delivery giants with a 0% commission model is one we still think about. A year on, the business has grown into something bigger. Fusion Kitchen has evolved into Fusion My Business, a broader hospitality technology and business solutions platform.
We'll be bringing you his full update soon, new milestones, the pivot in direction, and what he'd tell founders starting out today. If you missed the original, it's worth a read first (available to paid members of Innovator Pulse):
Innovator International
That's this week in full. See you next week!
