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Share Capital and submitting to HMRC & Companies House

  • 12 posts
  • # 90427

I have just taken on my first small Ltd Company to submit returns to HMRC & Companies house.  This is the second year trading and there is no Share Capital entry.  What is the minimum amount.  There is only one Director.  Also I will be submitting to HMRC & Companies house.  I have been told that I only need to submit abbreviated account.  Is this the Balance sheet?  Is there anything else I need to know.  Any help would be great. 
Emjay
  • 10 posts
  • # 90877

Hi Wendy.
The Companies House Website http://www.companieshouse.gov.uk/    provides lots of useful information. There is an email address and phone number if you require help. Before you can enter the information for your company, you need to allow time for registering with Companies House and receiving your password through the post. It explains how to register on the website.

The Abbreviated Accounts include the Balance Sheet, information about the shares of your company and the names of the directors.
Theresa
  • Member
  • 495 posts
  • # 90880

Hi Wendy,

Just a quick question - why does the side banner say you have no membership?  I assume, since you note elsewhere that you have been a bookkeeper for a couple of years, that you know you need to be a full MICB to do company returns.

While we like to be a nice helpful bunch the work you say you are doing needs good qualifications (which I'm sure you have) and we wouldn't like to advice an unqualified individual to do something which could have so many potential financial implications...... 
  • 794 posts
  • # 90884

Good point Theresa - I have noticed this quite a number of times with regards to accounts and in particular payroll.


Yes, maybe they are qualified with some other 'body' but if that was the case surely they would be asking their advice?

Marilyn   

  • A clever person solves a problem.

    A wise person avoids it.

    Albert Enstein


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  • 12 posts
  • # 90885

Thanks for all your replies.

I am AAT qualified and when I registered for this forum it didnt give me the option to put in my qualification.  I am in the process of becoming a full member of AAT and then to become a MIP (Member in Practice).  

I Hope this clarify this.

Wendy 

 
  • 153 posts
  • # 90888

The abbreviated accounts require the appropriate notes, all in the correct format. For the share capital, you need to know what shares were issued when the company was set up and since....I'd suggest you speak to AAT if you aren't sure what to do, not least because if you aren't sure about all of this maybe you'll need some more supervised experience before doing it on your own?
Theresa
  • Member
  • 495 posts
  • # 90890

wendycbkssaid:

“Thanks for all your replies.

I am AAT qualified and when I registered for this forum it didnt give me the option to put in my qualification.  I am in the process of becoming a full member of AAT and then to become a MIP (Member in Practice).  

I Hope this clarify this.

Wendy 

 ”

Now, you see! I said you would be qualified :)

I will however admit that I find it facinating you come to us for help - does the AAT not have a forum? 
You should consider joining us - there is an exemptions route so you don't have to take all the exams again, though I expect there are costs involved :)

As to your minimum capital - there should be some incorporation paperwork somewhere at this company you are sorting out - the initial capital should be recorded in there somewhere along with the number of shares involved. 
  • 12 posts
  • # 90894

Theresa
Thanks for your reply.  As regards to AAT - I am not overly impressed with them but I believe I should be registered with a body if nothing else for my own peace of mind and I have looked into ICB and I am very impressed with this forum - lots of info on it - so still time for me to be one of you's!! I have done bookkeeping for 25 years and had my AAT for 5 years  but only had my bookkeeping business for two year s - but this in my first small limited company - I wanted to take this on as I am qualified to to so and I thought as it was a small company the experience would be good.

As regard to the share capital - your help has been great - but i took this company on in its second year - with very limited details on the first year - just an figure for an asset and a figure for a loss! turns out nothing was submitted to HMRC or companies house for the first year.  So in the process of registering with both of these.  I haven't yet submitted anything yet.

Again manu thanks

Wendy

 
Theresa
  • Member
  • 495 posts
  • # 90896

Ask about the initial incoporation.  You have to enter the initial capital as it is used to limit the liability of the company - there should be a record somewhere - years 2 or year 200 it has to be there somewhere!
Beverley Flanagan
  • 51 posts
  • # 90959

The minimum share capital for a company is £1, however the share capital for a specific company is determined when the company is first set up. Each one could be different, for example mine is £1,000, alot of companies have £100.

If you havent got the TB or BS from last year, you can pay £1 from Companies House to have a look at the financials from last year's accounts. 

  • Kind regards,

    Beverley Flanagan MICB, CB Dip, PM Dip
    Flex Accounting Services Ltd



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