Limited companies must fulfil a number of statutory filing and reporting requirements for Companies House and HM Revenue and Customs (HMRC). As a company director, you are legally responsible for maintaining these statutory duties, which include: Sending an annual confirmation statement to Companies House at least once a year. Preparing financial accounts for Companies House.…
Limited company shares can be transferred or sold to other people, just like any other form of property. Share transfers, therefore, are very common and may take place for any number of reasons, including : the retirement or death of a shareholder recouping an investment gifting shares to family members raising additional capital bringing in…
When you form a company, HMRC will be notified shortly after by Companies House. They will then issue a unique tax reference (UTR) for your new company, so there is no need to apply for a UTR yourself. HMRC will enter your company’s details onto their database and send out a letter with your tax…
Directors are appointed by members (shareholders or guarantors) to lawfully manage the day-to-day business activities and finances of a limited company. Members also have the power to remove a director under certain provisions in the company’s articles of association, by ordinary resolution of the company’s members or by a disqualification order made from an authorised…
It is perfectly legal and acceptable to use your home address as a registered office for your limited company, as long as it is situated in the same country in which your company is incorporated, i.e. England and Wales, Scotland, or Northern Ireland. However, Companies House places all registered office details on public record. You will…
You can issue more shares in a company after it has been formed. You may wish to do this to raise additional capital, bring in a business partner or achieve some other kind of objective. There are a number of factors you will have to consider before allotting more shares in your company, namely: authorised…
Understanding the concept of limited company shares can be difficult if you are setting up a company for the first time. To help you to gain a better understanding, we will explain the meaning of share capital, the different types of shares a company can have, the different rights attached to shares, and how to…
The statement of capital was introduced on 1st October 2009 when the Companies Act 2006 came into full effect. It also provides a brief summary of a limited company’s issued share capital at a certain date. All limited by shares companies are required to complete a Statement of Capital and Initial Shareholdings on Form IN01 during…
If you are planning to register a new limited company, you must first decide whether it will be limited by shares or limited by guarantee. The vast majority of companies are set up as limited by shares. This is an ideal legal structure if you want to keep business profits for yourself. Limited by guarantee…
