first time directors

Download First Time Directors

Post on 21-Aug-2014

177 views

Category:

Government & Nonprofit

2 download

Embed Size (px)

DESCRIPTION

Companies House information and guidance for First Time Directors.

TRANSCRIPT

  • Andrew Pinnell Events Team
  • Agenda Welcome Companies House Who are we? The Limited Company and the Companies Act 2006 15 minute comfort break How to file your information online Our information services Intellectual Property what is this? Key conclusions
  • Who we are
  • What we do
  • How we do it
  • Why we do it the heart of company information in the UK, recording the life events of companies for ALL to see A world class information exchange; Accessible, easy to use; Creating excellent customer experiences; Providing trusted information.
  • Strategic Review Key aim is to provide free data All transactions to be filed electronically in the future Work on improving the quality of the register Working with other Government departments such as HMRC A single route in dealing with the Government
  • All Company Types Private Limited Companies Public Limited Companies (PLCs) Dormant Companies Limited Liability Partnerships Community Interest Companies Limited Partnerships Micro-Entities
  • Starting a New Company
  • Incorporation Web Incorporation Service Simple company structures only 15 fee 141,239 in 2013/2014 29.5% of all incorporations
  • Incorporation Via Formation Agents (using software packages) 328,268 in 2013/2014 68.58% of all incorporations 13 fee for agents Competitive prices shop around there is a list of software suppliers/agents on our website
  • Making Changes Company Name Online option for change of name by resolution (8 fee) 4 ways to change the company name (10 fee by paper) Memorandum of Association Pre-2006 Act by resolution Post -2006 Act no changes allowed Articles of Association Changes/ adoption by resolution You must file resolution and fully revised articles at Companies House within 15 days.
  • Trading Disclosures Company name to be displayed at: All places of business Registered Office Address But does not apply to: Dormant Companies Primarily residential addresses
  • Trading Disclosures All items of Business Stationery & Communications including emails and Company Website must show: Company name Place of registration Registered number Registered office address Director information If being wound up, that fact
  • Single Alternative Inspection Location Or known as SAIL applies if:- Your company records & registers are not kept for inspection at the registered office address Only one SAIL address allowed Address notified on AD02 Records & Registers at the address listed on AD03 Also notified on annual return All forms involved can be filed online
  • Director & Secretary Responsibilities
  • Secretary Duties Every Public Limited Company needs one Private companies it is optional Usual duties include: Notifying changes Maintaining statutory registers Notifying members and auditor of meetings Providing copies of resolutions and agreements Supplying copies of company accounts
  • Directors Responsibilities Accounts and Annual Returns are delivered Directors and secretaries details are kept up to date No under 16s appointed (except for LLPs) No upper age limit At least 1 natural person appointed (except for LLPs) Registered office and SAIL address is correct and operational
  • Directors Service Addresses Based on privacy Any address (not P.O.) for the public register Usual residential address for protected register Change notice can be submitted - CH01 Historic addresses can be expunged for at risk officers
  • Annual Return Over 98% are now filed online Not the financial return All companies have to file one each year Based on your Legal Return Date Snapshot of the Company details at this date Must be filed within 28 days of this date 13 filing fee online (40 for paper filing)
  • Accounts
  • Accounts Some Account types can be filed online Companies have to file accounts each year Whether trading or not Strict filing times laid down by Parliament Based on your accounting reference date Automatic penalties for being late Must be in legible format black ink please No filing fee
  • Accounts Basic Elements Signatures (if filed on paper) Made up date Reports What kind of accounts are they? Exemption statements under Companies Act 2006 Business Review in Directors Report (if applicable) 6.8% (181,000) rejected each year because the above is incorrect or missing from paper accounts 2.1% of online accounts are rejected
  • All companies must file accounts annually with Companies House, even if they are Dormant You can now file Dormant accounts online using our template Dormant Accounts
  • Accounting Reference Date Can be filed online Based on your incorporation date Usually the last day of your incorporation month Can be changed using form AA01 However Period can be shortened without restrictions But can only be extended once in 5 years - unless bringing in line with holding or subsidiary company
  • Accounts Filing Periods Private Co - 9 months from the accounting reference date Public Co - 6 months from the accounting reference date New Companies 1st Accounting Period Private Company - 21 months from date of incorporation Public Company - 18 months from date of incorporation
  • Late Filing Penalties Civil Penalty against the company Introduced 1 July 1992 and amended 1 February 2009 Accounts only Accounts must be received by Registrar by due date Penalties are doubled for filing late 2 years running Appeals procedure Registrar has very limited discretion not to collect a penalty
  • Late Filing Penalties Dont Forget Penalties are doubled for filing late 2 years running. Length of Period Private Company Public Company Not more than 1 month 150 750 More than 1 month but not more than 3 months 375 1,500 More than 3 months but not more than 6 months 750 3,000 More than 6 months 1,500 7,500
  • Surprising Statistic
  • Dont Hide Behind Your Advisors
  • Compliance
  • Prosecution
  • Dissolution and Voluntary Strike-off Straightforward procedure Company not traded or changed name in last 3 months Form DS01must be completed Majority of directors must authorise application 10 fee to pay Can take 6 months and is subject to third party objections DS02/LLDS02 withdrawal of application to strike off Reversible process via Restoration process
  • Companies House 15 minute comfort break
  • Companies House Daniel Johnson Product Manager
  • WebFiling
  • WebFiling - Register
  • Keep Your Code Safe Make sure your code isnt easily guessable Mix letters with numbers in your code Only share your code with trusted company personnel Change your code if company personnel changes Change your code if you think the code has been discovered Tell your agent before you change your code Use a different code for each company Dont leave your code lying around
  • WebFiling and PROOF Scheme Protected Online Filing - PROOF Stops the filing of certain paper forms i.e. :- Company Officers Appointments / Terminations / Changes Change of the registered office Annual Return NOTE: Accounts are not included in the scheme Paper forms are rejected and sent to the registered office address 50-100 Corporate Identity Fraud cases per month
  • Join eReminders for: A timely email reminder of when your accounts and annual returns are due at Companies House. The option of a maximum of 4 email addresses per company. An alternative to paper reminder letters s

Recommended

View more >