How do you correct errors at Companies House? Reply

Basically there are 2 procedures to correct errors at companies house.

Amending Published Accounts

You must send amended accounts to Companies House on paper.

Amended or corrected accounts must be for the same period as the original accounts.

You must clearly say in your new accounts that they:

  • replace the original accounts
  • are now the statutory accounts
  • are prepared as they were at the date of the original accounts

You must write “amended” on the front – the accounts may be rejected as duplicates if you don’t.

Your original accounts will remain on file at Companies House.

If you only want to amend one part of your accounts, you need to send a note saying what’s been changed. The note must be signed by a director and filed with a copy of the original accounts.

https://www.gov.uk/annual-accounts/corrections-and-amendments

Depending on the changes made you might also need to change the corporation tax returns!

Second Filing of Documents (RP04)

Are you PSC ready? 1

I want you

From the 30th June 2016 all companies will be required to prepare a PSC Register.

You need to start keeping a register of your people with significant control (PSC).

A PSC is someone in your company who:

  • owns more than 25% of the company’s shares
  • holds more than 25% of the company’s voting rights
  • holds the right to appoint or remove the majority of directors
  • has the right to, or actually exercises significant influence or control
  • holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.

You’ll need to keep your PSC as part of your company register, as these need to be available for inspection.

PSC BBA v2

Failure to comply will result in fines and up to 2 years in prison!

steve@bicknells.net

Have you got a PSC register? Reply

Business team.

The next measure of the Small Business Enterprise and Employment Act comes into force on 6 April 2016.

You now need to start keeping a register of your people with significant control (PSC).

A PSC is someone in your company who:

  • owns more than 25% of the company’s shares
  • holds more than 25% of the company’s voting rights
  • holds the right to appoint or remove the majority of directors
  • has the right to, or actually exercises significant influence or control
  • holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.

You’ll need to keep your PSC as part of your company register, as these need to be available for inspection.

From 30 June, you’ll start submitting this information when you file your confirmation statements, or when companies, LLPs and SEs are incorporated.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/496738/PSC_register_summary_guidance.pdf

What information needs to be recorded on the register?
For an individual:
•Name
•Service address
•Usual country/state of residence
•Nationality
•Date of birth
•Usual residential address (this will not appear on the public record)
•Date on which the individual became registrable
•Nature of control
For a relevant legal entity:
•Corporate/firm name
•Registered/principal office
•Legal form and governing law
•Applicable company register and number
•Date on which the legal entity became registrable
•Nature of control

Every company will need a PSC register!

 

steve@bicknells.net

Companies House reports are now Free! Reply

Happy businessman with case.

We all like getting something for free, well now you can get free access to 170 million company records.

In line with the government’s commitment to free data, Companies House announced on 22nd June 2015 that all public digital data held on the UK register of companies is now accessible free of charge, on its new public beta search service.

This provides access to over 170 million digital records on companies and directors including financial accounts, company filings and details on directors and secretaries throughout the life of the company.

As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of companies and connected individuals. Last year (2013/14), customers searching the Companies House website spent £8.7 million accessing company information on the register.

steve@bicknells.net

Companies House reports will be Free in 2015 Reply

Businessman get idea

Its time to review your subscription to company information databases!

Companies House is to make all of its digital data available free of charge. This will make the UK the first country to establish a truly open register of business information.

As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of companies and connected individuals. Last year (2013/14), customers searching the Companies House website spent £8.7 million accessing company information on the register.

Until it becomes free in 2015, you will still have to pay

Companies House WebCHeck Charges
Company accounts £1
Annual return £1
Company record report £1
Current appointments report FREE
Monitor Service (per company, per year) FREE

This change will come into effect from the second quarter of 2015 (April – June).

steve@bicknells.net

 

Do I need to prepare Group Accounts? Reply

 

If your Group passes 2 out of 3 of the following tests then you are Medium.

Group Table

In the first year you become Medium you are exempt from preparing Group Accounts but if you are Medium 2 years in a row you will need to prepare Group Accounts.

Group

 

steve@bicknells.net

 

 

 

First there was Fair Trade, now there is Fair Tax…… 2

The Fair Trade Mark is now common place on goods we buy ensuring that workers aren’t exploited, but now there is a new mark, the Fair Tax Mark.

The Fair Tax Mark Criteria assess the quality of a business’ publicly available information on key tax and transparency issues. In this context, publicly available information primarily means a full set of accounts available to all via Companies House or the company website. However, it can also include the company website and/or any other freely available printed material.

For every business type, the criteria are divided into two main categories that assess a business on:

  • Transparency

  • Tax rate, disclosure and avoidance

http://www.fairtaxmark.net/

Will your business be applying to use the Fair Tax Mark? would you buy more from a business that uses the Mark?

steve@bicknells.net

Less restrictions on company names – would you like a new name? Reply

Logotype high-tech

Choosing a company name got a little easier as a result of changes in October 2013….

Measures to cut the list of ‘sensitive’ names that startup businesses must get approval for, prior to setting up, were announced by Business Minister Jo Swinson back in October.

Businesses that want to use words such as ‘Authority’, ‘Board’, ‘European’, ‘Group’, ‘International’ and ‘National’ will no longer have to get prior approval from Companies House, or a specified body. The same also applies to their Welsh and Gaelic equivalents. This red tape cutting exercise will result in a quicker process for companies wishing to use a ‘sensitive’ word or expression in their registered name.

The words and expressions to be retained are those which, when misused, are likely to cause confusion as to what the business actually does or has the legal authority to do. These words, amongst others, include ‘Accredited’, ‘Bank’, ‘Chamber of’, ‘Charity’, ‘Institute’, ‘Government’, and ‘University.’ The word ‘Sheffield’ is to be retained on the list after responses to the consultation showed support to keep it. The same applies to national words such as ‘English’, ‘Scottish, ‘Northern Irish’, ‘Welsh’ and ‘Cymru.’

Would you like to use a previously restricted name?

steve@bicknells.net

Micro Entity Accounts – who can file them? 1

Micro Entity

Micro-entity accounts are a new type of accounts that can be submitted to Companies House from 1 December 2013. They will provide the smallest companies with the opportunity to prepare and publish simplified financial statements (profit & loss account; and balance sheet) if they wish.

A micro-entity is defined as meeting two of the following criteria:

  • Balance sheet total: £316,000
  • Net turnover: £632,000
  • Average number of employees during the financial year: 10 (or fewer)

Micro Entities are exempt from filing their profit and loss with Companies House.

Business Minister Jo Swinson said:

“Thriving micro-businesses are a vital ingredient for a stronger economy. However, because of their size they don’t always have dedicated finance teams behind them. We therefore need to make sure that they can focus on growing their business – rather than completing unnecessarily detailed paperwork.”

There are approximately 1.56 million micro-entities in the UK, as compared with a total number of companies on the UK register of approximately 2.8 million.

I don’t think this is going to help much? Micro Businesses still need to file corporation tax returns, deal with PAYE, RTI, VAT, minimum wage, Auto Enrolment Pensions, and a wide range of other requirements

steve@bicknells.net

Can I prepare Abbreviated Accounts? 2

Young woman with checklist over shoulder shot

There are 3 sizes of companies to consider when preparing your accounts; small, medium or large.  There are thresholds for turnover, balance sheet total (meaning the total of the fixed and current assets) and the average number of employees, which determine whether your company is small or medium-sized.  Any companies that do not meet the criteria for small or medium are large companies and will have to prepare and submit full accounts.

A small company can prepare and submit accounts according to special provisions in the Companies Act 2006 and the relevant regulations. This means that they can choose to disclose less information than medium-sized and large companies.

The Thresholds are:

Test Small Company Small Group Medium Company Audit Exempt
Sales must be below £6.5 million £6.5m net or £7.8m gross £25.9 million £6.5 million
Balance Sheet Total £3.26 million £3.26m net or  £3.9m gross £12.9 million £3.26 million
Average no. of employees 50 50 250 50

A small company must meet at least two of the conditions above.

Generally, small company accounts prepared for members include:

  • a profit and loss account
  • a full balance sheet, signed by a director on behalf of the board and the printed name of that director
  • notes to the accounts
  • group accounts (if a small parent company chooses to prepare them)

And they should be accompanied by:

  • a directors’ report that shows the signature of a secretary or director and their printed name
  • an auditors report that includes the printed name of the registered auditor (unless the company qualifies for exemption from audit and takes advantage of that exemption)

For financial years ending on or after 1 October 2012 a small company only needs to qualify as small to be exempt from Audit.

Even if a small company meets these criteria, it must still have its accounts audited if a member or members holding at least 10% of the nominal value of issued share capital or holding 10% of any class of shares demands it; or – in the case of a company limited by guarantee – 10% of its members in number.

A medium company must meet at least two of the conditions above for medium companies.

Medium-sized accounts must include:

  • a profit and loss account
  • a balance sheet, showing the printed name and signature of a director
  • notes to the accounts
  • group accounts (if appropriate)

And should be accompanied by:

  • a directors’ report including a business review showing the printed name of the approving secretary or director
  • an auditor’s report that includes the name of the registered auditor unless the company is exempt from audit

Medium-sized companies may omit certain information from the business review in their directors’ report (that is, analysis using key performance indicators so far as they relate to non-financial information). Also a medium-sized company which is part of an ineligible group can still take advantage of the exemption from disclosing non-financial key performance indicators in the business review.

Medium-sized companies preparing Companies Act accounts may omit disclosure with respect to compliance with accounting standards and related party transactions from the accounts they send to their members.

Abbreviated accounts of a medium-sized company must include:

  • the abbreviated profit and loss account (this must be full if preparing IAS accounts)
  • the full balance sheet showing the printed name and signature of a director
  • a special auditor’s report showing the printed name of the registered auditor
  • the directors’ report showing the printed name of the approving secretary or director
  • notes to the accounts

What is a dormant company?

A company is dormant if it has had no ‘significant accounting transactions’ during the accounting period. A significant accounting transaction is one which the company should enter in its accounting records.

When determining whether a company is dormant you can disregard the following transactions:

  • payment for shares taken by subscribers to the memorandum of association
  • fees paid to the Registrar of Companies for a change of company name, the re-registration of a company and filing annual returns
  • payment of a civil penalty for late filing of accounts

How long do I normally have to file my accounts?

The time normally allowed for delivering accounts to Companies House is:

  • 9 months from the accounting reference date for a private company
  • 6 months from the accounting reference date for a public company

You can submit the following accounts online:

  • dormant company accounts
  • small full audit exempt accounts
  • small audit exempt abbreviated accounts

Failure to deliver accounts on time is a criminal offence.

Further information available from Companies House

steve@bicknells.net