Company Secretarial

Choosing Bookkeeping/Accounts Software
* Choosing bookkeeping or accounting software for your business or organisation is a big step. There is so much available on the market, with new vendors and products coming out all the time. So, how do you decide which is the best for you? How much you are prepared to pay? There is such range of [read more]
The Consequences of Being Inside IR35
*The financial consequences of being inside IR35 are mainly (there are other consequences) you lose the tax-avoidance facility of dividends. Essentially, if you are within IR35, you must calculate a “deemed payment” and pay NICs and PAYE (tax) on that deemed payment. The tax-deductible amounts that you can claim in travel and expenses will also [read more]
When to Register as an Employer
*As soon as you take anyone on where any of the following conditions apply, you need to register with HMRC as an employee. the employee already has another job the employee receives a pension (state or occupational) the employee will earn at or over the PAYE (tax) threshold the employee will earn at or over [read more]
SAGE VAT codes
*Sage uses the following codes for VAT: T0 – zero rate VAT T1 – standard rate VAT T2 – exempt (eg. stamps, insurance, aire fares, bank charges, financial services T4 – EC Sales T5 – lower rate VAT (eg. electricity, gas, women’s sanitary products) T9 – not involving VAT/outside scope of VAT (eg. suppliers that [read more]
Registering for VAT and Keeping VAT records
*You must register for VAT with HMRC. This can be done using a paper form or online. Once registered, you generally have to keep reocrds of: the VAT you charge on your sales (output VAT) the VAT you have paid on your purchases (input VAT) the total amount of sales excluding VAT the total amount [read more]
Using Excel for Accounts and Bookkeeping
*The great thing about MS Excel (and others say it’s greatest downfall) is that it is so adaptable and because it normally comes bundled with the PC you bought for your business, it’s cheaper than buying accounting software. For start ups and possibly for the sole trader or small limited company, it’s a very easy way of keeping track [read more]
Why have an Accountant?
*Because… Doing the accounts takes you away from your real business An accountant could do the job quicker and more accurately An accountant could save you money in the form of tax-savings as well as sometimes finding other areas for savings and efficiencies. Professionally produced year end accounts will be taken more seriously by banks and [read more]
What is the Difference between Bookkeeping and Accounting?
*The two really overlap: Bookkeeping is part of accounting. It is the recording of the day to day transactions of a business – either in “manual” books, or on computer software or spreadsheets. Therefore, bookkeeping can play an important role in the efficient running of a business: Purchase Ledger – A business needs to pay [read more]
Simple Bookkeeping
*You need three basic “books” (or ledgers): – a cashbook to record all cash/cheques/bank transfers going in and out of your business – a purchase ledger, to record details of all the purchases that you make – a sales ledger to record details of all the sales that you make (if you are a retail outlet, [read more]
Advantages of a limited company
*Obviously, the main attraction of forming a limited company is the “limited liability” of its owners, the shareholders, as it protects the personal assets of the owners. Should the company fail, the company is liable without limit for its own debts, but its shareholders’ liability is limited to the amount oustanding (if any) on their [read more]
What do you need to set up a company
*Essentially, before you begin, you need: a company name, which can be almost any name that has not previously been registered. a Director a Company Secretary (which cannot be the sole director) (or you could have two directors, one of whom could also act as Company Secretary) a shareholder (which can be either the director [read more]
Choosing Your Accountant
* Speak to your prospective accountant on the phone first and then, if you are still happy, set up an initial meeting – which should be free of charge. Ensure that they are professionally qualified and are current members of a professional body (Chartered Accountant (ICAEW/ICAS/ICAI), Chartered Management Accountant (CIMA), Chartered Certified Accountant (ACCA) for [read more]

Statement of Capital 01/10/2009 Statement of Capital Posted by Happy Accountant at 9:00 am No Responses Company Secretarial, Limited Company *A new requirement for a “Statement of Capital” comes into effect today, as part of the Companies Act 2006. This affects several forms and returns dealing with the Company’s capital or shares, including: Annual Return Allotment of shares The Statement of Capital must contain: the total number of shares of the company, the aggregate nominal [read more] Full Article	Directors Service Addresses 30/09/2009 Directors Service Addresses Posted by Happy Accountant at 9:00 am No Responses Company Secretarial, Limited Company *From 1 October 2009, Directors will be able to supply a Service Address to Companies House. This will enable Directors to hide their residential address from the public. The service address will be on the public record and will be public information but the residential address will not be. A director may choose any address [read more] Full Article
Sail Addresses 29/09/2009 Sail Addresses Posted by Happy Accountant at 9:00 am No Responses Company Secretarial, Limited Company *Single Alternative Inspection Addresses (or SAIL addresses) will enable the Company to provide an alternative address where people can inspect the Company’s statutory registers. This may suit companies who operate from business premises but whose registered office is a residential address. In this instance, the Company may choose to record their business premises as the Company’s [read more] Full Article	Companies Act 2006 28/09/2009 Companies Act 2006 Posted by Happy Accountant at 9:00 am No Responses Company Secretarial, Limited Company *There are a number of changes coming into effect on 1 October 2009, as a result of the Companies Act 2006, some of the main ones are listed below: Deadline for filing accounts at Companies house is now 9 months after year end Stricter rules on Company Names. Director may file a service address (which may [read more] Full Article
Change of Company Name by Written Resolution 24/10/2007 Change of Company Name by Written Resolution Posted by Happy Accountant at 9:15 am No Responses Company Secretarial, Limited Company *The other method of changing the name of a limited company is by written resolution. This is a resolution passed unanimously by the members (shareholders) of a company. All the members are then required to sign and date the document. A Change of Name by Written Resolution form (NC20) is also available for download at the [read more] Full Article	Change of Company Name by Special Resolution 23/10/2007 Change of Company Name by Special Resolution Posted by Happy Accountant at 9:05 am No Responses Company Secretarial, Limited Company *There are two ways of changing the name of a limited company, the first of these is by Special Resolution. This is a resolution that must be passed at a general meeting of the company with a majority of 75%. An ordinary resolution only requres a 51% majority. A Change of Name by Special Resolution [read more] Full Article
Renaming Your Company 22/10/2007 Renaming Your Company Posted by Happy Accountant at 9:30 am No Responses Company Secretarial, Limited Company *It’s always best to chose a good name for your business at the outset , but in case you hadn’t, it is possible to change the name of a limited company after it’s registered. You must first check to make sure that the new name you have chosen is available. This can be done online using Comapnies [read more] Full Article