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Hi Thutmose,Hi everyone,
I am a regular follower of this forum. You guys help each other a lot. I had 3 questions, hope someone can help on those.
1) My extension (50K) is due in 4 months. Before my initial application my accountant opened my company with 50000 ordinary share capital £1 each. And I am the director and 100% shareholder. However, I have transferred around 75k from my personal account to the business account over past 2 and half years. What will be the best way to show my investment (share certificate, director's loan, both) ?
2) My company registered address has always been my home address. But I worked from a different address. The reason I decided to keep my home address as my company registered address is, I didn't want any post to get lost because it's a shared office. Shall I change the address to the operational address? Are they gonna think something fishy for the last minute address change?
3) HO wants to see statements as a proof of investment. 3 years business bank statement with money in from my name, will that fulfil that requirement or I need to send them personal account statements too to show the other side of the transection?
If the questions have already been answered before in this forum please give me a link.
Thanks
1. You need to make it clear how you invested, cash or share capital ! If cash, then you need director's loan agreement (unsecured and subordinated in favour of 3rd party creditors) and you need to show this in your accounts. For shares, you have to provide your accounts, shares certificates, the value of each share and the money that was paid for each share. Guide is quite clear on what you need to send.thutmose wrote:Hi everyone,
I am a regular follower of this forum. You guys help each other a lot. I had 3 questions, hope someone can help on those.
1) My extension (50K) is due in 4 months. Before my initial application my accountant opened my company with 50000 ordinary share capital £1 each. And I am the director and 100% shareholder. However, I have transferred around 75k from my personal account to the business account over past 2 and half years. What will be the best way to show my investment (share certificate, director's loan, both) ?
2) My company registered address has always been my home address. But I worked from a different address. The reason I decided to keep my home address as my company registered address is, I didn't want any post to get lost because it's a shared office. Shall I change the address to the operational address? Are they gonna think something fishy for the last minute address change?
3) HO wants to see statements as a proof of investment. 3 years business bank statement with money in from my name, will that fulfil that requirement or I need to send them personal account statements too to show the other side of the transection?
If the questions have already been answered before in this forum please give me a link.
Thanks
You transferred money in multiple steps which makes it difficult to show your investment in a straightforward way. If your accounts show that you purchased 50K worth of shares, you better issue share certificates to be on the safe side.thutmose wrote:Hi rajrea and zimba88,
Thanks for replying.
I have submitted 2 years accounts so far to companies house. There are no significant creditors or mention of director's loan.
However, ordinary share capital is shown as £50000 on the accounts. What proofs do I need to send to show that? I am the director and 100% shareholder of that business.
And also I have transferred different amounts totaling over 75K over the past few year as I mentioned above. They were not actually share holders loan. I transferred them when the business needed fund.
As for spending I have paid my employees over 50k during that time period. I am under the impression that employee payments will be counted towards acceptable investment. And I have proof of rent and other office equipment cost.
I would really appreciate if you could make any suggestion or comments.
Thanks
I think issuing share certificates worth of 50K under you name will be better, given that HO does not want to see the transaction of moneythutmose wrote:Hi zimba88,
Yes it was a big mistake I guess.
Which one do you think would be a good idea? Issuing one share certificate with all 50000 £1 shares or separate certificates for every time I have transferred money into the business account (at least 25 in that case)
Thanks