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Surely your previous accounts cover your investment but your name is not mentioned on the account notes (something that HO requires)helpingperson wrote:I have similar situation with my accountant. How can management account cover previous year investment account entries which has been missed?
Does anyone know if previous years accounts can be amended which are more than years old?
Thank you.
How did youe accountant accounted for the remaining 21k then? Money in the bank or expenses of21k cant just disappear from a small company account.We transferred about £43k in first year, only about £22k is recorded under other creditors, no other liabilities, no share capital, in that year accounts.
Zimba,zimba88 wrote:Your accountant seems to be incompetent. Any money you transferred to your company is legally directors loan and must be taken into consideration while compiling the annual accounts, irrelevant of whether company had any sales or not.
The loan usually shows up under Creditors section of your accounts. In the accounts notes it clarifies that this loan came from you, as a director. The accounts also should show any money left in the bank, matching what you reported in your balance sheet.
Amendments of accounts is possible but you could face fines and questioning from companies house. Given that you signed the accounts as correct before submission, you are fully responsible.
Thank you for letting me know of this. How exactly you did? Please could you provide more information so I can get this done from my accountant?dd156 wrote:Hi
I did this to correct an incorrect and material entry, and there was no problem.
I filed an amendment for year 1 and there were no fines or problems.
Fines are only applied if you fail to submit the initial return, not for amendments.
The moment your accountant gives you the amended accounts !1. how long can the amendments be done? As my visa will soon be expired on 23rd April.
It has nothing to do with your accountant. It is a loan agreement between you and your company saying that you have given your company an unsecured loan and it must have the exact terms given in the guide. You can draft it yourself on a paper and sign it.2. About the director's loan agreement, is it drafted by the accountant? And how it works... cuz my company doesn't have company seal.. does the agreement need to be printed on companies titles paper? or accountant's firm titles paper?
zimba88 wrote:The moment your accountant gives you the amended accounts !1. how long can the amendments be done? As my visa will soon be expired on 23rd April.
It has nothing to do with your accountant. It is a loan agreement between you and your company saying that you have given your company an unsecured loan and it must have the exact terms given in the guide. You can draft it yourself on a paper and sign it.2. About the director's loan agreement, is it drafted by the accountant? And how it works... cuz my company doesn't have company seal.. does the agreement need to be printed on companies titles paper? or accountant's firm titles paper?
No I did not, cuz I was not aware of this. I simply just transferred 200K all in once into company bank account. Is this goona be a problem? I transferred 200K directly into company bank account on 1 May 2013, thus I intend to put the date on loan agreement before 1 May I guess.dd156 wrote:Did you make any agreement before you transferred the funds? The agreement is typically made in advance.
weirdofang wrote:No I did not, cuz I was not aware of this. I simply just transferred 200K all in once into company bank account. Is this goona be a problem? I transferred 200K directly into company bank account on 1 May 2013, thus I intend to put the date on loan agreement before 1 May I guess.dd156 wrote:Did you make any agreement before you transferred the funds? The agreement is typically made in advance.
Good to know! Thank you very much! And I just finish drafting the agreement, and now waiting for my accountant to amend the annual accounts ended on 31 August 2014.helpingperson wrote:weirdofang wrote:No I did not, cuz I was not aware of this. I simply just transferred 200K all in once into company bank account. Is this goona be a problem? I transferred 200K directly into company bank account on 1 May 2013, thus I intend to put the date on loan agreement before 1 May I guess.dd156 wrote:Did you make any agreement before you transferred the funds? The agreement is typically made in advance.
As long it is transferred can be checked in bank statements, it is entered in accounts, then you can make director loan agreement at any time, it is company internal documents, you can back date and change as many times you want before your application.