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Secretarial Compliance
The limited company secretary usually acts as the chief administrative officer of the company, leaving the directors free to concentrate on running the business. The company secretary does not have to be a director but they do share some of the directors' legal responsibilities. You can delegate secretary work to an outside expert - for example, a company secretarial service provider. Contact us to see how we can assist you.
If you miss the deadline, the longer you delay, the more you will have to pay. One day late - a penalty of £100.00. This applies even if you have no tax to pay or have paid the tax you owe. Three months late - £10.00 for each following day - up to a 90-day maximum of £900.00. This is as well as the fixed penalty above. Six months late - £300.00 or 5% of the tax due whichever is the higher. 12 months late is £300.00 or 5% of the tax due, whichever is the higher. Contact us to see how we can assist you.
It is your responsibility to ensure that payments are made on time, whichever payment method you use. Remember, you may be charged interest and a penalty if your payment is not received by the deadline. Penalties are charged on each PAYE reference number (also called a 'PAYE scheme') independently. There are also additional penalties for amounts charged annually or occasionally. Contact us to see how we can assist you.
We can provide a fully comprehensive secretarial service for private companies and limited liability partnerships including their formation, on-going maintenance of statutory records, organizing and witnessing required meeting of directors and shareholders alongside preparation of minutes. If appropriate, you can select our offices as your registered office. We check documents that we receive determine what action is required and notify director(s) as appropriate.
We will of course assist you with changing company name, alternation of director or secretary and applying for deregistration of private company. Our experienced secretaries will assist you with personalized corporate secretarial advice and services:
Secretaries are often appointed in order to fulfil this role in a professional capacity. We can provide services for clients who are looking to incorporate a company but they do not know how to take corporate secretarial duties. On the other hand we help our international clients overseas by providing them with an officer of the company at an affordable fee.
Clients who use the company secretarial service can be sure that all the requisite annual forms and returns will be properly filled out and lodged with the Companies Registry in due time. While the legislation does not generally specify the role of the company secretary, the company secretary might normally undertake the following duties.
Every company must keep official records and these are usually delegated to the company secretary. They include registers of:
The range of duties and responsibilities that a company secretary has will depend on such factors as the size of the company & its line of business. In practice, the amount of administrative work involved in a small private company is not usually a full-time job. Secretaries often have other responsibilities such as advising the directors on legal matters generally & other administrative duties such as arranging insurance. Contact us to see how we can assist you.
Members of the public have the right to inspect these records. You must keep the records available for public inspection at either your company's registered office or at a single alternative inspection location that must be notified to Companies House. You may charge members of the public £3.50 an hour. However, you may not charge members of the company.
Every company must keep official records and these are usually delegated to the company secretary. They include registers of:
You must also keep minutes of board meetings and general meetings and you should also keep official documents secure. You may need these, for example, to open a bank account. They include:
As the secretary is an officer of the company, they may be criminally liable for defaults committed by the company. For example failure to file - in the time allowed - any change in the details of the company's directors and secretary, and the company's annual return.
Every company' director and secretary has a personal responsibility to ensure that statutory documents are delivered to the Registrar as and when required by the Act. In particular:
Please bear in mind that this is an obligation of a company registered in UK to file annual returns and annual accounts with the UK Companies House even if company has been dormant. Unless a company is claiming exemption as a medium-sized, small, audit-exempt or dormant company, the accounts will include:
You are therefore advised that if annual returns are not filed, the company will go through administrative dissolution and finally will be struck off from the Companies' Registrar. If you file the annual return late or not at all, the company and its director(s) and secretary can be prosecuted. Please note that annual returns are quite separate from annual accounts.
Alternatively, if the Companies' Registrar believes that the company is no longer carrying on business or in operation, he could strike it off the register and dissolve it. If this happens all the assets of the company, including its bank account and property, generally become the property of the British Crown.
On average more than 1,000 directors are prosecuted each year for failing to deliver accounts and returns to the Registrar on time. Persistent failure to deliver statutory documents on time may also lead to a director being disqualified from taking part in the management of a company, for a specified period.
You must submit your VAT Return and ensure that payment of the VAT due has cleared to HM Revenue & Custom's account by the due date. If you do not, you may have to pay what is known as a 'default surcharge', which is a percentage of your unpaid VAT. If you continue to submit or pay late, you will be charged a higher percentage of your unpaid VAT. If you submit an incorrect VAT Return, HMRC may also charge you an inaccuracy penalty.