Filling the Confirmation Statement and understanding of its wording

[Ninjap]

Hi all

I though maybe somebody could help me with the concept of shares.
Apologies if this question looks absurd to the experts. I am the only director and sole employee of my business (healthcare professional, not trading) Ultimately I wanted to become more familiar with accountancy terms, since I would like to manage my accounts alone this year (experience with 2 accountants proved that it would probably be easier that way!)

So about share : am I holding 100% of them automatically? I mean, do I need to buy them or are they automatically mine since I am the only one in the company anyway? On the confirmation statement from previous year it says only one share so I assume the answer to be yes, just wanted to make sure...

Unpaid share capital : Again a stupid question! couldn't find any satisfying definition of this term on the net is that something the company has in debt? Or me, supposing I am the main / only shareholder?
I can't get it right really -

That's it for now. Any advice would be extremely helpful ! Thanks a lot !

[northernladuk]

If you can't understand the fundamentals of your business how do you expect mange your own accounts. Does not knowing these things tell you it's probably too early so get an accountant?

[RonBW]

Unpaid share capital : Again a stupid question! couldn't find any satisfying definition of this term on the net

Try here.

"Unpaid share capital is where none of the monies due for an allotment of shares which have been issued has been paid. It is quite common in smaller companies for the share capital to be unpaid and remain due to the company indefinitely."

[RonBW]

So about share : am I holding 100% of them automatically? I mean, do I need to buy them or are they automatically mine since I am the only one in the company anyway? On the confirmation statement from previous year it says only one share so I assume the answer to be yes, just wanted to make sure...

Unpaid share capital : Again a stupid question! couldn't find any satisfying definition of this term on the net is that something the company has in debt? Or me, supposing I am the main / only shareholder?
I can't get it right really -

Link the two bits in bold together, add in the definition above, and see if that helps.

If you cannot work this out then ditch the idea of being your own accountant (and possibly even running your own limited company) and speak to a good one.

[tomtomagain]

OP : what do you mean by manage your
Own accounts?

What do you currently have your accountant do that you feel you could/should do yourself?

I currently use FreeAgent to run my accounts, payroll, invoicing and expenses but I retain my accountant to check them and file with HMRC.

I *could* spend hours learning accountancy and do it all myself... but that would take up a lot of time that would be better spent on actuality running my company.

And at the end of it all I wouldn't be better at it than my accountant.

The money spent on a good accountant (about £1k a year) is well worth it to have an expert on hand to advise me and make sure everything is correct.

Of all the things to outsource I think accounting is the best understood.

[jmo21]

am I holding 100% of them automatically? I mean, do I need to buy them or are they automatically mine since I am the only one in the company anyway?

Come on.

I know we only know what we know, but who else might own shares in your company?

Unless you start a company with someone else, surely it is blindingly obvious?