Form 42 - market share price?

[zeitghost]

Re: shares

From what little I remember of forming my Ltd, I just paid £100 into the company bank account.

If I was sufficiently motivated, I'd did out the paper work, but I'm not...

[planetit]

Re: shares

I suppose you should really record the ownership of the shares in the company register thing (can’t remember the proper name) which you should have been given when you set up the company. And in the companies house return when that comes round (once a year).

[zeitghost]

Re: shares

For some reason form 628b springs to mind...

I blame the drugs.

[ASB]

Re: shares

Alex,

You shouldl have added full details of the transfer in the register of members. This will (should) have been provided by the formation agents. You should also have issued a share certificate - but the register is definitive.

If you have made your first annual return they you should have included these details along with the officers etc.

If you did not pay for them then in the account the amount you were going to pay should be in the captial accounts as paid up share capital, you could simply then debit the directors current account for this amount. This could amount to a theoretical breach of the companies act (since it would go overdrawn). I doubt the shareholders (you) would make a complaint about being disadvantaged though.

Since this amounts to an interest free loan then you *should* declare this on your tax return and pay tax on the benefit. You can clear the overdrawn amount by paying the company or by other amounts the company owes you, e.g. salary, dividend, expenses etc.