Disqualified company directors register

Companies House maintain a disqualified company directors register. Anyone can search the register.

You may use the disqualified company directors register to check on the length of disqualification order imposed on the person. If you know the person has been disqualified as company director previously and yet you cannot find his/her name listed there. It is likely that his/her disqualification order has expired. Companies House automatically removes the individuals’ details once the disqualification order expired. And, Companies House updates the database weekly. Contact Companies House if you have any questions.

The register publishes the following information about a company director.

  1. The director name with the surname in capital letters.
  2. Address
  3. Date of birth
  4. Nationality
  5. last known registered address
  6. The length of disqualification imposed as a company director including the start and the end dates.
  7. If the director has more than one disqualification, it will show here too.
  8. The reasons he/she was disqualified from being a company director. For example, Company Directors Disqualification Act 1986 (Section 6): Duty of court to disqualify unfit directors of insolvent companies.
  9. The company names associated with his/her disqualification.
  10. Lastly, you will also see if the disqualified director has permission from the court to act as a company director.

The Insolvency Service

The Insolvency Service department publishes director disqualification outcomes online. The conduct of the director which lead to his/her disqualification is published here. This information is available for public inspection 3 months from the date of publication thereafter it will be removed.

The Authority updates the database weekly.

Non-director bankruptcy

For individual who was not a company director but declared bankrupt, please search the Individual Insolvency Register. For cases within the last 3 months, search the Bankruptcy and debt relief restrictions outcomes.

New year resolution 2020 wellbeing

New year resolution 2020 wellbeing plays an important part in achieving your 2020 goals. We have a few tested new year resolution 2020 wellbeing ideas to share with you.

Tip 1: Don’t go to bed angry

We are humans. We interact with people and this sometimes may cause conflicts between us. For example, we may step on other people’s toes, not deliberately or said the wrong thing or forgot things or hate things.

For example, you delegate your staff to deliver your company’s confirmation statement while you are away. She forgot. Consequently, your company was dissolved by Companies House. In this circumstance, you have a good reason to be angry with your staff.

To resolve this, you can make an application with Companies House to restore your company and this can take weeks to complete depending on how fast you can produce the required paperwork for Companies House.

How long are you going to stay angry with your staff for this trouble she caused you?

The reality is your anger stays in your head and with you when you focus on the trouble. This affects your mood and to some extent, it will influence your decision. For example, your anger may lead you to sack your staff immediately. Your business operation may suffer especially if there is no one else can take over her responsibility immediately.

It is best not to make any decisions while you are still angry.

One of the accountants at Concise have the habit of don’t go to bed angry. Bedtime is her cut off point to throw her anger out of the window. She sleeps like a baby at night and she wakes up with a peaceful mind.

How does she, don’t go to bed angry?

She makes a decision every morning that she would forgive no matter what and at night before she closes her eyes to sleep, she lets go everything that bothered her for the day. The next morning, she woke up fresh and her mind shifts to focus on how to fix the situation rather than the trouble. She said her day is more productive.

She also said if she is to handle the dissolved company situation, she would focus on what paperwork required to restore the company and how long the restoration process takes and who will be responsible for overseeing the assignment. On the same note, she would speak with the staff concerned and may give her another chance and an opportunity to be involved in the restoration process so that she can learn how to fix her mistake too.

Tip 2: Worry no more

Worry no more about what might happen in the future. This is not an easy thing to do especially when you do not like the potential consequences that come from the situation such as it may take away everything you have, you worked hard for and your bright future.

When you have a habit of worrying, you would tend to worry about just anything – the small thing and the big thing. This habit will exhaust you quickly.

A business owner noticed that her business website’s SSL certificate has expired and her website visitors dropped sharply. Previously, she was told the system was configured to automatically renew the SSL certificate. She noticed this event on Saturday afternoon. She sent a quick email to the web developer about it. Usually, she gets a reply within the hour even weekend but not this time.

Two important questions to ask yourself when you worry

  1. What is the worst going to happen?
  2. Can you handle the consequences?

These questions would help you to mentally assess the worst-case scenario. When you know the worst-case scenario from a situation, and you know you can handle it, this gives you the confidence to make a good decision to move forward, to resolve the issue of what is under your control.

For this business owner, her answer to the first question was visitors numbers would drop sharply until the SSL is sorted.

Her answers for the second question were the developer may ignore her email and she has to find another developer to do it and the site continues to be insecure for a couple of days or a week or more thus visitors number continue to drop.

To cut the long story short, she can handle the consequences. The next day, the developer replied with a suggestion that she has to find an alternative to configure the automatic SSL renewal. This was one of her expected response. No big deal.

Subsequently, she decided to look it up on the internet to see how easy is it to configure an SSL certificate. Just to get an idea. She read some configuration documents published by the hosting company.

Trial and errors here and there. She spent a good whole afternoon about 6 hours Studying the technical instructions on SSL certificate renewal configuration. Somehow, she managed to configure the automatic SSL renewal for her site successfully.

She said having a worry no more mindset allows her to be patiently read and absorb the information she read. In her mind, knowing what is the worst going to happen? encourage her to try and whatever’s she learns would be gain and whatever she does the outcome cannot be worst than what it is.

Thinking back, she shall thank the developer not able to re-configure the SSL renewal because he has made her a smarter person and she now knows how to do it herself. Should he helped her, she would not have learnt the new skill.

All the best

We hope the above new year resolution 2020 wellbeing tips would help you to maintain healthy emotional wellbeing in the year 2020. Ultimately, Bring more courage and peace to your business life and personal life.

Limited company or sole trader

The advantages and disadvantages of whether to use a limited company or sole trader to start a business is an important consideration.

First of all, there are two types of limited companies. A private limited company and a public limited company. Registration of a private limited company is relatively straight forward. You only require one person to set up the company. You can be the director and shareholder of the company. In addition, your share capital can be as little as £1. That’s all you need to get started.

On the other hands, incorporation of a public limited company has more legal administration requirements to it such as you cannot trade until you get a trading certificate. Furthermore, a public limited company requires a minimum share capital of £50,000. It is a bit expensive.

Whereas compared to setting up a sole trader business, the setup is simpler. You only need to register your business with HM Revenue and Customs. Then you are good to go.

Limited liability

In terms of business liability, your company shoulders all the liability as opposed to the person running the business. This is because the company and the owner of the company are considered a separate legal entity. Your liability is limited to the amount you invested in the share capital of your company. This includes any guarantees you gave when raising finance for your business.

For example, if you invested £10,000 into your company as share capital and your losses would be limited to this amount in the event of your business failed. In other words, your maximum loss would be £10,000. That’s it.

As with a sole trader or proprietorship, you are exposed to unlimited liability. In other words, your personal assets can be auctioned to pay off your business debts if your business fails.

For instance, when your sole proprietorship business failed and you have a business debt of £100,000. You would have to satisfy this debt using your personal assets no matter what. You may risk being sued bankrupt if you cannot settle the debts quickly. In this respect, a sole proprietorship is a bit risky compared to trading using a company. There is no safety net. Basically you can lose everything at once.

Continuity

Moreover, trading as limited company also provides continuity of the business. The ownership of the company can be transferred easily. In this circumstance, you only have to transfer your share to your next of kin by filing the relevant Companies House forms to that effect.

Whereas for sole proprietorship business normally ceases when the business owner wants to retire or die. However, there may be a way to keep your sole proprietorship business continuity by incorporation.

Company Law

Besides, the Companies Act 2006 have made the requirement to appoint a company secretary for a private limited company is optional. This means that a single person can set up a limited company by himself as discussed above. You can be the sole director and also the sole shareholder of your company if you wish. Except that you must not be an undischarged bankrupt or disqualified by a court from holding a directorship.

On the other hands, as a sole trader, you do not need to comply with the company law. Less hassle.

Stability

Also, many financial institutions, banks and suppliers viewed a limited company as being a form of more stable business entity compared to a sole trader. This is partly because the company accounts, shareholders and directors details are available for public inspection independently at Companies House. This provides more reliable information to creditors about your company history.

On top of that limited company must follow company law when comes to filing Companies House forms and accounts with the Registrar. There is a set of standards maintained.

Administration

For administration purpose, a limited company must deliver confirmation statement and company accounts to Companies House every year. Also, you must maintain statutory books for your company. This includes notifying Companies House when there is a change in the registered office or director etc. You can notify Companies House by filing the correct forms online or on paper. You would require your authentication code to file online. The authentication code is the electronic equivalent of your director and secretary’s signature. Keep it safe.

Additionally, failure to fulfil the legal obligations mentioned above, your director is risk being prosecuted and are subject to fines. There is a late filing penalty for delay in filing your accounts to Companies House too. However, Companies House sends reminders to your registered office to help you (as the director) to comply with the law. Just make sure your registered office address is up to date. Do not worry too much.

To top it up, your company must submit a corporation tax return with HM Revenue and Customs. Your accounts must comply with the Companies Act. In some instances, you must submit audited accounts.

Whereas, for a sole proprietorship, you only required to file self assessment return with HM Revenue and Customs. Furthermore, the accounts are also much simpler compared to that of a limited company accounts.

Conclusion

Considering a limited company or sole trader to start a business, it has become obvious that a limited company is more attractive. Not only It gives a professional image but also project stability to the public. Additionally, using a company to trade also limit your liability and debts in the event of winding up.

Seek advice on complex tax affairs

However, if you have complex tax affairs seek advice from the specialist tax advisers. They would assess your personal tax affairs thoroughly and present you to the best solution that would minimize your tax liability overall.

For example, should you buy an asset under your personal name or under your company name? Given you have income from overseas or are inheriting assets. All these have an impact on your overall tax liability. For this reason, we highly recommend you get a specialist tax advice.

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