If you are running your business using a limited company registered with Companies House in the United Kingdom, you must keep proper accounting records.
The UK company law states the accounting records you must keep include the following:
- The money you received from your customers. In this case, you would issue a sales invoice to your customer and keep a copy for every sale transaction.
- Your company’s expenses. In this instance, you would keep your suppliers’ invoices and also payment receipts.
- Keep a fixed assets register to record the details of assets owned by your company.
- Debts the company owes or is owed
- Record of your goods bought and sold during the financial year and balance at the financial year-end. Your accounting for stock must be clear of what methods you use to value your stock. FIFO or LIFO or Weighted average.
- Keep payroll records and register for PAYE if you have staff in your business.
- Register for VAT when your company’s sales exceed the VAT registration threshold.
- Other records you must keep include bank statements, petty cash books, contracts etc important correspondences from HMRC and Companies House.
All the above information is important when comes to preparing your company accounts and company tax return for HM Revenue and Customs.
You must deliver a copy of your company accounts to Companies House too. Another important document your company must deliver to Companies House is your confirmation statement.
HM Revenues and Customs could fine you if you do not keep proper accounting records. Additionally, You may be disqualified as a company director in the UK. You must keep your accounting records for at least 6 years.
You can apply to Companies House to correct a director’s date of birth for error that was made on incorporation. Normally, This type of error occurred when you have more than one director’s details to fill in or information mixed up with other director or an oversight. Luckily, Companies House allows correction to be made to a director’s date of birth.
You cannot use the form CH01 to change a director’s date of birth. The CH01 can only be used for changing your usual residential address, service address and your name.
How to correct a director’s date of birth
For this purpose, you must complete the form RP CH01. You must include the director’s full name and the month and year of birth of the director currently registered with the Companies House. And of course, the correct date of birth of the director.
Concurrently, you must also submit the companies house form RP02A together with this RP CH01. The RP02A form is to apply for rectification by the Registrar of Companies. You would declare the reason for rectification is the information is factually inaccurate.
Additionally, if your company has opted in the PROOF scheme, you must also complete the form PR03 consent form for paper filing.
Other documents you must submit to Companies House are your company accounts and confirmation statement.
If you have any questions about correcting your director’s date of birth, contact Companies House.
You can correct mistakes on your Confirmation Statement with Companies House. The Companies Act 2006 only allows one Confirmation Statement to be filed for a confirmation period. In other words, you cannot replace the entire confirmation statement you already filed with Companies House with a new one for the same period. However, there is a way to do it. You must apply to Companies House.
How to correct mistakes on your Confirmation Statement
If it has come to light that your last confirmation statement contained errors, you can Second Filing to correct mistakes on your confirmation statement.
The correct way to do it is, you complete the form RP04 on paper together with the part of the confirmation statement form that contains errors.
For example, if the details of the Person with Significant Control (PSC) was incorrect, then you would complete Part 5 of the CS01 form only. Likewise, if your statement of capital is incorrect, then you would complete part 2 of the CS01 form.
Thereafter, you only send your RP04 and the relevant part of the CS01 form with the corrected information to Companies House. Do not send the whole CS01 form to Companies House, not even the front page of the CS01 form.
Another document you must include is the PR03 if your company has opted in the PROOF scheme.
To amend your company accounts already submitted to Companies House, simply send in your amended accounts and mark the account as “AMENDED”. Then, Companies House will publish both accounts on your public record.
If you have any questions about correcting mistakes on your confirmation statement, contact companies house.