LTD Company First Confirmation Statement Due

[itsfefe]

Hey everyone, I hope you are well.

So last year I started my own LTD Company. Everything has been going as planned and its almost time to submit my First Confirmation Statement within the next 2 months.

When I started the LTD Company, I used my Barclays Personal Credit Card to purchase my supplies, I have the invoice, etc. Since then, I've been making monthly payments towards the Barclays Personal Credit Card using the funds earned from the business which is paid using the business debit card. Now the remaining balance left is around let's say £500. Should I pay off the remaining balance so everything is cleared with Barclays Personal Credit Card before submitting my First Confirmation Statement Due or should I use the money to purchase more stock?

Also, a few months into the business being established I placed a 2nd order with my supplier using a different personal bank account, let's say it's called Bank 2. Once again, I have the invoice from the supplier for the transaction.

I hope to hear from someone and thanks for taking the time to read my post.

Kind regards,
Fefe

 

[Joyous]

Hey everyone, I hope you are well.

So last year I started my own LTD Company. Everything has been going as planned and its almost time to submit my First Confirmation Statement within the next 2 months.

When I started the LTD Company, I used my Barclays Personal Credit Card to purchase my supplies, I have the invoice, etc. Since then, I've been making monthly payments towards the Barclays Personal Credit Card using the funds earned from the business which is paid using the business debit card. Now the remaining balance left is around let's say £500. Should I pay off the remaining balance so everything is cleared with Barclays Personal Credit Card before submitting my First Confirmation Statement Due or should I use the money to purchase more stock?

Also, a few months into the business being established I placed a 2nd order with my supplier using a different personal bank account, let's say it's called Bank 2. Once again, I have the invoice from the supplier for the transaction.

I hope to hear from someone and thanks for taking the time to read my post.

Kind regards,

Fefe

Hi Fefe

It sounds like you're confusing your confirmation statement with your annual accounts. None of the above information is relevant for the confirmation statement. All it will ask you to do is either confirm or update the company information held at Companies House. Info such as the names and addresses of the company director's, the company's registered office etc.

You can find more information about it here.

 

[itsfefe]

Hello Joyous. Thanks for your reply.

Awesome! OK, I've understood the difference now.

How would I find out the date for annual accounts? Also, with the payments to the suppliers using Credit Card would that cause any issues?

Kind regards,
Fefe

 

[WaveJumper]

Should tell you on companies house

 

[Scalloway]

How would I find out the date for annual accounts?

That should be shown on your company's entry on Companies House. It is normally the last day of the month 12 months from the date of incorporation.

payments to the suppliers using Credit Card

Any payments made for goods or supplies on behalf of the company using personal cash is enetered in the accounts as a Directors Loan.
I strongly recommend that you engage an accountant as they will be able to advise on this and many other matters. Limited company accounts and tax returns are not for the uninitiated.

 

[Joyous]

Hi Fefe

Your first set of accounts are due 21 months from the date of company formation. For the second and following years accounts are due 9 months from the year end. Easiest thing though would be to look up your company at Companies House, all the due dates will be shown there.

Regarding those purchases you've made using your personal credit card - there is no issue, it will just be treated as if you lent the money to the company to make those purchases, ie a director's loan. The money you've used to pay the credit card bills is just a repaymment of the director's loan. However, in future and in order to keep your accounting as straightforward as possible, you should keep payments from personal funds to a minimum and try to make all payments from the company bank account.

Regards

 

[itsfefe]

Thanks everyone for the replies, I'm very grateful.

So I've checked Companies House and looks like Accounts is
First accounts made up to 31 May 2024
due by 23 February 2025

So I don't need to worry about the first set of accounts until 23 February 2025?

Kind regards,
Fefe

 

[Joyous]

So I don't need to worry about the first set of accounts until 23 February 2025?

Who are we to argue with Companies House?

Sounds like your first year of trading hasn't finished yet so you've got just under 9 months from 31 May to file your accounts. Following year's accounts will be due on the last day of February.

 

[Scalloway]

So I don't need to worry about the first set of accounts until 23 February 2025?

If you leave it till then you will be worrying! The best idea is to get everything together as soon after 31 May 2024 as you can so you have time to get them put together and pay any tax due.

 

[MyAccountantOnline]

Thanks everyone for the replies, I'm very grateful.

So I've checked Companies House and looks like Accounts is
First accounts made up to 31 May 2024
due by 23 February 2025

So I don't need to worry about the first set of accounts until 23 February 2025?

Kind regards,
Fefe

As Scalloway says don't leave it until then.

Aim to complete the accounts as soon as possible after the end of the year. I suggest by June/July.

This will give you time to put in place any changes which your accountant may recommend (including tax savings) and gives you time to plan for and pay tax due.

It's also way too stressful rushing to complete accounts and tax returns to avoid penalties.