Client set up company with 10,000 shares split between 4 people. Aggregate nominal value £0.001. One year later, client realises it is a mistake. He actually wanted the aggregate nominal value to be £10k. Companies House says client needs to go through long procedure including completing and posting paper forms if he wants to correct it.
If the client does not bother with all that, but simply reports the desired shareholdings on the annual return from now on. What problems could arise?
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The problem would be submission of incorrect annual returns.
But what is the difficulty? Client just needs to capitalise share premium account surely. Nothing needs to be changed retrospectively.