Hi,
I'm looking for some advice on the following:- My clients, a husband and wife have up till now been running their Ltd company as joint directors, they have just informed me that the husband is being removed as a director and is transferring his shares to his wife (they have provided me with a copy of form TM01 Termination of Appointment of Director and Stock Transfer form - both have been sent by them to their accountant). I'm not sure of the reason for this but it's nothing acrimonious - they are not splitting up , so possibly on the advice of their accountant. I just need to clarify if there's anything I need to do generally from a bookkeeping point of view because of this. Some things have sprung to mind - The directors loan account is in joint names, so is it OK to continue posting to this account once the husband has been removed as a director or are there any adjustments etc that need to be done to this account first? Also if as currently happens the husband introduces funds / pays for business related items from his own funds or has his personal c/c paid from the business how can these be posted in the accounts? (crediting/debiting the DLA does not seem right as he is no longer a director)? The husband also draws a director's salary so this will need to stop but is there anything else that would need to be done surrounding this? Any advice you can give on the above points or in general would be much appreciated.
Many Thanks
Richard
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