B1 -Directors remuneration

D

Dec05

Registered User
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33
Hi
I'm reading the information leaflet for filing a B1.
It says that Directors Remuneration has to be disclosed ?
Does this apply to a small company - do I actually have to include the directors names and salary for the year ?
 
yes. That's exactly what I'm enquiring about.
For all the SMEs with two directors, is this not an incredible invasion of privacy?
 
Dec05 said:
For all the SMEs with two directors, is this not an incredible invasion of privacy?
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100% agree re invasion of privacy not to mention also personal security issues for directors
Apparently the requirement was there in previous legislation but not clear and people didn't disclose it. Now it is clearer in new Companies Act 2014 legislation.

This is something that SFA, ISME and other business organisations should lobby about in my opinion

You can avoid it by making your company unlimited but that negates one of the points of having a limited liability company.

Whatever about PLCS where there is a public interest for any SME companies there should be an exemption.
 
I filed the B1 through core and elected to annex documents as per Co's Acts 1963 to 2013.
The company's year end was March 2015.
I'm assuming this means I don't have to disclose this time - as the new 2014 Act only applies for years ending after June 2015.
Am I correct ?
 
@Dec05 - based on what you've said - if it is correct - then your analysis is correct.

Re the privacy issue - this is very common in other jurisdictions. Go 'unlimited', if you don't like the 'cons' that come with the 'pros' of limited liability.
 
They are bringing in a micro entity in the Companies Bill 2015 which will remove the requirement to disclose same, so keep an eye for that.

Joe_90 is correct though if the accounts are approved after 01/06/15 the Companies Act 2014 applies.
 
S.305(1)(b) Companies Act 2014 - Disclosure of Directors Remuneration - only comes into effect for accounts periods commencing on or after 1st of June 2015.

So this won't affect most companies until they prepare accounts for 2016 - by which time the new micro entities legislation will hopefully be in place.
 
T McGibney said:
S.305(1)(b) Companies Act 2014 - Disclosure of Directors Remuneration - only comes into effect for accounts periods commencing on or after 1st of June 2015.

So this won't affect most companies until they prepare accounts for 2016 - by which time the new micro entities legislation will hopefully be in place.
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S.305(1)(b) refers to the requirement to include gains on exercise of share options in directors’ remuneration

S.305(1)(a) refers to the aggregate amount of emoluments paid to or receivable by directors in respect of qualifying services and applies once the Companies Act 2014 applies.
 
Apologies for my typo.

My point stands regardless.

"S.305(1)(a) refers to the aggregate amount of emoluments paid to or receivable by directors in respect of qualifying services and applies once the Companies Act 2014 applies."
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This is contrary to information I have gleaned from reliable sources. Have you a link?
 
T McGibney said:
Apologies for my typo.

My point stands regardless.
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How does it stand? You're quoting an exemption for share option gains. It's not a typo it's a fundamental difference.

The vast majority of small companies who prepare and sign off abridged financial statements after 01/06/15 (under CA 2014) will have to disclose directors emoluments (remuneration) until this micro entity regime comes in (date still unknown).
 
T McGibney said:
"S.305(1)(a) refers to the aggregate amount of emoluments paid to or receivable by directors in respect of qualifying services and applies once the Companies Act 2014 applies."

This is contrary to information I have gleaned from reliable sources. Have you a link?
Click to expand...

Not sure if you're being serious? CA 2014 applies from 01/06/15 (only the 305(b) part along with a few others such as statement of directors’ compliance statement were given exemptions to apply for accounting periods beginning on/after 01/06/15).

So 305 (a) applies once signing off under CA2014

Source: CAI pro forma financial statements among other things
 
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