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  1. #1

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    Sophieuk has no reputation


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    Default Shareholder to withdraw more dividends

    Hi all,

    I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

    My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

    Any guidance on this topic will be much appreciated. Thanks.

    Regards,
    Sophie

  2. #2

    Should post faster

    JB3000 is too good to be a permie


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    Default

    Quote Originally Posted by Sophieuk View Post
    Hi all,

    I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

    My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

    Any guidance on this topic will be much appreciated. Thanks.

    Regards,
    Sophie
    Who are your accountants?

  3. #3

    Double Godlike!

    stek is NOT a disguised employee

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    Quote Originally Posted by Sophieuk View Post
    Hi all,

    I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

    My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

    Any guidance on this topic will be much appreciated. Thanks.

    Regards,
    Sophie
    Get rid of the accountant. Seriously.

  4. #4
    pr1
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    Quote Originally Posted by JB3000 View Post
    Who are your accountants?
    hmrc boobytrap accounting services ltd

  5. #5

    Should post faster

    Kenny@MyAccountantFriend is too good to be a permie


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    That is a very bad idea.

  6. #6

    Should post faster

    Andrew@HillierHopkins is too good to be a permie


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    Default

    Quote Originally Posted by Sophieuk View Post
    Hi all,

    I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

    My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

    Any guidance on this topic will be much appreciated. Thanks.

    Regards,
    Sophie
    Safe? No!
    Trouble? Yes!

  7. #7
    eek
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    If you don't have a friend will they provide one? And are they Nigerian Princes...

    That advice is utterly insane on many levels.... I would suggest another accountant...
    Last edited by eek; 26th August 2015 at 07:38.
    merely at clientco for the entertainment

  8. #8

    My post count is Majestic

    northernladuk is a fount of knowledge

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    Quote Originally Posted by Sophieuk View Post
    Hi all,

    I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

    My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

    Any guidance on this topic will be much appreciated. Thanks.

    Regards,
    Sophie
    Last edited by northernladuk; 26th August 2015 at 07:41.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  9. #9

    My post count is Majestic

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    But seriously. We are jumping all over the OPs accountant but isn't OP is just as incompetent, if not more so? Contracting for a couple of years and has to ask this? I would love to report this post for trolling but sadly I believe there are people this stupid out there. Disgraceful.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  10. #10

    Contractor Among Contractors

    WordIsBond 's job has never been outsourced


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    LOL. Who ever thought of spelling "Sockie" with "ph"? Credit for creativity.

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