Got Married - Add spouse ?

[northernladuk]

What about changing shareholding % for the wife after a couple of years? Does HMRC get pissy about that?

No but it's not something you want to be doing regularly. Dunno what regularly means but I'd guess not every year or less.

[Lance]

What about changing shareholding % for the wife after a couple of years? Does HMRC get pissy about that?

They might but to the best of my knowledge as long as they are simply bought and sold then you're fine.
A lot of people talk about gifts and I think the Arctic systems case doesn't cover a gift of shares. But if you have 10 shares that cost £1 each I don't see a problem.
When my wife obtained a shareholding she didn't buy the shares off me either. The company issued 9 more shares (there was 1 originally), of which I bought 7, and Mrs. L. bought 2. That way we have contributed genuine capital to the company. If I want to change shareholding (which I agree is not wise to do very often) I will issue more shares and do the same again.

It's not the most tax efficient as it's slightly off every year, but we're talking a few hundred quid to stay IMO low risk.

[VillageContractor]

They might but to the best of my knowledge as long as they are simply bought and sold then you're fine.
A lot of people talk about gifts and I think the Arctic systems case doesn't cover a gift of shares. But if you have 10 shares that cost £1 each I don't see a problem.
When my wife obtained a shareholding she didn't buy the shares off me either. The company issued 9 more shares (there was 1 originally), of which I bought 7, and Mrs. L. bought 2. That way we have contributed genuine capital to the company. If I want to change shareholding (which I agree is not wise to do very often) I will issue more shares and do the same again.

It's not the most tax efficient as it's slightly off every year, but we're talking a few hundred quid to stay IMO low risk.

If you issue more shares are buying them at £1 each?

[Lance]

If you issue more shares are buying them at £1 each?

That's the easiest way.
You can do it for more (or less) but bear in mind that will affect the value of previously issued shares. Say for instance you wanted to put £10k of capital in for some reason, as well as redistributing the ownership split you can do that (always advised to keep the same class of shares though). It just gets more messy with the maths.

[VillageContractor]

That's the easiest way.
You can do it for more (or less) but bear in mind that will affect the value of previously issued shares. Say for instance you wanted to put £10k of capital in for some reason, as well as redistributing the ownership split you can do that (always advised to keep the same class of shares though). It just gets more messy with the maths.

Interesting. Planning on doing it in a couple of years, but don't expect it to change after that. Just assumed I would have to buy her shares from her.

[ladymuck]

Interesting. Planning on doing it in a couple of years, but don't expect it to change after that. Just assumed I would have to buy her shares from her.

YourCo can buy the shares back, reducing the amount of shares available in the company. You personally don't have to buy them. How you value them when a £1 share could be paying £10k dividend is another matter entirely...

[sbakoola]

Anyone know anything about prenups under European law UK, Spain and Portugal ? I heard that if you have kids they are as good as null and void or at least easily contestable. Hollywood celebs usually have watertight prenups I think but that's a legal system far, far away and probably extremely costly.

[northernladuk]

Anyone know anything about prenups under European law UK, Spain and Portugal ? I heard that if you have kids they are as good as null and void or at least easily contestable. Hollywood celebs usually have watertight prenups I think but that's a legal system far, far away and probably extremely costly.

Are prenuptial agreements legally binding in the UK?

http://www.bljsolicitors.co.uk/news/...nts-in-the-uk/

Doesn't cover Wales due to the added complexity you are probably related as well.

[LondonManc]

If she's currently working, it's probably worth it. If she's not, it won't be.

If she's not working, appoint her as your company secretary, get her to fill all the admin stuff in - spreadsheets for expenses, etc., clean the company office and so on.

See your accountant for full details on how and why.

If the worst happens and you split in a few years (nobody ever enters marriage intending on it being short term, surely), you can dissolve the company and open a new one with just you as shareholder.

[Lost It]

There's a lot af negativity out there about being married.

I wouldn't marry twice, if it didn't work the first time I'd take that as a sign.

Saying that I've been married to the same woman for 36 years now. Well. Maybe she's not the same in mind or body. But I'm pretty sure that if I hadn't spent so much of my life working away it wouldn't have lasted, it was like going home to a different woman every month at one bit.

I don't quite understand why there's a rush to get married if you expect it to fail though. It's not as if there's tax advantages (there was back in 1980). But I've never thought about making her a partner in my company. Maybe I should.