Dividends and shared bank account

[helen7]

Hi,

Did a search but couldn't find a recent answer on this one.

My husband is a 30% shareholder in my company. When dividends are distributed are there any potential issues with these going into a shared bank account?

[northernladuk]

Hi,

Did a search but couldn't find a recent answer on this one.

My husband is a 30% shareholder in my company. When dividends are distributed are there any potential issues with these going into a shared bank account?

If you were both employed by separate companies this would be perfectly acceptable, if you were paid by one company this would be perfectly acceptable therefore I would guess being paid by one company (that is yours) it would also be acceptable too as long as you have the paperwork detailing the amount of dividend paid + other stuff to each of you as evidence. You could even be pedantic and split the payments in to the amounts detailed on your divis if you want to keep it super clean but I guess this would be a bit OCD.

[ASB]

Hi,

Did a search but couldn't find a recent answer on this one.

My husband is a 30% shareholder in my company. When dividends are distributed are there any potential issues with these going into a shared bank account?

HMRC could try and argue a settlement via S660 on the potential grounds that you have a right to that income (being paid into a joint account). I am not aware of them actually trying this approach, in any event HMRC most recent S660 attempt failed. In any event this could only occur after an investigation was started and is in my view very remote.

[SackmanandCo]

There is no problem as long as two separate payments are made.

[slogger]

dividends and shared bank acct

hi - I declare dividend & minutes - bit of paperwork- then pay dividend into jointt account - I do two payments - one for myself and one to my wife - also on payment from company account it is actually listed as Mr Slogger divedend and Mrs slogger dividend - had an ir35 investigation two years ago and no problems.

[moorfield]

You could even be pedantic and split the payments in to the amounts detailed on your divis if you want to keep it super clean but I guess this would be a bit OCD.

Actually I do do this, split Mr + Mrs divi payments from ltdco account into joint account, but more because it makes it easier for the number bods to reconcile divi paperwork to bank statements (you'd be surprised what simple things like joint payments they can cock up).

[lje]

hi - I declare dividend & minutes - bit of paperwork- then pay dividend into jointt account - I do two payments - one for myself and one to my wife - also on payment from company account it is actually listed as Mr Slogger divedend and Mrs slogger dividend - had an ir35 investigation two years ago and no problems.

I do this too - separate payments but both to the same account. Different references on the transfers too.