Question about Ltd Companies and Divorce

[Doobrey]

Hi all,

Firstly let me state that I pay maintenance payments reguarly, every month on time based on the CSA guidelines. I feel that my child needs to have access to this money for clothing, childcare, toys!, etc..

So, I have been divorced for a number of years now and post the divorce decided to go contracting. Set up my LTD company and off I went.

Now my maintenance payments I have calculated based on personal income, so salary, dividends, etc. and to this effect have given my ex a copy of my annual personal tax return.

My Ex keeps asking for the company accounts. My question is, is she entitled to see these?

Thanks!

[Platypus]

Entitled? As in, the legal onus is on you to provide them? No.

Tell her to get them from Companies House.
http://www.companieshouse.gov.uk/too...p/WCInfo.shtml

[SueEllen]

If she wants them she can do what the rest of the world can do (and often does if they are checking up on companies/agencies) - download them from Companies House 9 months and a few days after your company year end. It costs about £2 per report.

So you can either :
1. Give her a copy of the one that your accountant prepares for you and submits to Companies House, or
2. You can direct her to Companies House.

Now all you need to do is figure out what she will do the most damage with...........


Edited to say: What I suspect your ex actually wants is the day-to-day accounts of your company but they are useless.

[Doobrey]

I guess my next question is whether should would be entitled to anything in/from the company?

It wasn't formed before or during the divorce. In fact about 1 year after the decree absolute came through I formed it.

[SueEllen]

I guess my next question is whether should would be entitled to anything in/from the company?

It wasn't formed before or during the divorce. In fact about 1 year after the decree absolute came through I formed it.

She isn't entitled to anything.

She is just checking that you are paying all that you are due so she can get more money out of you if you aren't.

BTW She is going to get a shock if you are out of a contract for a year as you won't be able to pay anything. On another note if you do find yourself out of a contract and have less than £16K in your company, sign up for JSA asap. It will make your life easier.

[RichardCranium]

On another note if you do find yourself out of a contract and have less than £16K not including what is in your company, sign up for JSA asap. It will make your life easier.

FTFY

They do not and should not count the LtdCo's money. It is not yours.

Personally I agree with others on here that it is immoral to claim benefits while there loads of £ in the LtdCo account.

But don't withdraw it to live on without paying the relevant tax on it first, 'cos that screws your life up too.

[castoff101]

Your ex can ask for a change of circumstanes to the CSA. This may be refused, she then appeals, gets to a Tribunal. A Tribunal can lift the corporate veil and what you thought was the companies money is deemed to be yours...

Some interesting things around assets over 65k (your savings + company retained earnings). All the asset is deemed to be earning a rate of 8%, this is then counted as income, CSA rates are then applied to this, 15% for one child, 20% for two and 25% for three plus.

This site is very useful:

Child Support - MoneySavingExpert.com Forums

Be careful

[escapeUK]

Personally I agree with others on here that it is immoral to claim benefits while there loads of £ in the LtdCo account.

I thought the same about paying NI knowing Id never be eligible to claim benefits.