Originally posted by ladymuck
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Withdrawing more money without unacceptable tax bill - Imaginative advice needed
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"Being nice costs nothing and sometimes gets you extra bacon" - Pondlife. -
Originally posted by boredsenseless"I pay myself a minimum wage as required by law,....."Comment
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Originally posted by DaveBThe catch with that is the joint account bit and that gets you nailed by S600, if I understand it right anyway. Don't pay divi's in such a way that the money can be construed as coming back to you in anyway and you *should* be ok.
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Originally posted by DaveBThe catch with that is the joint account bit and that gets you nailed by S600, if I understand it right anyway. Don't pay divi's in such a way that the money can be construed as coming back to you in anyway and you *should* be ok.
Could be a few other flaws with the dog owning half the company though.Comment
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Originally posted by ASBIf you don't marry the dog you should be OK. The usual bit to attack with S660 only applies to when married.
Could be a few other flaws with the dog owning half the company though.
Thats generally because married couples have joint accounts and the IR can argue that the money is coming back to the majority share holder who should then be paying tax on it at the higher rate. The key is maintaining seperation.
Yes, in theory the dog with his own account might work, providing you have power of attorney for the dog to manage its financial affairs. However, the minute any of that money ends up in your personal possession you're buggered."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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Originally posted by DaveBThats generally because married couples have joint accounts and the IR can argue that the money is coming back to the majority share holder who should then be paying tax on it at the higher rate.
I had assumed the dog was going to spend the dosh to it's own benefit on Bonios and French Poodles though.
Anyway, it's a bit academic since the dog cannot itself own the shares. They would have to be in a blind trust for it, only <i>people</i> over 18 can directly hold shares.Comment
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hmmm
What if you are married to a dog?
Anyway getting back on track. If you pay divi's to yourself and your wife (equally) and you both have your own bank account. Then your wife puts some of her divi's in the joint account. The hubby then takes it out of the joint account to help pay the mortgage as his account is the account all the big bills come out of. Is that acceptable? (ignoring the Artic case). Or would the mortage be better coming out of the joint account?Comment
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Originally posted by jason986What if you are married to a dog?
Anyway getting back on track. If you pay divi's to yourself and your wife (equally) and you both have your own bank account. Then your wife puts some of her divi's in the joint account. The hubby then takes it out of the joint account to help pay the mortgage as his account is the account all the big bills come out of. Is that acceptable? (ignoring the Artic case). Or would the mortage be better coming out of the joint account?Comment
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