Originally posted by psychocandy
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Reallocating Shares - Red Flag for HMRC S660??
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'CUK forum personality of 2011 - Winner - Yes really!!!! -
Originally posted by northernladuk View PostYou would have to divorce your sheep and your sister first I believe but in Wales I am sure it will be acceptable.Rhyddid i lofnod psychocandy!!!!Comment
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Originally posted by Fandango View PostSo following on from that then would there be any issue in adding my son (2.5 years old) as a shareholder to the company, again in order to be able to draw more dividends from the company?Cheers
See TSEM4300 - Settlements legislation: settlement for minor child who is neither married nor in a civil partnership2012 CUK Reader Awards - '...Capital City Accountancy, all of whom were outside the top three yet still won compliments from CUK readers for their services' - well, its not an award, but we'll take it! - Best Accountant (for IT contractors) category
2011 CUK Reader Awards - Top 3 - Best Accountant (for IT contractors) category
|| Check us out at: http://www.linkedin.com/company/capi...ccountancy-ltdComment
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Originally posted by Greg@CapitalCity View PostYes, it gets caught by the settlement provisions - so any income received by your son, is treated as income for you, and as such you are taxed on it. There is an exemption for the first £100 in income paid to your son - which is a lot of money for a 2.5 year old, but not much of a tax saving for you
See TSEM4300 - Settlements legislation: settlement for minor child who is neither married nor in a civil partnership
cheersComment
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Rather than re-allocate your shares so it shows as a gift, can you not shut down your current company and recreate a new one for the start of your next contract – if you are fortunate enough to be in such as position, and structure the shares from day 1 -Yourself 40%, partner 40%, children 20% etc- this will not show as re-allocating shares as a gift?Comment
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that wouldn't change the fact that (as Greg@CapitalCity
has highlighted) any income to your child will be treated as income for yourself (except the frst £100)
So its still a non starter unfortunately
I guess if you have grown up kids/parents earning <£35k then thats another story thoughComment
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Originally posted by Fandango View Postthat wouldn't change the fact that (as Greg@CapitalCity
has highlighted) any income to your child will be treated as income for yourself (except the frst £100)
So its still a non starter unfortunately
I guess if you have grown up kids/parents earning <£35k then thats another story thoughComment
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Children as shareholders- even if you show you do not touch the money e.g they use it as savings ?Comment
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Originally posted by contractor55 View PostChildren as shareholders- even if you show you do not touch the money e.g they use it as savings ?Blog? What blog...?Comment
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