Permissions required for revoking Ltd Co. shares

[TheFaQQer]

Hmm. You could well have a point. I'm certainly not trying to defraud anyone. Just trying to be efficient. I tried and tried to get her to be involved in the accounts and she always refused and insisted on being ignorant of it.

If she owned 50% and you only paid her 40%, then she's not the only one who was ignorant of the accounts.

[northernladuk]

Hmm. You could well have a point. I'm certainly not trying to defraud anyone. Just trying to be efficient. I tried and tried to get her to be involved in the accounts and she always refused and insisted on being ignorant of it.

HMRC have a different word for you being overly efficient. She also doesn't need to be involved in the accounts. You are the sole director and so have a legal obligation to run your accounts properly and do the right thing for the shareholders. I am totally ignorant to the financial practices of all the companies that I have shares with as well and am quite happy with it. They are, however, not attempting to fudge their books.

I would also question your accountants role in all this. Did he not spot you were not allocating the correct money per share? What a mess.

[mouseorgan]

HMRC have a different word for you being overly efficient. She also doesn't need to be involved in the accounts. You are the sole director and so have a legal obligation to run your accounts properly and do the right thing for the shareholders. I am totally ignorant to the financial practices of all the companies that I have shares with as well and am quite happy with it. They are, however, not attempting to fudge their books.

I would also question your accountants role in all this. Did he not spot you were not allocating the correct money per share? What a mess.

Yes, I see your points completely. Thanks for your reply.

[jmo21]

She's actually just demanded to see my company accounts for the last 3 years... I thought it was all going to be friendly...

I think as it goes for 12/13 I gave her something like 40% of the dividends in some form or other anyway, so maybe it won't be too painful. Not counting emotions that is.

Prepare to be bent over

Accountants - any way he can get KY Jelly through expenses???

Hmm. You could well have a point. I'm certainly not trying to defraud anyone. Just trying to be efficient. I tried and tried to get her to be involved in the accounts and she always refused and insisted on being ignorant of it.

Her lawyer is about to inform her otherwise.

[Clare@InTouch]

HMRC have a different word for you being overly efficient. She also doesn't need to be involved in the accounts. You are the sole director and so have a legal obligation to run your accounts properly and do the right thing for the shareholders. I am totally ignorant to the financial practices of all the companies that I have shares with as well and am quite happy with it. They are, however, not attempting to fudge their books.

I would also question your accountants role in all this. Did he not spot you were not allocating the correct money per share? What a mess.

Agreed. When he came to prepare your tax return, and hers if she needed one, he should have compared the dividends to the accounts to Companies House to see the share allocation was correct. Unless he created some dividend waivers without telling you.

[mouseorgan]

Prepare to be bent over

Accountants - any way he can get KY Jelly through expenses???



Her lawyer is about to inform her otherwise.

Ahh come on, please this isn't fun for me.

[Clare@InTouch]

Ahh come on, please this isn't fun for me.

Arrange a chat, or a meeting if possible, with your accountant and go through everything. Ask for copies of all forms he's submitted, even if its just a list. Ask him:

What is the current shareholding?
Have any shares been transferred? If so, where is the paperwork? What was the value? Are there any tax implications?
Have all dividends been paid in proportion to shareholdings? If not, why not?
Can I have copies of my accounts for the last three years, with a summary of how the dividends in the accounts tie up to my tax returns please?
Could you please ask HMRC for copies of my SA302 for the last three years? (this is HMRC's print out of your income, and will come in handy if your wife needs to know your income).

And anything else you don't understand. If there have been directors' loans that you don't understand, ask for a copy of the ledger (this will give you a list of the transactions).

He should have all this stuff easily to hand, so there shouldn't be any additional fee to provide it.

[jmo21]

Ahh come on, please this isn't fun for me.

Sorry dude, good luck!

[mouseorgan]

Arrange a chat, or a meeting if possible, with your accountant and go through everything. Ask for copies of all forms he's submitted, even if its just a list. Ask him:

What is the current shareholding?
Have any shares been transferred? If so, where is the paperwork? What was the value? Are there any tax implications?
Have all dividends been paid in proportion to shareholdings? If not, why not?
Can I have copies of my accounts for the last three years, with a summary of how the dividends in the accounts tie up to my tax returns please?
Could you please ask HMRC for copies of my SA302 for the last three years? (this is HMRC's print out of your income, and will come in handy if your wife needs to know your income).

And anything else you don't understand. If there have been directors' loans that you don't understand, ask for a copy of the ledger (this will give you a list of the transactions).

He should have all this stuff easily to hand, so there shouldn't be any additional fee to provide it.

Thanks for your suggestions. Seems very prudent.

[northernladuk]

4 pages in and no one has neg repped the OP. Everyone feeling sorry for his situation or something?