Permissions required for revoking Ltd Co. shares

[northernladuk]

So, It seems to be that I need to pay her the differences between what I have given her and the value of the shares. In the context of a Divorce, which obviously is not the CUK focus) Should I just go do this today? It seems right to NOT take it into context of anything else at all, but don't want to screw myself in a bigger picture again/any more *delete as appropriate*.

FTFY

Nope it is more complicated than that. You have to some how fix the discrepancies in your accounting which means the company then gives her what she is legally due. Your tax affairs are going to look awful if we are talking big figures. She will also expect interest on that what she is due as well. Get your books straight first before going forward IMO...

The best thing you need to do is invite your accountant and lawyer for a meal and then leave them to it while you pop round the corner to whatever church you follow and pray like ***k....

[mouseorgan]

FTFY

Nope it is more complicated than that. You have to some how fix the discrepancies in your accounting which means the company then gives her what she is legally due. Your tax affairs are going to look awful if we are talking big figures. She will also expect interest on that what she is due as well. Get your books straight first before going forward IMO...

The best thing you need to do is invite your accountant and lawyer for a meal and then leave them to it while you pop round the corner to whatever church you follow and pray like ***k....

My books are actually straight, there's no issue there at all according to my accountant. I just haven't given her enough money from the dividends.

[Clare@InTouch]

My books are actually straight, there's no issue there at all according to my accountant. I just haven't given her enough money from the dividends.

Then your books cannot be entirely correct - if dividends had to be paid 50:50 and weren't there must be a loan account for her, with money owed to her. Or, dividends were not paid out according to shares held, which your accountant should have mentioned when he prepared your accounts and tax return.

[mouseorgan]

Then your books cannot be entirely correct - if dividends had to be paid 50:50 and weren't there must be a loan account for her, with money owed to her. Or, dividends were not paid out according to shares held, which your accountant should have mentioned when he prepared your accounts and tax return.

I asked him about the fact that all dividends were paid to a single account and he dismissed this, saying that if it were a large number of shareholders, then that would be a concern, but wasn't a red flag to him at all.

[Clare@InTouch]

I asked him about the fact that all dividends were paid to a single account and he dismissed this, saying that if it were a large number of shareholders, then that would be a concern, but wasn't a red flag to him at all.

So dividends were declared 50:50, the dividend vouchers show that, and the funds went into a joint account? That would be fine, so I don't get where you owe her - is it the dividends you've paid out since then that you didn't pay to her?

[mouseorgan]

So dividends were declared 50:50, the dividend vouchers show that, and the funds went into a joint account? That would be fine, so I don't get where you owe her - is it the dividends you've paid out since then that you didn't pay to her?

It's just that I have not literally forwarded on the entire value of the dividends paid to her. And I wholly intend to resolve this ASAP.

[Martin at NixonWilliams]

So dividends were declared 50:50, the dividend vouchers show that, and the funds went into a joint account? That would be fine

I would advise against the use of joint accounts where possible to be on the safe side.

Although it would probably be ok, my view is that it would be much easier for HMRC to make a challenge where a joint account is being used, as it could be argued that the fee-earner has access to the whole of the dividend payment.

[mouseorgan]

I would advise against the use of joint accounts where possible to be on the safe side.

Although it would probably be ok, my view is that it would be much easier for HMRC to make a challenge where a joint account is being used, as it could be argued that the fee-earner has access to the whole of the dividend payment.

I'm with NW, and my guy there didn't. Either way though, I'm removing the joint account status currently, so I really think that my issues are firmly outside of my company at least.

[TheCyclingProgrammer]

Sorry, by not worrying about it, does this mean what your discussing just isn't applicable to me? Thanks

Yes, but only in my opinion. IANAA and IANAL.

[northernladuk]

I'm with NW, and my guy there didn't. Either way though, I'm removing the joint account status currently, so I really think that my issues are firmly outside of my company at least.

Except the fact that your books can't match with cash in bank and dividends minuted surely?