Shareholder to withdraw more dividends

[Sophieuk]

Hi all,

I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

Any guidance on this topic will be much appreciated. Thanks.

Regards,
Sophie

[JB3000]

Hi all,

I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

Any guidance on this topic will be much appreciated. Thanks.

Regards,
Sophie

Who are your accountants?

[stek]

Hi all,

I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

Any guidance on this topic will be much appreciated. Thanks.

Regards,
Sophie

Get rid of the accountant. Seriously.

[pr1]

Who are your accountants?

hmrc boobytrap accounting services ltd

[Kenny@MyAccountantFriend]

That is a very bad idea.

[Andrew@Wisteria]

Hi all,

I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

Any guidance on this topic will be much appreciated. Thanks.

Regards,
Sophie

Safe? No!
Trouble? Yes!

[eek]

If you don't have a friend will they provide one? And are they Nigerian Princes...

That advice is utterly insane on many levels.... I would suggest another accountant...

[northernladuk]

Hi all,

I have been contracting for couple of years. I am looking to buy my house and am in need of more cash for my deposit. My accountant advised me to consider making a (non working) friend as my shareholder. I am single so I dont have an option to make my spouse a shareholder.

My friend can withdraw dividends from my company as a shareholder and give that money to me as gift. Is this a safe approach ? Will I get myself in trouble with HMRC ??

Any guidance on this topic will be much appreciated. Thanks.

Regards,
Sophie

[northernladuk]

But seriously. We are jumping all over the OPs accountant but isn't OP is just as incompetent, if not more so? Contracting for a couple of years and has to ask this? I would love to report this post for trolling but sadly I believe there are people this stupid out there. Disgraceful.

[WordIsBond]

LOL. Who ever thought of spelling "Sockie" with "ph"? Credit for creativity.