Shareholder to withdraw more dividends
+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast
Posts 1 to 10 of 33
  1. #1

    Nervous Newbie

    Sophieuk has no reputation


    Join Date
    Aug 2015
    Posts
    1
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default Shareholder to withdraw more dividends

    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

  2. #2

    Should post faster

    JB3000 is too good to be a permie


    Join Date
    Jul 2014
    Posts
    195
    Thanks (Given)
    3
    Thanks (Received)
    8
    Likes (Given)
    5
    Likes (Received)
    19

    Default

    Quote Originally Posted by Sophieuk View Post
    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?

  3. #3

    Double Godlike!

    stek - scorchio!

    stek's Avatar
    Join Date
    Oct 2009
    Location
    East of Eden
    Posts
    11,209
    Thanks (Given)
    4
    Thanks (Received)
    286
    Likes (Given)
    13
    Likes (Received)
    1542

    Default

    Quote Originally Posted by Sophieuk View Post
    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.

  4. #4
    pr1
    pr1 is offline

    Fingers like lightning

    pr1 has more data than eek


    Join Date
    Jun 2015
    Posts
    956
    Thanks (Given)
    4
    Thanks (Received)
    54
    Likes (Given)
    14
    Likes (Received)
    229

    Default

    Quote Originally Posted by JB3000 View Post
    Who are your accountants?
    hmrc boobytrap accounting services ltd

  5. #5

    Should post faster

    Kenny@MyAccountantFriend is too good to be a permie


    Join Date
    Feb 2015
    Posts
    180
    Thanks (Given)
    0
    Thanks (Received)
    13
    Likes (Given)
    0
    Likes (Received)
    20

    Default

    That is a very bad idea.

  6. #6

    Should post faster

    Andrew@HillierHopkins is too good to be a permie


    Join Date
    Jan 2013
    Location
    Watford & London
    Posts
    171
    Thanks (Given)
    0
    Thanks (Received)
    9
    Likes (Given)
    39
    Likes (Received)
    18

    Default

    Quote Originally Posted by Sophieuk View Post
    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!

  7. #7
    eek
    eek is online now

    bored now

    eek is a fount of knowledge

    eek's Avatar
    Join Date
    Jun 2010
    Location
    😂
    Posts
    22,643
    Thanks (Given)
    264
    Thanks (Received)
    1272
    Likes (Given)
    1073
    Likes (Received)
    3713

    Default

    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...
    Last edited by eek; 26th August 2015 at 07:38.
    merely at clientco for the entertainment

  8. #8

    My post count is Majestic

    northernladuk is always on top

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    33,989
    Thanks (Given)
    141
    Thanks (Received)
    1504
    Likes (Given)
    1796
    Likes (Received)
    6116

    Default

    Quote Originally Posted by Sophieuk View Post
    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
    Last edited by northernladuk; 26th August 2015 at 07:41.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  9. #9

    My post count is Majestic

    northernladuk is always on top

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    33,989
    Thanks (Given)
    141
    Thanks (Received)
    1504
    Likes (Given)
    1796
    Likes (Received)
    6116

    Default

    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.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  10. #10

    Contractor Among Contractors

    WordIsBond 's job has never been outsourced


    Join Date
    Apr 2015
    Posts
    1,406
    Thanks (Given)
    55
    Thanks (Received)
    116
    Likes (Given)
    800
    Likes (Received)
    648

    Default

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

+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.