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Recent content by achillea
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IFA recommendation?
I'm looking for an IFA to help me with pension planning and personal/business investment advice (I have inadequate provision with a SIPP but clueless on where to invest). I've tried searching this forum but can't seem to find any recommendations. I've been on the unbiased.co.uk website and...- achillea
- Thread
- Replies: 5
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Right, I've spoken to both accountants and have decided to leave the money where it is and draw down from it as usual in pension/salary/dividends whilst building up reserves in NewCo when I start my next contract. The proposal of a share-for-share exchange should work although this would need...- achillea
- Post #47
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
That was the original idea although my accountant thinks there is a very good chance that HMRC would disallow the ER due to all the assets being cash... not sure I understand that but couldn't find anything to this effect when I looked on the HMRC site. I'm coming to the conclusion that I just...- achillea
- Post #43
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
If you put it like that.... what I mean is I'd rather not take a big tax hit by taking it all out in one go. If I put the money into NewCo then draw it down in salary and dividends over time (as I would if it was still in OldCo) I'm still paying tax but just not in one fell swoop and spread...- achillea
- Post #41
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Ref A&B shares, both my OldCo accountant and NewCo accountant see the arrangement as appropriate treatment. We both do different types of work (one interim, the other software sales/consultancy) and have different classes of shares to reflect that (albeit with same voting rights). Ref money...- achillea
- Post #36
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Back to the drawing board then... will double check the reasoning and report back. I don't want to do anything that isn't above board.- achillea
- Post #34
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Postscript Postscript Just thought I'd let you know how I got on in relation to the two issues raised in this post, having discussed it with my accountant: Different levels of dividends paid As each director has a different class of ordinary share (alphabet shares) it is perfectly legal to...- achillea
- Post #31
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Accountant is on holiday this week so I can't talk to him about this potentially fundamental error (I'm livid..). Does it help that we different classes of shares? I have one 'A' share and the other director has one 'B' share. If I remember rightly it was done this way so that we could have...- achillea
- Post #24
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
I do have an accountant (and they are not cheap)... although clearly not a very good one. We have been operating like this for 10 years and they have never raised it as an issue... we did discuss this method when we set up and they said it was fine! I have appointed a new accountant for the...- achillea
- Post #20
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
What I mean is that although we have one share each, the amount we take in dividend is never split 50/50 that is because we take out dividend based on what each of us has earned. In recent years I am the only one who has been taking a divi as most of the earnings are mine. The complexities of...- achillea
- Post #14
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Well I suppose we could pretend to have a falling out if it will save money!- achillea
- Post #12
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
Thanks Thanks Thanks for the comments. I am waiting to talk to my accountant but they are not currently available which is why I thought I'd solicit other views to get the ball rolling on options. My partner will want to keep the current business so liquidation not an option. I shall be...- achillea
- Post #9
- Forum: Accounting / Legal
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Getting money out of Ltd co I'm leaving
I am currently a joint director of a 10 year old Ltd company and am planning on leaving to set up my own Ltd. I have about £100k in the reserves and want to know the best way of getting the money out in the most tax efficient way. I know I can't transfer the money to NewCo and have just dumped...- achillea
- Thread
- Replies: 47
- Forum: Accounting / Legal
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Drop in demand for financial services contractors
Can't speak for IT but in the heady world of procurement its been boom time for the past 18 months with no sign of slowing down so far. Lack of decent experienced permies creates a steady demand for interims to deliver cost reduction/post merger savings... -
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Mortgage - specialist contractor broker vs standard lender route?
heels heels The days of 4" stilettos are for the most over... give me a pair of calf skin, low heel FMBs any day.
