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Recent content by jmann

  1. J

    Moving money between companies

    You cannot transfer money between 2 different limited companies without loaning it. They are 2 separate entities. I believe you have misunderstood how this works. There is a way to do what you are trying to achieve but it's a bit more complex. You need to set up a holding company which will...
  2. J

    How to pay dividends to foreign shareholders

    It really depends on what sort of business you are conducting under a limited company. If you are a contractor working as limited company then HMRC could investigate this. There is no reason for you to gift shares to relatives when they are not contributing anything. If you are running a...
  3. J

    anti-phoenix rule query

    I ran this past my accountant and he said the same thing as you. He had the same concern. I thought it shouldn't be a major issue since I am targeting different market within the same field. I know major players are doing the same thing but under group structure. To be honest, main reason for...
  4. J

    anti-phoenix rule query

    My concern was if I use trading as, companies would look at the pricing on my other company site which is going to be much less than what I charge business customers. I am already VAT registered so its not a big deal. Maybe I am overthinking this.
  5. J

    anti-phoenix rule query

    Both companies are going to be running simultaneously for few number of years. It's not like I am closing the company and opening new one. Would this still fall under anti-phoenix rule?
  6. J

    anti-phoenix rule query

    I am looking to enter a new market in the same field as my current business. I am trying to figure out what's the best way to do this. I could use my existing company but I want to set up new company and keep everything separate. I am doing this to target business customers where profit margin...
  7. J

    Any experience with Flagstone ?

    They are still offering free set up which is good but they are charging 0.25% management fee.
  8. J

    Any experience with Flagstone ?

    Yes, it looks like a good platform. No need to fill out multiple application forms which is what attracting me thier platform. If they waive the set up fee then I am going to test it out.
  9. J

    Any experience with Flagstone ?

    Has anyone used the Flagstone saving platform? It seems like a good idea but their fee seems very high. Flagstone - The Smarter Cash Platform ------------- Flagstone charges clients a flat annual management fee ranging from 0.25% to 0.15% based on the total value of a client’s account. Fees...
  10. J

    Connected companies loan

    You are absoultely right. I got another 20+ years so I think holding company set up is better for me.
  11. J

    Connected companies loan

    My initial plan was to simply set up an SPV company and loan the retained profit from the trading company. I have spoken to multiple tax advisors and they all come up with different solution. Last tax advisor told me it would be better to set up a holding company which would protect the assests...
  12. J

    Connected companies loan

    Yes, with group structure you can end up costing £250-1000 per year in additional expense but I think it would be worth it in the long term. I guess it really depends on investment level. I am hoping to go with holding company since I am looking into investing in other areas like stocks and...
  13. J

    Connected companies loan

    Can the trading company still claim entrepreneurs' relief? Wouldn't creating holding company and transferring retained profit make more sense since you don't have to worry about loan agreements? In the event trading or spv company runs into finanical trouble, it wouldn't affect the holding...
  14. J

    Connected companies loan

    With this setup, if one company runs into trouble, wouldn't it affect both? For example, if the trading company runs into financial trouble, then loan has to be repaid by property company right? With a holding company structure, this can be avoided.
  15. J

    Connected companies loan

    Are you sure loan can be written off? I was advised by my accountant to charge a low interest rate to avoid any problem with HMRC. The group structure is more expensive but it would be the safest option. My accountant is charging £250 per year for the holding company which is not that bad.
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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
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