Reply to: Can I own a company but not be director?

[m0n1k3r]

The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.

Yes, the PSC register (person of significant control), not to be confused with HMRC's use of the same acronym.

However a PSC is a person with more than 25% shareholding, so if you are four people and each of you own 25% then you should be all set. For good measure, own 24% each and then have a fifth person own 4%.

[TheFaQQer]

Sounds a bit intrusive

And like much of that poster's advice, contains a lot of bollocks

[Sausage Surprise]

The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.

Sounds a bit intrusive

[Platypus]

Yes you can own the shares and not be a director

[BrilloPad]

Hi,

Unusual question.

I lost virtually everything in my divorce, fortunately that includes my ex-wife. Had the judge ruled that I had to stay married to her, life would not have been worth living.

Now I can start again.

Unfortunately my ex-wife is the vengeful sort, not unusual I know, and so will be looking for any opportunity to persecute me still further. I am anticipating that she is watching my company accounts like a hawk.

What I would like to do is open another company, away from her prying eyes, but i know that she will be able to trace it if I am a director. So, is there any way that I can own a company, but not be named as a director?

I look forward to advice.


Thanks in advance.

Do you have any children? What sort of financial order was made?

I hope you remember the bitterness if you ever think about marrying again. Its like tax avoidance. You just don't do it.

[Jessica@WhiteFieldTax]

The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.

As I recall its already on the statute book and all private companies should be starting to establish the register internally. I suspect 99% are not!

From June the PSC register is published at Companies House in the new style "confirmation statement" that replaces the annual return, however the detail on this from CH is quite light at present.

The option exists not to publish the PSC register at CH but to make it available for inspection on request/nominal fee at RO. I suspect CHs version will be indexed whereas a private one will not be.

I further suspect that once the information is there our overlords at Westminster will think it's a good idea that all private registers needs to be returned somewhere, in the interest of law enforcement.

[SueEllen]

hmmm... over £50k pa in tax? Ouch!

12 months off and a round the world cruise is probably a better bet!

You only live once.....

[northernladuk]

Agents aren't going to bugger around putting a bit of money here and there. They will send it to the place connected to the contract be it a LTD account or the umbrella.

Give Lucy a call at Contractor Umbrella. She posts on here and the company have been very helpful in the Umbrella section of the forum.

[paraclete]

hmmm... over £50k pa in tax? Ouch!

12 months off and a round the world cruise is probably a better bet!

[paraclete]

Good suggestion SueEllen and mudskipper! Umbrella, why didn't I think of that? Can ask my agent to keep back some funds and drip feed it into my Limited Company over the course of 12 months, while I go Brolly for a bit. If turnover of the Limited Company dries up completely, she will smell a rat.

You are right though about expenses, this will be a bit of a hit. More to HMRC too. Will have to do some maths.

Thanks again.

[SueEllen]

What I would like to do is open another company, away from her prying eyes, but i know that she will be able to trace it if I am a director. So, is there any way that I can own a company, but not be named as a director?
.

Even if there was many agencies now insist that you are a director of the close company.

Your choices are:
1. Brolly - if you want to contract in the same way but you won't get travel and subsidence.
2. Go permanent - you earn less but there may be an advantage to this
3. Change the way you work so you can be self-employed - this depends on your skill set. If you are more of a design type this could be a viable option.

[mudskipper]

Many thanks for all of the advice, but it looks like the PSC legislation knocks my idea into touch. Back to the drawing board!

If you want to carry on contracting, perhaps brolly would be an option short term?

[paraclete]

Many thanks for all of the advice, but it looks like the PSC legislation knocks my idea into touch. Back to the drawing board!

Sorry mudskipper if my comments caused offence, perhaps my experience and those of friends/colleagues is unusual. Apologies.

[mudskipper]

The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.

Good point - more PSC confusion; Persons of Significant Control

[john@UKCA]

Planned register of beneficial owners!

The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.