Reply to: Shareholders??

[css_jay99]

Sadly this is not the way our friends at the Revenue would look at it.

The shares have a value in that presumably they pay dividends even if there are few assets in the company. The Revenue has a special unit that deals with valuations of private companies. Factors that they could look at include dividend payments, size of the holding, assets held by the company etc.

Public company transfers are easy as the value is quoted on a stock exchange.

Alan

Damn, nothing is easy in life.

Regarding your statement, I have no business assets apart from bank balance and I had never declared dividends before the stock transfer.

surely if IR were to value the business for this purposes, they would only be looking at balance sheet figures at time of transfer as opposed to the future.

Since i am a small fish in murky water, i could almost assume they will not bother with me.

I might try to track down this special unit and ask advice as I dont want anything to come back and bite me in the ass!

[Nixon Williams]

Actually I can see your point, but consider that the real value of the shares is what someone else is wheeling to pay, in my case £0.

Afterall is i transfer shares ( of say £15,000 in UBS) from myself to you at a Nil transfer rate, then what you get is the amount with no reference to the UBS's assets.

off course I most possible dont have a clue on what I am saying, but the J30 form seems straight forward expecially since we are talking only about £5. remember as well that i have been trading for less than a year

Sadly this is not the way our friends at the Revenue would look at it.

The shares have a value in that presumably they pay dividends even if there are few assets in the company. The Revenue has a special unit that deals with valuations of private companies. Factors that they could look at include dividend payments, size of the holding, assets held by the company etc.

Public company transfers are easy as the value is quoted on a stock exchange.

Alan

[css_jay99]

I would get an accountant/solicitor to look into this as well since if you have been trading the shares have a real value above their nominal face amount and you could be liable to CGT and/or stamp duty on them.

Actually I can see your point, but consider that the real value of the shares is what someone else is wheeling to pay, in my case £0.

Afterall is i transfer shares ( of say £15,000 in UBS) from myself to you at a Nil transfer rate, then what you get is the amount with no reference to the UBS's assets.

off course I most possible dont have a clue on what I am saying, but the J30 form seems straight forward expecially since we are talking only about £5. remember as well that i have been trading for less than a year

[boredsenseless]

Good news,

The Ex signed the paper work for stock transfer with no force, so i guess i can now pay myself divs.

still can someone let me know what paper works I need to declare and pay divs ?

Cheers

css_jay99

I would get an accountant/solicitor to look into this as well since if you have been trading the shares have a real value above their nominal face amount and you could be liable to CGT and/or stamp duty on them.

[css_jay99]

thanks very much, that sorts things out.

I still need info regarding paying myself divs and necessary paper work


cheers
css_jay99

Please ! or even a web link

thanks

[css_jay99]

thanks very much, that sorts things out.

I still need info regarding paying myself divs and necessary paper work


cheers
css_jay99

[Nixon Williams]

The change of shareholders is reported via the Annual Return, just make the amendments on the return.

There is no need to have the transfer form stamped by the Revenue is there is no cash changing hands, if it is a nil transfer there is no Stamp Duty due.

I hope this helps

Alan

[css_jay99]

From companies house website

10. How are shares transferred to new owners?

The transfer of shares in a public limited company is usually dealt with through a broker as described in question 9.

To transfer shares in a private or unlimited company, a seller must complete and sign the appropriate section of a 'stock transfer form' - available from law stationers - and pass it, together with the share certificate, to the new owner.

The new owner must then complete their section of the stock transfer form, pay any stamp duty to the Inland Revenue and pass the completed form and share certificate to the company. The company secretary then arranges for the directors to authorise the change to the members' register and issues a share certificate in the new name.

Now that she has signed what do I do? Above is an extract from Companies house web site.

Does this just mean that all I have to do is just keep the J30 form (without sending it to CA) and them somehow (don’t know how) notify CA of change in share holders?

Cheers

[css_jay99]

Good news,

The Ex signed the paper work for stock transfer with no force, so i guess i can now pay myself divs.

still can someone let me know what paper works I need to declare and pay divs ?

Cheers

css_jay99

[DanTheMan]

Well I just called my accountant. Apparently by issuing the one share to my father he effectively now owns the company. I have to fill a form out to transfer the share back to myself. This I will do ASAP!

I think the form is what you need too. The only problem is that the person has to agree to relinquish their shares so you may have a tricky situation there.

[ratewhore]

from recent experience, the court takes the view (for divorce at least) that, although the director and the company are two different legal entities, if there is no adverse impact on another party (such as other directors, suppliers etc), the company money is the directors money. That is just where the ex-wife is not even a shareholder and has no legal interest in the company. The court can then raise the corporate veil and make appropriate orders taking into account the money in the business.

The courts are clever enough to realise when a new director is appointed the week before the hearing so the expenses route is a legitimate way to go. I particularly like the other company invoicing your company. Thats client confidential information of course which shouldnt be explained in court...

[Sockpuppet]

Actually I have just had a look at the second page of the J30.

there are actually two parts to it.
mamely

1) Form of certificate required where transfer is not liable to stamp duty
2) form of certificate required where transfer is not liable to Ad valorem stamp duty


I presume I only have to fill out section (1), right ?

css_jay99

Form a new company and take out a contract with your old company for some consulting. Drain bank account. Fold first company.

Now that is probably illegal...maybe even money laundering. Get an accountant or alternativly just go on one hell of a bender and put it through as expenses. That'll teach the bitch.

[ratewhore]

Actually I have a question along these lines as well sorry to hijack this thread.

I had my Ltd company set up with 10 Ord shares of £1 each me and bi**h Ex wife took 5 shares each.

I have already fired her as company secretary

questions are :-

1) As orig poster, Can i become the only share holder owning all 100% ?
2) If possible, what papers do I need to fill out to reflect this ?

3) How the heck do i pay myself dividends and document the necessary paperworks ?


css_jay99

You're fucked mate!! Kiss goodbye to half of whats in there, if not more...

[css_jay99]

Actually I have just had a look at the second page of the J30.

there are actually two parts to it.
mamely

1) Form of certificate required where transfer is not liable to stamp duty
2) form of certificate required where transfer is not liable to Ad valorem stamp duty


I presume I only have to fill out section (1), right ?

css_jay99

[css_jay99]

hey people that have filled out the J30.

there is a last bit of the form Titled - FORM OF CERT REQIRED WHERE TRANSFER IS NOT LIABLE TO STAMP DUTY

It says :- set out concisely tha facts explaining the transaction, adjudication may be required.

What goes in here ?

cheers