Reply to: Dividends - after year

[miffy]

I've told her to get a company credit card but apparently they don't "do" them.

Had the same problem with my last "permie" position.

I used to rack up about a thousand each month on average. Then you had to rush and have your claim in their hands (with receipts) by the 3rd or 4th of the following month otherwise it'd be even longer before you got your money back (having already incurred interest at your expense obviously).

That was another reason why I left permie land. It stinks.

[Sockpuppet]

Well I've already got half of it back

Her main issue is that where she works they are rubbish at paying expenses and she has a good £300 a week. I've told her to get a company credit card but apparently they don't "do" them.

At least if she has it and pays me back I feel more skint than I am so I don't spend as much.

Result.

[miffy]

Just got the a loan request from a sibling who has the financial management sense of a walnut. Half tempted to not pay, see her get her house reposed, win it at auction as a BTL and rent it back to her.

Always a difficult decision to make when it's family. If they're struggling now and can't pay the mortgage will they ever be able to pay you back though?

I know if I lent money to my sister I'd never see it again, or maybe in 30 years time minus the interest.

Can't you buy a stake in the property and call this loan "equity release" (assuming there is some).

You're blowing your BTL fund for next year you know

[Sockpuppet]

You can't simply make electronic payment without the shareholders written permission. I believe you still have to deliver the information to the shareholder (how else can they complete their tax return?).

Those shareholding I have all send me a summary which has some certification wording on it that it meets some requirement.

Ok, my coy just posted me the voucher. Me as a shareholder just lost it.

[ASB]

http://www.businesslink.gov.uk/bdotg...mId=1074433390

According to this as I pay my dividend to myself electronically (online transfer) I don't have to make a voucher out.

Anyone else know anything about this? So I just have to make out the meeting minutes.

You can't simply make electronic payment without the shareholders written permission. I believe you still have to deliver the information to the shareholder (how else can they complete their tax return?).

Those shareholding I have all send me a summary which has some certification wording on it that it meets some requirement.

[Gonzo]

http://www.businesslink.gov.uk/bdotg...mId=1074433390

According to this as I pay my dividend to myself electronically (online transfer) I don't have to make a voucher out.

Anyone else know anything about this? So I just have to make out the meeting minutes.

I don't create dividend vouchers.

I just fill out the meeting minutes and send them to the accountant, then create the electronic payment to myself.

What the accountant does with those minutes however, is something that I don't know.

[Sockpuppet]

http://www.businesslink.gov.uk/bdotg...mId=1074433390

According to this as I pay my dividend to myself electronically (online transfer) I don't have to make a voucher out.

Anyone else know anything about this? So I just have to make out the meeting minutes.

[VectraMan]

What's evil about that? She's clearly not capable of taking on the responsiblity of a mortgage. You'd be doing here a favour.

The evil thing would be to lend her the money even though you know she can't pay. Ordinary people can't be expected to take responsibility, therefore it's always the lender that's to blame.

[NotAllThere]

Half tempted to not pay, see her get her house reposed, win it at auction as a BTL and rent it back to her. *evil laugh*

What's evil about that? She's clearly not capable of taking on the responsiblity of a mortgage. You'd be doing here a favour.

[Sockpuppet]

Tax was paid on it (grrr). Dividend declared. Sweet.

[TheFaQQer]

Some would say you should only take dividends based on last year's profits.

He's already declared it as a profit - there's nothing wrong with taking it out of retained profits that I can think of. Microsoft did it recently, IIRC.

[VectraMan]

Some would say you should only take dividends based on last year's profits.

[TheFaQQer]

is it not just retained profit, you should have already paid tax on it, its yours to take when you want.

As long as you declare it as a dividend, yes.

[phayes]

is it not just retained profit, you should have already paid tax on it, its yours to take when you want.

[TheFaQQer]

Sounds right to me, SP.