Originally posted by Andy2
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Reply to: company sharedealing account
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Previously on "company sharedealing account"
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Originally posted by Andy2 View PostAFAIK as long as my investment income is less than my contracting income , it will not be classed as investment company.
If you meant portfolio value < contracting income then I have heard that expressed as an opinion, but no hard and fast rules (what's new there...)
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Originally posted by Waldorf View PostI have one set up with Barclays Stockbrokers. In the company name, so no issues with declaring income that is not mine. It isn't, it belongs to my company and is declared as company income.
Simple.
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Originally posted by ASB View PostEven if the account is properly in the company etc the tax positions is arguably not as generous as for individuals, further there is the risk of find out you are no lownger owning a trading company but a cloded investment company. I am sure there are circumstance where there is advantage, but I suspect they are unusual.
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Even if the account is properly in the company etc the tax positions is arguably not as generous as for individuals, further there is the risk of find out you are no lownger owning a trading company but a cloded investment company. I am sure there are circumstance where there is advantage, but I suspect they are unusual.
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I have one set up with Barclays Stockbrokers. In the company name, so no issues with declaring income that is not mine. It isn't, it belongs to my company and is declared as company income.
Simple.
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This may help; Accounting Web: Investing Company Money
Last comment is good:
You also have to think what you say to HMRC when they receive information from the bank to say that the director has received some interestand it's not on his return. Are you up to arguing against incorrect return from the director, section 419 and incorrect P11Ds. You also have to consider what the investment house will think when they have been asked to provide an investment under false pretences. What about a SAR for SOCA.
As I said, I've seen it done more than once and have had to dig clients out of problems. The time and worry has cost more than the saving but I bet you can still get the advice from that well known firm of" My Mate Down the Pub"
SOCA - Serious Organised Crime Agency
SAR - Suspicious Activity Report
Trust me on this one - forget the whole thing.
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Forget that idea - it's a serious non-runner.
You'll have more grief that you could possible believe.
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company sharedealing account
How Do I open a share dealing account in my company's name.
I have checked some brokers websites but they seem to offer only personal accounts.
Anyone doing it ?Tags: None
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