Taking large amount out of my business account

[radish2008]

Just waiting for @NLUK to come in!

That sounds like you need to change!! If you don't have confidence in your accountant then that's a real issue!

Said the spider to the fly.

your credit rating will be impacted also as you are (almost certainly) a financial associate (joint accounts, mortgage etc.)

Good luck though, sounds like a heart to heart might help.

[kaiser78]

How much was she owing; i) lots, ii) lots and lots or iii) shedload lots ?

[squarepeg]

You need relationship counselling.

If your wife has managed to get into such a bad financial situation and did not tell you, then whether you realise it or not there are problems in your relationship.

I suggest you spend money on this before deciding whether to give her the money OR just pay off the rest of your joint debts and get out of the relationship. Remember until you are clean divorced from her you are liable for all joint debts.

I suggest you see a lawyer and separate your estates. Then bail her out, if you wish so.

[SueEllen]

I suggest you see a lawyer and separate your estates. Then bail her out, if you wish so.

Married couples can only do that if they are divorced.

As they are still married they need to sort out whether to stay that way.

[ensignia]

Ok guys, think we've been slightly derailed here

What happened was that my wife bought a huge house that was subsequently torched by arsonists, insurance decided not to pay out for a very shaky reason and now she's left with a burnt out shell

If anyone can advise whether they've had to take out a large sum and how they did it, that would be great. All other issues are between me and her

[pr1]

Ok guys, think we've been slightly derailed here

What happened was that my wife bought a huge house that was subsequently torched by arsonists, insurance decided not to pay out for a very shaky reason and now she's left with a burnt out shell

If anyone can advise whether they've had to take out a large sum and how they did it, that would be great. All other issues are between me and her

declare a large dividend and pay 32.5%-38% tax on it

...or are you looking for tax evasion advice? in which case, withdraw it all as cash and write yourself £100k worth of taxi receipts

[ladymuck]

Depends also on how quickly you need the money. If you can spread it over two tax years, that will help lessen the blow, or at least spread the cost. Take a wodge now and the next lot after 5 April.

[DaveB]

Ok guys, think we've been slightly derailed here

What happened was that my wife bought a huge house that was subsequently torched by arsonists, insurance decided not to pay out for a very shaky reason and now she's left with a burnt out shell

If anyone can advise whether they've had to take out a large sum and how they did it, that would be great. All other issues are between me and her

An alternative would be to use your Ltd. to set up a Special Purpose Vehicle as a wholly owned subsiduary, your co. provides the capital and the SPV then buys the house from your wife. Assuming you have sufficient cash in the co. to do it, fund the refurb / rebuild and sell on.

[Lance]

An alternative would be to use your Ltd. to set up a Special Purpose Vehicle as a wholly owned subsiduary, your co. provides the capital and the SPV then buys the house from your wife. Assuming you have sufficient cash in the co. to do it, fund the refurb / rebuild and sell on.

I was thinking something along these lines, but the money stays in the company, and even more of it than there was as I would expect the OP would be obliged to pay a fair price for the shell.
It would likely cost less tax in the long the long run to take dividends to solve the current situation, and more dividends to renovate (after April) than to pay CT as well as dividend tax if the company buys and renovates.

[northernladuk]

As usual this is another thread where the question appears simple but really it's far from it and then we get drip fed the facts. Surely the answer here is to sit down with your accountant, put the entire scenario on the table and then get some proper advice on your complex situation.