Originally posted by Karenurq
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Amending company accounts to include dividends
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"You’re just a bad memory who doesn’t know when to go away" JR -
Originally posted by Karenurq View PostIf legal, i would "backdate" the dividend to before I left the UK - the year in which it was intended (but forgotten) to be declared - I would then amend my company accounts to include that dividend. Re dating the minutes - I guess that's impossible to backdate since they don't exist for that year.
You cannot intend to declare a dividend. If you wish to declare a dividend, you have to hold a shareholder meeting, table the motion to declare a dividend and vote on whether to pass the motion.
All of the above require planning and a paper trail.
What you really mean to say is, with hindsight I've realised I would have been better off if I'd declared a dividend earlier. Well hindsight is a wonderful thing, and you've learnt a lesson, but you can't retrospectively hold a meeting that would need to occur in the past unless you are on good terms with Doctor Who and can borrow the TardisComment
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I used tocreateprint out the paper trail for year end accounting. Sometimes afterwards... But the money always left the bank account into mine in the right financial year. (Actually, that can be done after the event... but it must be booked within the financial year, which must be done before the books are closed for the year. The personal tax liability is when it is actually paid).Down with racism. Long live miscegenation!Comment
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Originally posted by oilboil View PostYour statement shows a massive misunderstanding of dividends,
You cannot intend to declare a dividend. If you wish to declare a dividend, you have to hold a shareholder meeting, table the motion to declare a dividend and vote on whether to pass the motion.
All of the above require planning and a paper trail.
What you really mean to say is, with hindsight I've realised I would have been better off if I'd declared a dividend earlier. Well hindsight is a wonderful thing, and you've learnt a lesson, but you can't retrospectively hold a meeting that would need to occur in the past unless you are on good terms with Doctor Who and can borrow the TardisOriginally posted by NotAllThere View PostI used tocreateprint out the paper trail for year end accounting. Sometimes afterwards... But the money always left the bank account into mine in the right financial year. (Actually, that can be done after the event... but it must be booked within the financial year, which must be done before the books are closed for the year. The personal tax liability is when it is actually paid).
Quite. It wouldn't be the hardest thing in the world to backdate the minutes and dividend voucher, although it would be very bad indeed to do so. But the payment not being made is the clincher.Comment
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Originally posted by NotAllThere View PostI used tocreateprint out the paper trail for year end accounting. Sometimes afterwards... But the money always left the bank account into mine in the right financial year. (Actually, that can be done after the event... but it must be booked within the financial year, which must be done before the books are closed for the year. The personal tax liability is when it is actually paid).
If a final dividend, the personal tax liability is due from the dividend declaration date, even if the actual payment date falls into a subsequent tax year (the amount due will be a directors loan/creditor in the intervening period).Last edited by Contractor UK; 27 December 2020, 22:47.Comment
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