Originally posted by garnet
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Limited Company - Income Splitting yes or no?
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Free advice and opinions - refunds are available if you are not 100% satisfied. -
Originally posted by Wanderer View PostYour accountant's advice is on the right track, go back them and ask them to tell you exactly how you go about issuing the shares. It's not a difficult process but you should be very careful - if you mess it up it will cost you and your wife thousands in tax...
I see 2 options:
-Using form sh01 to issue more shares and in my AR to specify who do they belong to(my wife)
-Giving a gift to my wife - 50% of my shares. How is is done?
Which one will not cost me anything in tax?
Or is there a another way?Comment
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Originally posted by garnet View PostI will ask him. I am asking here because I want to know what am I doing.
I see 2 options:
-Using form sh01 to issue more shares and in my AR to specify who do they belong to(my wife)
-Giving a gift to my wife - 50% of my shares. How is is done?
Which one will not cost me anything in tax?
Or is there a another way?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by garnet View PostI will ask him. I am asking here because I want to know what am I doing.
I see 2 options:
-Using form sh01 to issue more shares and in my AR to specify who do they belong to(my wife)
-Giving a gift to my wife - 50% of my shares. How is is done?
Which one will not cost me anything in tax?
Or is there a another way?
Caveat (a) the law may change in the future - its parked for now, with no indication of it being resurrected.
Caveat (b) this is assuming there is nothing strange happening, eg EIS or different share classes. I'm assuming a typical PSC with one class of share?
Caveat (c) don't make changes too often. No hard and fast rule, but more than once a year is IMV a risk, although quite how HMRC would attack I don't know.Comment
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Originally posted by northernladuk View PostLet see. You pay a professional to give you advice and do this type of stuff for you...or you can ask on a public forum and get advised to speak to your professional.Comment
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Originally posted by garnet View Postoff/ Let's say I want to be in more control on both my matters and the professional I pay.Doest this satisfy you or there will be other stupid questions?
gifting shares site:forums.contractoruk.com/accounting-legal/ - Google Search
Interesting that most of the questions asked about how to gift shares has a 'speak to your accountant' response... and not from me.Last edited by northernladuk; 19 November 2012, 13:32.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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We really don't care if you do it wrong so just go an do it however you want to.
Good luck.Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
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Originally posted by johnbig View Postsorry i couldn't find any similar posts.
i was just thinking if i could set up a second ltd for my partner, obviously to reduce my corporation tax in 2011-2012.
i'm contracting outside ir35, earning under £25,000 per annum.
£589 per month or £7072 per year in wages and £3000 expenses would leave me roughly £15,000 in profit or £12,000 net dividends and £3,000 ct.
so it means a lot to me if i can avoid £1500 in ct through paying just over £589 per month into the other ltd.
what do you think?
will it be anywhere close to s660?
thanks in advance
If you are only earning £25k why would you want to split dividends?Blood in your pooComment
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Originally posted by Sausage Surprise View PostAm I missing something here?
If you are only earning £25k why would you want to split dividends?
What was that about speaking to your accountant again?Blog? What blog...?Comment
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Originally posted by malvolio View PostI think someone is thinking that dividends have an impact on CT and that someone has no idea what the Ramsay Principle is all about
What was that about speaking to your accountant again?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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