I have just been told by a client that one of the two directors wants to draw out the £10k from the company that he paid for the company two years ago.
The only problem is that this is the first I have heard of this transaction and it hasn't been reflected in the accounts. I took this client over last year and did not do the accounts in the year of change.
One old director sold to new director for £10k. The new director paid this personally and it has never hit the accounts of the company. The new director now wants this cash back from the profitable company.
Should this £10k that was paid ,that was for all the assets of the company but around £9,000 was goodwill, have been brought into the company accounts with the £10k showing as owing to the new director?
If so, can i bring this in now?
- Finding a Company UTR for a newly formed company 115 1
- Recomendations for a purchase order management book please? 113 1
- Instant CPD offer 279 4
- Cash basis 512 13
- Income from rent charged to business 116 2
- payroll software 363 3
- CIMA accountant wants to start consultancy 435 5
- Statutory sick pay 305 4
- Dividend in specie 366 9
- Complicated Company car purchase 217 2
- Ltd Company Buying Own Shares and Transferring Assets 174 3
- Retail vat schemes for a restaurant 145 1
- Rental Property W&T And Equipment 269 1
- Legislation access for part-time sole practitioner? 294 1
- Ownership of land - declaration of trust 164 3
- Fee base v staff ratio 378 6
- NIC thresholds - two employments 1,854 27
- Statutory Accounts - Dividends Disclosure Note 330 3
- Unincorporated organistion ceasing to exist 255 2
- Gift in kind to charity by company: services 106 1
- Skandia using wrong address 570
- FHL, period of grace and Entrepreneur's relief 306
- Does anyone use PS Financials accounting software out there? 303
- Employee rewards 288
- Gift of reversion and lease into trust by two different people - later PPR 249
- EPS Analysis - Change to EURO 227
- Etax Australian 186
- LLP in Construction Industry 151
- Selling On Amazon & Calculatign Prices/Vat 131
- Interest and late payment charges HMRC 130