A small company owned 50:50 by H&W paid dividends into H account, who then passed money at various dates in various forms to W, who has no other income.
Is there a problem?
Many thanks for your valued views.
Replies (3)
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Not one to worry about unless you are in the midst of an HMRC enquiry examining the genuineness of the wife's shareholding.
Why not . . .
Why not advise H & W to open a personal bank account in joint names. Have the company dividends paid into the joint bank account from which they both can draw.
RM
Strictly is not a problem, buts it's not best practice.
Get them on the straight and narrow for future. Separate transfers for H&W in proportion to shareholdings, ideally separate, or joint, bank account.