Small Company Investment in Ltd Co registered in Kenya
I have recently taken on a new client who is a management consultant with a turnover of under £100k. The income is generated in the UK and the accounts are very straight foward apart from the fact that the client has made six seperate payments for the purchase of shares in a private company registered in Kenya with a view to a possible joint venture in the future. The total investment at the year end is is just under £50k.
I intend to show this as a fixed asset investment (unlisted) with an appropriate accounting policy for permanent diminution in value.
My questions are:-
1) I have seen a certificate of incorporation for the company in Kenya and letters from that company confirming the 'increase in holding'. The directors will confirm the transactions in a letter or rep. Do I need to verify these transactions further in anyway and if so how? I assume that share certificates would cover it. Does anyone know how to go about a companies search in Kenya?
2) Are there any other accounting, disclosure or corporation tax points that should be considered.
Thanks in advance.
- How to account for VAT on a newbuild that has been let 162 4
- Accounting for a VAT Group 38 1
- Accountants who provide tech/IT advice 506 2
- Research expenses for authors 181 3
- Tax question about small group and how to set up 65 2
- VAT on “Reimbursement” from third parties 98 3
- Late VAT registration penalty 105 3
- HMRC website 80 1
- VAT 59 1
- Tax treatment on the sale of a business 367 18
- Company incorrectly marked 'dormant' by HMRC 112 1
- Pricing 218 8
- Sage error message 58 1
- VAT on converted property having opted to tax 209 8
- Twenty signs your practice is bad at tax 210 3
- Auto-Enrolment 3,171 158
- Money laundering POCA 221 4
- Statutory Accounts - Dividends Disclosure Note 112 1
- P11d mistake 130 1
- Place of Supply or these two contracts walk into a German Bar 195 2
- Best way to take money from a business if you have unlimited EIS allowances? 501
- Skandia using wrong address 450
- Does anyone use PS Financials accounting software out there? 266
- FHL, period of grace and Entrepreneur's relief 242
- Employee rewards 238
- Legislation access for part-time sole practitioner? 209
- EPS Analysis - Change to EURO 203
- Rental Property W&T And Equipment 187
- Gift of reversion and lease into trust by two different people - later PPR 183
- Etax Australian 152