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.
- are we that stupid 852 19
- Foster Care 35 1
- Spread Betting and Forex Trading 330 5
- letter of reference 130 1
- Flexible report structure in cloud accounting 55 1
- Self Assessment penalties again 272 3
- Flat Management Company 191 1
- Share structure questions - close company 168 2
- Roll old capital gain into current one or declare separately? 160 4
- Income prior to company formation 336 9
- How do you pay Inheritance Tax when HMRC haven't demanded it 723 12
- Inexpensive CRM for small accountancy practice? 308 5
- Forbes Computer Systems - Practice Management (CRM) 123 1
- Can I sell my own equipment to my business? 526 5
- Practice software 1,420 20
- Continuity of practice-ACCA 362 1
- Company leaving VAT group 169 4
- Starting your response in the subject line of the form 611 18
- Staff training 1,551 13
- Goodwill on incorporation 281 2
- Motor Traders Assistant Bookkeeping Programme queries 327
- Tracesmart/Lexis Nexis AML software? Any opinions? 286
- French ConnectionUK 267
- Fundraising for friend - minimise tax? 246
- Can anyone explain Indian Minimum Alternate Tax 216
- Recommended International mobile phone coverage and costs? 214
- Tax surcharge appeal - where to send ? 151
- E-mailing customer invoices in VT Transaction+ 148
- Agricultural Flat Rate Scheme 148
- Indian Provident Fund 146