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.
- HMRC won't let me set up online DD for PAYE 82 1
- What is the amount of dividends received as a shareholder that requires registration for self assessment? 71 2
- Cocaine anyone? 430 8
- Late Registration for VAT 463 13
- How do you find shareholders of a Cyprus Company ? 147 11
- EIS/SEIS 123 1
- Amortisation of Goodwill 253 1
- You know its over 169 2
- TaxCalc Accounts production 386 5
- Depression - HMRC penalties case won because of this illness. 387 12
- Solicitors now, Accountants next 652 10
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 522 10
- ACCA - still making me laugh 540 4
- Valuing my fast-growing internet business for transfer of goodwill on incorporation 72 1
- Personal pension 387 9
- Legal Aid Agency claims and VAT 212 1
- How much of your work is admin? 1,192 11
- Accountancy practices - are you closed over Christmas or do you let your staff take it off? 891 27
- Petrol expenses for self-employed 117 3
- Is Co House "losing" Abbreviated Accounts? 1,503 22
- Hive up 479
- Accounting referance change & deficient accounts. 443
- corporate hierarchy 426
- Advice - 261
- Anyone had HMRC refusing to act on EPS database glitch? 216
- WWOOFers 212
- Co. limited by Guarantee now closed 199
- Art Gallery - Splitting a property between business and personal use 190
- Mutual Trading - Exempt CT Income - Do I need clearance? 169
- Tax liabilities in USA for warehoused products 165