Need Help on New Co for Nominees or Director Tax Codes

Need Help on New Co for Nominees or Director...

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Hi Guys,

Im a young business man and on my second business formation after my first attempt a few years back i couldn't get the business off on a foot. I have a UK registered Limited Company where i am the 80%+ Shareholder and not the Director as i have a family member as a Director at the moment.

Now i am faced with an issue where this person would like to resign. My question all of you guys here!!

I am working fulltime on PAYE and a higher-rate tax payer, i have no issues with paying tax on dividend's as such but would me being a director light up alarm bells for my current business??  I have signed-up for a nominee director, im doing my best to do due diligence but im starting to get the shakes from an idea that someone i dont know will be a director that can land me in a pile of crap....

I have a healthy business that is picking up without any bank loan and its been a great first half for the fiscal year... What is your suggestions for having a director, or could i be director and still be on PAYE without any consuqences through my employer?

Basically i want to keep my day job at all cost and build my business without loosing control or running into seriously major risks.

Thanks

Replies (2)

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By petersaxton
04th Oct 2012 05:59

How can we know?

What does your contract of employment say?

You are either a director or not a director. Getting somebody else to say they are a "director" doesn't stop you from being a director.

I would recommend that you do things properly and not use deceit.

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By Canary Boy
04th Oct 2012 07:46

You make it

sound like you are already quite successful. Presumably you know what you are doing and that your customers are prepared to pay you for what ever it is you do. Why are you not prepared to pay some-one who knows what they are doing to advise you? You need a face to face meeting with an advisor.

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