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Parent Company Structure

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Hello,

I have a trading company that has been ongoing for 8 years. However I am now keen restructure and put a parent company at the top. 
 

Is this possible being an already established company?

Replies (15)

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Psycho
By Wilson Philips
14th Jan 2021 14:42

And it's a yes from me.

Thanks (1)
Red Leader
By Red Leader
14th Jan 2021 14:47

Go for it.

Thanks (1)
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By Mm2345
14th Jan 2021 15:17

Many thanks to all for confirmation.

As a follow up, is it a painful process or fairly simple in experience?

Thanks (0)
Replying to Mm2345:
Psycho
By Wilson Philips
14th Jan 2021 15:26

It will depend on the facts and circumstances, and what you are hoping to achieve (ie why do you want this structure?)

Time, I would suggest, to engage a professional adviser now that you have had your initial free consultation.

Thanks (3)
Replying to Mm2345:
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By Youareatit
14th Jan 2021 15:34

Simple for an Accountant.

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By Paul Crowley
14th Jan 2021 15:29

Why?

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Replying to Paul Crowley:
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By Youareatit
14th Jan 2021 15:39

Quite.

Thought that, but didnt want to ask as that looks like we are interested and therefore happy to give freebie advice on the back of it.

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By Mm2345
14th Jan 2021 16:04

Thank you all for confirming both possible and simple.

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My photo
By Matrix
14th Jan 2021 16:18

I thought you had to get HMRC clearance.

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Replying to Matrix:
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By Tax Dragon
14th Jan 2021 16:25

Oh you always have to go and bring tax into it, don't you Matrix?

Still, saves me the bother :-)

Thanks (1)
Replying to Matrix:
Psycho
By Wilson Philips
14th Jan 2021 16:41

You thought wrong. Depending on the facts and circumstances it might be recommended, but HMRC's permission is not a pre-requisite to putting the structure in place.

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Replying to Wilson Philips:
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By Tax Dragon
14th Jan 2021 16:48

Just as well, as I hear tell (in these very pages, no less... so perhaps not so much "hearing") that that part of the process sometimes does involve a bit of pain. (But not doing it potentially involves more pain.)

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Replying to Wilson Philips:
My photo
By Matrix
14th Jan 2021 16:52

OK great. Sounds simple then.

If it were my company though, I would probably get advice dependent on those facts and circumstances. Which may cost less than making expensive mistakes.

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Replying to Matrix:
Psycho
By Wilson Philips
14th Jan 2021 16:56

Which is exactly what I suggested at 15:26.

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Replying to Wilson Philips:
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By Tax Dragon
14th Jan 2021 17:16

Matrix was simply saying he would follow that suggestion were it his company.

I love it when a plan comes.... when there's a meeting of minds from Awebbers.

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