Surely, someone applying for a £50k BBL must be VAT registered. I have heard many non-VAT clients going for the full whack. I just wonder, is there any mechanism for the bank to make any checks before actioning the loan? More interestingly, some directors (I heard) are even applying for their dormant companies.
He currently has a property (on his sole name) in which he is currently living. For divorce reasons, he intends to transfer this property to a newly formed company, in which he will be the majority or sole shareholder. The main activity of the newly formed company will be Property Development. He does has another property, which he then intends to use as his Principal Private Residence. I understand that for accounting purposes, the newly formed company will then have a credit balance in the Directors Loan Account equivalent to the value of the house, which he can then withdraw when cash are available. As you can see, the main reason for the above is to avoid paying off too much to his ex-wife. Is that really an option available to him currently? Any more suggestion is more than welcomed. Many thanks for all help.
My answers
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You need a Practising Certificate together with AML supervision even if you provide simple Bookkeeping services to the public. AAT has lots of information on their website
https://www.aat.org.uk/about-aat/applying-for-an-aat-licence
recover your time at your standard rate - no concession
Surely, someone applying for a £50k BBL must be VAT registered. I have heard many non-VAT clients going for the full whack. I just wonder, is there any mechanism for the bank to make any checks before actioning the loan? More interestingly, some directors (I heard) are even applying for their dormant companies.
Transfer of Property before a divorce
Hi all,
I have a client with the following issue
He currently has a property (on his sole name) in which he is currently living. For divorce reasons, he intends to transfer this property to a newly formed company, in which he will be the majority or sole shareholder. The main activity of the newly formed company will be Property Development. He does has another property, which he then intends to use as his Principal Private Residence.
I understand that for accounting purposes, the newly formed company will then have a credit balance in the Directors Loan Account equivalent to the value of the house, which he can then withdraw when cash are available.
As you can see, the main reason for the above is to avoid paying off too much to his ex-wife. Is that really an option available to him currently? Any more suggestion is more than welcomed.
Many thanks for all help.