A chap had a erally annoying 'clonk' every few minutes in his plumbing. A series of plumbers 'bled' the system charging £45+vat each time. Each time within a day the noise was back.
A new plumber in town (but a very old chap) offered to come and sort it out. He spent 5 minutes gently tapping various parts of the system, then with a large soft headed hammer hit the bottom of the water tank quite hard. Noises stopped immediately.
"That'll be £150+vat please"
"What!!! for 5 minutes work??? How can you justify that???!!!"
"That's £30 for the call out and the 5 minutes tapping and hitting, and £120 for the 40 years experience which meant I know where to tap and hit"
Moral of the story? Don't underprice for anyone ever. Charge the right price to do the job properly.
(PS, I dont always follow my own advice, but that doesnt mean its not good advice LOL)
AML: do you have any reason for suspicion that this was in any way dodgy? If the client company's customers are public sector, or care homes, or similar, paying by BACS, etc etc, then it does not seem very probable that there is a suspicion of wrongdoing for a company providing the hottest product required during the early and mid part of the pandemic. If the increased sales come from unknown, unnamed sources, cash payments, or other areas of concern you should file a Suspicious Activity Report, I would have though that it's not really a matter for reporting to your supervisory body, its a reporting judgement/decision you have to make.
PII: simply read your policy or cover details. No one here can tell you what that says, so you need to sort the answer for that question for yourself. If not clear, phone them.
I would have thought you had 2 different things to consider here.
1) ownership of the land, and profits arising therefrom ('rent'), which would follow legal ownership
2) running a business out of that property, and allocating the profit accordingly. has it been registered as a partnership? Is there a partnership return? if so I would have thought that the profits could be allocated in accordance with the wishes of the partners. Who runs the business? If it is only one person, then that person could register to be running the FHL in their own sole name, although that then begs the question should they be paying rent to the owners of the property.
My understanding is that although there were rumblings a few years ago about trying to force partnership sharing to reflect commercial activity that never happened, so the most flexible structure would be a partnership.
Declare a dividend in the normal way
Wife makes a gift of her dividend to Husband
Husband repays DLA with his dividend and her gift
Make sure it is all properly documented and not backdated (which is illegal)
That can be done either by actual payments into shareholders bank accounts which are repaid into the company bank account (my preference, can't be challenged as to the date it happened) or can be done directly as bookkeeping entries through DLA.
In either case, make sure sufficient reserves to cover the dividend, and if the latter route, make sure you have evidence of meeting/decision dates that are concurrent with the dates of the entries in the books.
My answers
A chap had a erally annoying 'clonk' every few minutes in his plumbing. A series of plumbers 'bled' the system charging £45+vat each time. Each time within a day the noise was back.
A new plumber in town (but a very old chap) offered to come and sort it out. He spent 5 minutes gently tapping various parts of the system, then with a large soft headed hammer hit the bottom of the water tank quite hard. Noises stopped immediately.
"That'll be £150+vat please"
"What!!! for 5 minutes work??? How can you justify that???!!!"
"That's £30 for the call out and the 5 minutes tapping and hitting, and £120 for the 40 years experience which meant I know where to tap and hit"
Moral of the story? Don't underprice for anyone ever. Charge the right price to do the job properly.
(PS, I dont always follow my own advice, but that doesnt mean its not good advice LOL)
Not sure your point. Who mentioned voluntary? Its mandatory, because its a statutory obligation, hence my question.
AML: do you have any reason for suspicion that this was in any way dodgy? If the client company's customers are public sector, or care homes, or similar, paying by BACS, etc etc, then it does not seem very probable that there is a suspicion of wrongdoing for a company providing the hottest product required during the early and mid part of the pandemic. If the increased sales come from unknown, unnamed sources, cash payments, or other areas of concern you should file a Suspicious Activity Report, I would have though that it's not really a matter for reporting to your supervisory body, its a reporting judgement/decision you have to make.
PII: simply read your policy or cover details. No one here can tell you what that says, so you need to sort the answer for that question for yourself. If not clear, phone them.
I would have thought you had 2 different things to consider here.
1) ownership of the land, and profits arising therefrom ('rent'), which would follow legal ownership
2) running a business out of that property, and allocating the profit accordingly. has it been registered as a partnership? Is there a partnership return? if so I would have thought that the profits could be allocated in accordance with the wishes of the partners. Who runs the business? If it is only one person, then that person could register to be running the FHL in their own sole name, although that then begs the question should they be paying rent to the owners of the property.
My understanding is that although there were rumblings a few years ago about trying to force partnership sharing to reflect commercial activity that never happened, so the most flexible structure would be a partnership.
Declare a dividend in the normal way
Wife makes a gift of her dividend to Husband
Husband repays DLA with his dividend and her gift
Make sure it is all properly documented and not backdated (which is illegal)
That can be done either by actual payments into shareholders bank accounts which are repaid into the company bank account (my preference, can't be challenged as to the date it happened) or can be done directly as bookkeeping entries through DLA.
In either case, make sure sufficient reserves to cover the dividend, and if the latter route, make sure you have evidence of meeting/decision dates that are concurrent with the dates of the entries in the books.