Member Since: 22nd Apr 2004
30th Aug 2020
Thanks for the offer but until I get Bill Gates as a client I'll respectfully decline your offer!
23rd Apr 2020
Any update on this as I can see the next problem will be that you've submitted a claim for the period to 30/4/20 so what will happen if the furloughed staff all return to work on 1/5/20 then you would still need to claim for the 4 weekly's covering 20/4/20 to 30/4/20 but HMRC would not allow another claim to 30/4/20 as one's already been submitted?
7th Jul 2016
Did you eventually manage to register?
I tried about 6 weeks ago and experienced the same problem but I did receive an email saying my submission has been processed successfully so assumed they would send me something.
Having since phoned to chase this up I'm told the agent code only ever appears on screen and they cannot send it out!!
Currently I'm waiting for a call back as eventually someone told me they are aware of an issue with this!!
11th Feb 2016
Thanks Justin for your replies on this matter.
This is a case of an inexperienced director with an equally inexperience and unqualified advisor.
Shares issued with no paperwork including the SH01 and amendments to Mem & Articles! - This has now been rectified.
No real reason why they had the different value shares other than the director thought it would be nice!!
10th Feb 2016
Sorry if I offended you,
I just hoped to make it clear that where you said "nominal value is irrelevant" that you still accepted that a £1 Ordinary share was a different class to a £5 Ordinary share when they exist within the same company.
Being pedantic, if nominal value is completely irrelevant then they are both just "Ordinary shares" and hence should have the same dividend per share!
Again, apologies if my comments offend.
10th Feb 2016
Thanks for the comments,
The Grammar Police,
So, just to be clear, the company could pay the following dividends on the same day:
£1000 per share to the Ordinary £1 shares
£50 per share to the Ordinary £5 shares
£100 per share to the "A" Ordinary £5 shares
When you say dividends are expressed as an amount per share and nominal value doesn't matter are you saying the above would not be allowed or are you accepting that the Ordinary £1, Ordinary £5 and "A" Ordinary £5 shares are 3 separate classes of share?
Yes, my reference to the nominal value affecting voting was misleading, apologies. I was merely trying to say (ignoring the "A" shares) that £5 spent would buy 5 Ordinary £1 shares or 1 Ordinary £5 share and therefore buying the £1 shares would give 5 times the voting power, albeit that in this example there is only 1 Ordinary £1share.
Thanks for both of your comments.
14th Jul 2015
Slightly different but pretty much the same......
Thanks I wasn't sure if I'd missed a trick somewhere!!
The literal quote as per the incorporation documents is:
"One share equals one vote, each having rights to dividends. So long as there are no rights attached to shares on winding-up etc or redemption rights."
And yes I agree it makes no sense but sometimes you see these things and it makes you wonder if someone knows something that you don't.
Thanks to you, my sanity has been restored!!
6th Mar 2015
Thanks to you both,
I totally agree it is a cunning plan to advance expenditure to obtain CT relief sooner.
However, is it allowed?
My experience tells me it's not really a bonus and hence my intention I to only include 3 months salary as you say. (Also why I've posted the question as it does not seem right).
But is there any HMRC (or other) guidance or legislation that rules it out, so that if the client says "Ok I'm due a £5760 bonus at the end of the current year" I can point at it and say no you can't?
I've looked at sections 1288 & 1289 and they do not seem to rule it out.
Thinking out aloud now, the problem with this is that each year there would be no salary for 9 months of the year (as the monthly "salary" payments are deemed the previous year bonus) so the director is only paying himself for 3 months work each year plus then an annual bonus.
6th Mar 2015
Wanderer has it right,
There are only 12 monthly wage payments run through the PAYE in the year and this year all are at £640. In the previous year accounts an accrued bonus is shown as £5760.
The accrued bonus is presumably therefore settled by the first 9 monthly payments in the current year accounts, hence leaving the accounts with a P&L charge for 3 months salary subject to another bonus
28th Feb 2014
Any views on 100% shareholding in spouse's name
Any views on whether putting a 100% shareholding in a spouse's name would be covered by the Artic Systems ruling and whether any other legislation may come into play.
Eg husband carries out main work, wife is company secretary. Both are paid salaries approx to NI free limits but wife is 100% shareholder (and has been since incorporation).