I'm trying to avoid contacting my accountant all the time
Why? Out of the goodness of your heart, or because you’d rather not pay her and try and get the advice for nothing elsewhere?
This might be a bread and butter issue for most accountants but it is exactly the type of issue that you should be discussing with her. Folks here should be able to give you the correct technical answer but your accountant will be far better placed to advise whether it is the “correct” solution in your particular circumstances, which aren’t known by a bunch of internet randoms.
My answers
Why? Out of the goodness of your heart, or because you’d rather not pay her and try and get the advice for nothing elsewhere?
This might be a bread and butter issue for most accountants but it is exactly the type of issue that you should be discussing with her. Folks here should be able to give you the correct technical answer but your accountant will be far better placed to advise whether it is the “correct” solution in your particular circumstances, which aren’t known by a bunch of internet randoms.
One of the “other possibilities” that I was alluding to ;-)
Whether or not s455 tax would be in point would depend on other factors. Your accountant will be able to explain.
Other possibilities are available.
And my point is that the explanation is so obvious (to all but you it would seem) that it doesn’t merit further comment).
Agreed. Assuming that you meant payroll and P11D
If you’re looking at a deferred purchase then you may have to tread carefully if you’re looking for maximum tax efficiency.
I would let sleeping dogs lie, although no doubt Basil will be along to say that if MUST be corrected, under threat of criminal prosecution.
If he’s looking at extracting £500k it would be worth spending £1k or so to have a proper valuation carried out.
Is the family company a trading company? If so, have all potential consequences of holding the shares been considered?
If it’s de minimis it shouldn’t block an SME claim
EDIT - ignore that. I ought to have read the whole question first ;-)
It is only the element covered by the grant/loan that is blocked from SME relief.