Tax Advice -
My UK limited company began trading on 19/9/19 ( incorporated on 1/3/19 ) My partner and I are 50% shareholders in the company.
First year up to 31/3/20 - CT600 / Annual Return submitted and corporation tax paid.
Q1 Is it too late to pay the directors dividends on this trading period?
Q2 Does each 50% shareholder have to get the same amount in dividends or can these be different amounts?
Q3 What is the situation regarding tax on dividends paid to my partner who has lived in Spain since December 2007?
Q4 What is the situation regarding tax on dividends paid to myself who has lived in Spain since January 2021 ( my partner and I actually shared the home from Dec 2007 and our kids go to school here, but I spent most of my time working in the UK so paid tax to the UK Gov. )
Q5 My partner and I decided to separate on 30th June 2020 and we have agreed that I pay her £200,000 for her share in the business I already paid her £125000 so she is due another £75000 what is the most appropriate way of handling this.
Q6 Regarding the accounting period up to 31/3/21 which we have NOT yet submitted our CT600 / Annual Return and shortfall of approx. £260,000 represents money we ( the co-directors ) withdrew from the company.
Bearing in mind she lives in Spain and has lived in Spain since Dec 2007 I paid UK self assessment tax up to 19/9/19 for tax year ending 5/4/20 and I did not go onto PAYE for the following year what is the most tax efficient way to present this shortfall. Should we show this as repayment of directors’ capital introduced, or is there a more tax efficient way it can be shown?
Please quote for answering these questions, if you need any more info please come back to me.
The second part of this project is the annual return CT600 which we can list as a separate project or a private project.