Recent content by Michael14

  1. M

    Shareholder loan to a company

    Hello, Me and my friend are 50-50 shareholders in a company. I am a Director. He cannot be a Director because he is still employed at a big (global company) and his contract states that he cannot take a role in another company (he can be a shareholder though). We need to give a loan to a...
  2. M

    SEIS/EIS application on your own

    Hello, I would like to start a new company which will be an app and online business. I have experience with setting up companies in the UK (two of them also can sponsor visas for foreigners) and I did most of the administrative work (so far) on my own. This would for example include obtaining...
  3. M

    Amended accounts update Companies House

    This is correct, sorry for confusion! I sent amended accounts months ago, but didn't chose delivery with proof (I just put stamp and put it in the postal box) so it might have got lost. This is my mistake. Then I sent to mortgage broker these new accounts a few days ago and they saw that there...
  4. M

    Amended accounts update Companies House

    Hello, Can someone please let me know how long does it usually take for companies house to publish amended accounts? I applied for mortgage and after submitting my documents realised that company's house didn't publish my amended account from a few months ago. The only difference between the...
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    Cancelling software contract

    Hello, After so much time, this software company approached me asking full payment or otherwise taking me to court threatening CCJ. I believe that I have a strong case if I go to court, but I am afraid of any CCJ ruining my company future credit options. Can you please let me know what is the...
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    Changing LTD company employment / same job

    Hello, I am the owner of restaurant, and I have opened a new location. This location is a separate legal entity (LTD company). Restaurant is exactly the same as the previous one (same name, same offering, etc). I have some employees that would like to move from old restaurant to the new one...
  7. M

    Energy bills explanation

    Hello, I am not sure that I understand how new government support for business energy works. I initially thought that there will be a market cap set at specific price per kwh for electricity and gas. However, I can now see that this might not be the case. I am out of contract as I expected...
  8. M

    Sales - multi level marketing

    Hello, Are there any agencies or websites where I can find people who would be interested in selling products as part of multi level marketing? I am obviously aware of all the potential complications, but it is an actual product and it is not a pyramid scheme. I made sure to read and...
  9. M

    Secured vs Unsecured business loans

    Hi, I just started browsing business loans and I read that considering the market situation at the moment, almost all new loans will probably need personal guarantee from the Director. Let's assume that this is the truth (as it very well might be in some scenarios), what is the difference...
  10. M

    Cancelling software contract

    Dear, In my restaurant I signed a 3 year contract for software. However, after a year went by, 70% of promised functionality did not work, whereas about 50% never worked (was never set up). I reported issues a number of times (10+) and although I did receive responses of service team, nothing...
  11. M

    Joining two (or more) LTD companies

    @brucegreig Thank you so much for your detailed response! I was thinking something among those lines but wasn't sure if it can be done without tax implications. So, to clarify (assuming that accountant is capable and that all shareholders are agreeable and reasonable), there should be no tax...
  12. M

    Joining two (or more) LTD companies

    Hello, I own a restaurant which operates in multiple locations under same name but different LTD companies. This was done to make it less risky in case of new locations not working well. In that case, I can just close that LTD company without impacting other profitable locations. The first...
  13. M

    Equipment purchase tax

    Thank you for responses! So if the price of the oven is 10,000gbp, and I write off the whole expense under AIA, it means that my profit will be 10,000gbp lower and therefore I will pay 1,900gbp less in corporation tax (assuming that my profit was more than 10,000gbp in the first place, for...
  14. M

    Equipment purchase tax

    Hi, I own a restaurant and I would like to buy pizza oven. Is there any difference in total savings if I buy the oven as expense (write off full value immediately) or if it is classified as asset and depreciated over a few years? Also, I saw on leasing websites that leasing pizza oven is "tax...
  15. M

    Directors loan tax

    Ok, I was expecting it to be tax free, but I guess my expectations were wrong. And how would HMRC know about the loan when no party had any benefit of it and it is not shown in the accounts? Basically neither company nor Director made any "winnings" from this so why is it taxable?
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