Quote:
Originally Posted by Bigblackdog
(Post 1148757)
Why would you include a banned person as a shareholder/
Find a suitable nominee, establish the account and then do what you need to do
KISS works everytime
:ranger:
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Just to add....
When you create a Limited Company the first thing Companies House does is inform HMRC, so if you've any sense you'll manage the company and its monies/taxation legitimately or face the possible consequences.
The only people who can take money out of the company are employees or shareholders. If you withdraw it as salary then it forms part of someones personal income, part of their personal allowance and part of their tax return. Will your nominee Director (employee) do this for you? If you use the traditional form of paid nominee service the answer is most certainly 'no'. If you use a friend will they want a 'ghost salary' to be declared and eat up their personal allowance? If it's explained to them properly the answer again would surely be 'no'.
So you skip this one and go for the shareholder dividend route. Again, the same as above applies, if you go for a paid for service they will not want dividends withdrawing in their name. If you get a friend to be a shareholder-director then they are accountable for any possible personal taxation on
dividends which have to be declared on your tax return even if there's no tax due.
Would your or I do either of the above for a friend? Not a chance I'll wager.
So you're left with the option of making yourself a shareholder or an employee (PSC) with the director making no financial gain from the company.
The keep it simple angle may work initially to form a company and to use it to create an ebay account but you would be foolish not to plan ahead for the inevitable matters that will arise when you complete your annual returns.
If you see this venture as a longer term proposition then I'd do it right from the get-go. Why not, nobody but you, your nominated director and Companies House would know. Ebay and Adyen wont know a thing.
All this said, the creation of a company, the bank account and supplying the directors personal and residential details to all who ask requires a lot of two-way trust, I hope anyone who goes down this route knows what they're doing.
Best advice I could give to OP? Don't rely on anything you read on here and seek professional advice from a good accountant who will also able to form a company. Not only does this route give you some form of indemnity but for a modest fee relieves you of the burden of preparing accounts, submitting annual returns etc and maintains an air of respectability which reduces the chance of HMRC picking you for an inspection.
