Question for the powerfully built amongst us

[Terminator X]

Chaps.

Is there any downside to switching the shareholding between myself and the other Director (SWMBO) from 80/20 currently to 51/49? Both sets of Dividends go in to the same account etc.

Cheers, TX.

[Terminator X]

Better split of Divs so we can draw more out without being taxed on it? There are funds sat in the business account "not working hard enough" At the moment if we draw more afaik I'll start to get taxed as it will take me (80% share) over the limit where tax starts to be applied. I understand the upside just not sure if there is a down.

TX.

[Terminator X]

Eric - SWMBO is the other Director and we are married etc thus we split all our worldly possessions 50/50 of course which I assume includes the business regardless of our share split eg even though it's 80/20 today not 50/50 or close to 50/50? If true then perhaps I'm not really handing anything over as she has first dibs anyway? Good point though so thanks for that.

TX.

[Terminator X]

andyb28 said:

Wont this cause a tax liability for your partner?

She is WELL under the limit.

TX.

[Terminator X]

Even if married to the other Director? Or is a business treated differently to everything else?

TX.