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Director of a limited liability company
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Do we need to rely on some experience, if we have it?
In short, I run a limited company and pay myself a dividend and a basic salary, just like the rest of the UK directors. My ex managed to collect information about the "undeclared income" and asked the CMS to send me a change order.
FYI, we have a Child Placement Order that sees the children with me for 50% of the time, however on Sunday night I have to return the children in the early evening. This in the eyes of the CMS means it's not a 50/50 split and I have to pay less than £ 200 a month.
This new change order needs to be executed by me, and the request is based on my "unearned income" for 2018-19, as they call it, i.e. my dividends. This is the first year I've been able to get a dividend, and 2020-21 hasn't been kind to us, with turnover down 38%.
What authority does the CMS have to account for my dividends? No business knows what dividends it can pay itself before the end of the fiscal year, so if the CMS then bases forward payments on previous earnings, how can this work? And if I can't take enough money, how can I pay it?
I will talk to the lawyers tomorrow to get more advice, however I need to start "improving my skills" in this area to protect myself and my company from this situation.
What experience have you had in this situation?
Am I facing disqualification as a director? -
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Ask for advice from an accountant specializing in such matters, or from some specialists like these https://ndandp.co.uk/director-disqualification/. Each case has its own characteristics, and it is better to contact those who earn their bread from this. I know it can be hard to keep calm when you have to deal with your ex. However, matters involving children can be very emotional, and you have better chances to succeed if you let your barrister settle it. Let the pros do their job; it will be more beneficial for everyone.
This post was edited by ralph den at June 23, 2021 12:00 PM EDT -
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