@mike-small Happy to speak off line Mike. You can PM me and I can then give you my mobile number if you want to talk.
@mike-small I used to be LTD. One time my accountants didn't bother assign me a salary, because I didn't pay them to do it. So when CMS assessed me, they told my ex I have zero income. So I rang them up and told them about my dividends, which they classed as unearned income, and based my maintenance on that. I would suggest to always disclose it. Because if ex chases CMS about it, can cause lot of problems for you.
Hi Bill, thanks for response.
Accountants can be very stupid at times! But always check the SATR they completed before signing off as I've noticed msitakes in the past with that too.
I do always disclose on the SATR but not to CMS themselves. I guess I'll cross that bridge if it ever happens re ex chasing, but like I said to rabbit we have not spoken in over 14 years, so we know nothing about each other and she would have to provide evidence that this was the case (unearned income etc).
Sure feel free to message me and I can respond from there, or happy to have a phone call. Will wait to hear from you.
@mike-small I used to be LTD. One time my accountants didn't bother assign me a salary, because I didn't pay them to do it. So when CMS assessed me, they told my ex I have zero income. So I rang them up and told them about my dividends, which they classed as unearned income, and based my maintenance on that. I would suggest to always disclose it. Because if ex chases CMS about it, can cause lot of problems for you.
Hi Bill, thanks for response.
Accountants can be very stupid at times! But always check the SATR they completed before signing off as I've noticed msitakes in the past with that too.
I do always disclose on the SATR but not to CMS themselves. I guess I'll cross that bridge if it ever happens re ex chasing, but like I said to rabbit we have not spoken in over 14 years, so we know nothing about each other and she would have to provide evidence that this was the case (unearned income etc).
mike what evidence do they need? because the dealing I have had with the CMS is that they always take into consideration and favor the side of the receiving parent who made the application form, and its kind of one sided in that regards?
How does it work for example, if someone has got a normal job and the CMS has already done the calculations etc. and then you decided to run your own limited company? do you have to complete a variation of payment and prove you new salary income?
Also, will the CMS tell the receiving parent that you have opened a private company? i mean are they allowed as it is data protection? because if I open a limited company don't tell this women whos claiming maintenance but only inform the CMS i think that way she wont know and may think i have started a new job for lower income
do they also take other peoples wages into account
@patrick1986 generally they don't, unless they have reason to believe that something dodgy is going on, like a director employs his partner, and she does not do any work. just a set up to pay less tax/maintenance etc.
@mike-small I used to be LTD. One time my accountants didn't bother assign me a salary, because I didn't pay them to do it. So when CMS assessed me, they told my ex I have zero income. So I rang them up and told them about my dividends, which they classed as unearned income, and based my maintenance on that. I would suggest to always disclose it. Because if ex chases CMS about it, can cause lot of problems for you.
Hi Bill, thanks for response.
Accountants can be very stupid at times! But always check the SATR they completed before signing off as I've noticed msitakes in the past with that too.
I do always disclose on the SATR but not to CMS themselves. I guess I'll cross that bridge if it ever happens re ex chasing, but like I said to rabbit we have not spoken in over 14 years, so we know nothing about each other and she would have to provide evidence that this was the case (unearned income etc).
mike what evidence do they need? because the dealing I have had with the CMS is that they always take into consideration and favor the side of the receiving parent who made the application form, and its kind of one sided in that regards?
How does it work for example, if someone has got a normal job and the CMS has already done the calculations etc. and then you decided to run your own limited company? do you have to complete a variation of payment and prove you new salary income?
Also, will the CMS tell the receiving parent that you have opened a private company? i mean are they allowed as it is data protection? because if I open a limited company don't tell this women whos claiming maintenance but only inform the CMS i think that way she wont know and may think i have started a new job for lower income
If your income has changed by more than 25% +/- then you can send in the details to CMS to re-calculate the payments (irrespective of whether this is PAYE or via a LTD). They won't tell the other parent you've opened a company, why would they? All they are concerned about is it that you make payments based on your earnings.
Evidence wise, this can be in the form of a pay slip or confirmation from your accountant (the latter holds more weight IMO).
Hello Mike.
hope you ok, how,s things?
Thought would update you as CMS called this morning after nothing for months.
They are going to treat my RSUs(like shares but not quite) as assets rather than income. So they will not assess me on them but if my ex asks for a variation in April(which she will) they will assess me on them then.
So kicks the van down the road really, but there is a chance I may escape if she doesn’t ask for the relevant variation.
cheers
Have question in terms of Unearned Income. Had Salary from my Limited Company, then obviously Stop Paying Myself and Start to work for NHS for way less money. Then CM change Payment from 500 to 200 £ but I pay for myself Dividends. My Ex ask Child Maintenance to check for Additional Income.
NOW.
1. For how long this will affect my Monthly Payment if I took Dividends ? They will brake down that Dividend and add to current amount (From NHS?)
2. If I have Limited C. And Quite Big amount of many in Business Account. Stop Paying Dividends (As will increase Monthly amount of CM?). Paying myself lowest salary until I will take all of the money from Business Account ?
3. How to use Those Money in Business Account for my own purposes without changing Monthly amount of Child Maintenance ?
4. Lets say. Can I buy for example Car from my Business Account Money and then sell a car after 12 months but Money from Car Can I receive in my Private Account ? Does this will affect Child Maintenance ?