Best option,need advice

Marisco

danboy775 wrote: »

What would you do?

Well, I'll tell you what I would do. If as you say you don't want her to have anything to do with the business, I'd buy out her shares. Then I would give her 15% (which is the CSA figure for one child) of my income. Should you wish to spend more on your daughter, clothes, trips etc, then you can do so, happy in the knowledge that you have also fulfilled your obligations re CM. As for the debts, I'd pay the half that "belonged" to me, the other half "belong" to her.

And as everyone has said, keep away from the CSA, that way usually lies disaster But make sure all payments are clearly marked "child support" or better still get her to sign the receipts. You'd be amazed how quickly things can go pear shaped once another person comes on the scene!! :eek:

danboy775

kevin137 wrote: »

The whole point of discussion is that you can hear all sorts of opinions...

And my opinion from the last post is that you consider living on £400 a month absolutely absurd... Correct me if i am wrong...

However, when you look at what your bills are, and your mortgage etc, then you are not really living on £400 a month are, you are in actually fact living on £3,400 a month...!

So you see the perception of how some of your comments can be read...

Also i would point out, you would not be supporting her. Her share in the company would be supporting her though her "good fortune" or "your stupidity" whichever way you see it, it is really not fair on her, when you come across like she is the one trying to take all YOUR money.

Just try to think about what you say before typing, as it doesn't always come across the way you mean it, and if you really did send your ex the link to this thread you will be doing yourself no favours with that...

I never said that living on £400 a month was "absolutley absurd" i said, why would i when there are other options.

Not once have i said or even insinuated that she is trying to take all my money. She has always said she wouldnt want anything from me, which i can understand her saying because she doesnt want to be relying on me but at the same time it is unrealistic and would not be in her or our daughters best interests.
So what is CSA rate, 15%? is that 15% of my disposable income and what is their definition of disposable income? is it what is left afetr i have covered mortgage / bills etc or before?

And yes i did email her the link, i know not doing myself any favours but i just want her to see that i am not hiding anything from her or being deceitfull.

danboy775

Marisco wrote: »

Well, I'll tell you what I would do. If as you say you don't want her to have anything to do with the business, I'd buy out her shares. Then I would give her 15% (which is the CSA figure for one child) of my income. Should you wish to spend more on your daughter, clothes, trips etc, then you can do so, happy in the knowledge that you have also fulfilled your obligations re CM. As for the debts, I'd pay the half that "belonged" to me, the other half "belong" to her.

And as everyone has said, keep away from the CSA, that way usually lies disaster But make sure all payments are clearly marked "child support" or better still get her to sign the receipts. You'd be amazed how quickly things can go pear shaped once another person comes on the scene!! :eek:

Thankfully someone with some sense.
Most posters are making out that i'm trying to rip her off and steal her shares and screw her out of money which is a million miles what i want to acheive.

danboy775

Idiophreak wrote: »

So, if you had to sell, you'd be happy to get £5k for the thing...even though the dividend is worth that much in a month? Like I said before, it really sounds like something dodgy's going on for such a profitable company to be given such a ridiculously low valuation...

I couldnt sell my company, but if you want to offer me £5k right now for it you can have it no problem...good luck.
What do you think you will get for your £5k that you seem to think is such a cheap price for my Ltd Co......well you'll get 2 laptops, a van that you will need to continue paying for, a digital camera and i'll even throw in my list of work contacts that would be of no use whatsoever to you.
What dodgy business do you think is going on here....i am not trying to build up the next Trump Inc i am simply a 1 man band Ltd Co contractor just like every other f**ker in the North sea

Idiophreak

danboy775 wrote: »

Thankfully someone with some sense.
Most posters are making out that i'm trying to rip her off and steal her shares and screw her out of money which is a million miles what i want to acheive.

...but what you keep on saying you're going to do, one way or another.

a) You'd buy her shares off her to prevent her having an income. Not a bad idea in principal, but you want to give her barely a month's dividend for doing so...which would be massively screwing her out of money.

b) You want to give her her dividend instead of child support. Both of which she's legally entitled to. Which is screwing her out of money.

c) You've suggested winding up the company and starting afresh so her dividend need not be paid...or, in short, she'd be screwed out of her money.

d) You've suggested that if she claims all the money she's entitled to, you "couldn't afford" to keep the business going, so would wind it up - screwing her out of money.

I'm sure your heart is in the right place, but this thread really doesn't read well...

Idiophreak

danboy775 wrote: »

I couldnt sell my company, but if you want to offer me £5k right now for it you can have it no problem...good luck.
What do you think you will get for your £5k that you seem to think is such a cheap price for my Ltd Co......well you'll get 2 laptops, a van that you will need to continue paying for, a digital camera and i'll even throw in my list of work contacts that would be of no use whatsoever to you.
What dodgy business do you think is going on here....i am not trying to build up the next Trump Inc i am simply a 1 man band Ltd Co contractor just like every other f**ker in the North sea

Assets aren't all there is to a business, though....and it's certainly not how businesses are (supposed) to be valued.

I'm not sure what benefit there would be to deliberately undervaluing your business (except to buy people out on the cheap), but something doesn't ring true, in any case.

stargazer59

danboy775 wrote: »

I never said that living on £400 a month was "absolutley absurd" i said, why would i when there are other options.

Not once have i said or even insinuated that she is trying to take all my money. She has always said she wouldnt want anything from me, which i can understand her saying because she doesnt want to be relying on me but at the same time it is unrealistic and would not be in her or our daughters best interests.
So what is CSA rate, 15%? is that 15% of my disposable income and what is their definition of disposable income? is it what is left afetr i have covered mortgage / bills etc or before?

And yes i did email her the link, i know not doing myself any favours but i just want her to see that i am not hiding anything from her or being deceitfull.

You seriously think that the CSA rate is AFTER you have paid your mortgage and bills?

:rotfl:

danboy775

stargazer59 wrote: »

You seriously think that the CSA rate is AFTER you have paid your mortgage and bills?

:rotfl:

it was a question not a statement....your sarcastic reply answers the question though

stargazer59

danboy775 wrote: »

it was a question not a statement....your sarcastic reply answers the question though

I was not being sarcastic.

Surely you did not think that it was the case that CSA is assessed on what you have left after mortgage and bills?

There is a CSA calculator which can tell you the approx amount you would pay. HTH

danboy775

Idiophreak wrote: »

...but what you keep on saying you're going to do, one way or another.

a) You'd buy her shares off her to prevent her having an income. Not a bad idea in principal, but you want to give her barely a month's dividend for doing so...which would be massively screwing her out of money.

b) You want to give her her dividend instead of child support. Both of which she's legally entitled to. Which is screwing her out of money.

c) You've suggested winding up the company and starting afresh so her dividend need not be paid...or, in short, she'd be screwed out of her money.

d) You've suggested that if she claims all the money she's entitled to, you "couldn't afford" to keep the business going, so would wind it up - screwing her out of money.

I'm sure your heart is in the right place, but this thread really doesn't read well...

i never said i was going to do anything, i have been looking for advice thats all.....

in response:

a] I'd buy her shares off of her, not to prevent her having an income, as i would give her a cash payment of £1000 every month which is at the top end of her dividend payments not "barely" a months dividend!!! £1000 not classed as income / taxable etc which a dividend is. Yes she could keep her shares and also claim CSA, as you keep suggesting she should take me for everything she can get!!

b] I didnt want to give her dividend instead of child support, i asked the question whether the dividend would be classed as taxable income therefore affecting any tax credits etc she would be entitled to. That question has now been answered and i am now aware that it would be taxable / affect tax credits etc I said i would give her child support to the value of her dividend which would then not be taxable. But you suggest i am ripping her off and she should take everything she can get.

c] I said i would have no option but to close the company, i wouldnt be able afford to keep the house going, pay her her dividend plus child maitenance on top, wouldnt be possible so the only rational option available would be to cease trading and start back up again or go back to PAYE

d] It would be screwing us both up to be honest, not the way i want it to go. But every response you have is "she's entitled to it" so your basically saying she should take me for everything she can get.......becuase she can....

do you claim for everything you can get from the government just because you can? thats the mentality that has got this country into the state its in now!!