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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am the sole director/owner of a limited company, I am also

Resolved Question:

I am the sole director/owner of a limited company, I am also the sole employee. All profits are accrued in the company and I have taken no dividends. If I am asked in court as to what my income is, can I just state what my employee pay is? Is there any requirement to go into the financial status of my company?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Are you the sole shareholder? Why would a Court ask please?

Customer:

Hi Alex. I am the sole shareholder. The only reason I can think of is that the claimant is saying that they do not believe my income (eventhough I have payslips etc to prove it). I have nothing to hide and the profits in the company are there to offset future expenditure. Hope this explains things

Alex Watts :

Yes you could be asked to disclose details of the company

Alex Watts :

If you are the shareholder then that company value can be taken into account

Alex Watts :

But your income is indeed what you receive

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

No thanks - that's great

Alex Watts :

 


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