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Hi
My spouse owns a limited company. This is his main source of income. I have a few questions.
He pays himself a 'tax efficient income'. but the majority of his money comes from dividends. Should these also be included in his income capital?
Does the money sat in his business account need to be declared? If so where would you record this on the D81 form and the amicable consent order form?
The business holds many assets in the form of vehicles and computer software? Should this be recorded somewhere?
Many thanks
Replies (1)
Hi Sarah,
Thank you for getting in touch with amicable.
Yes, absolutely. Income from all sources needs to be disclosed, and that would include PAYE income and dividends.
For the company, a value would need to be disclosed, and this would include all assets in the business. Company account may be able to assist your ex-partner or they could seek an independent valuation. This information would need to be included in 8B and 10B of the D81 sections.
You could find more information on what should be included in your consent order in our blog and we also have an episode of The Divorce Podcast that touches on this topic. You can also book a free 15-minute consultation with us to discuss this further.
We wish you all the best,
Tatiana from amicable