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Sam, Accountant
Category: UK Tax
Satisfied Customers: 6507
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Retiring director and payment after retirement
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Customer Question

Customer: hi, retiring director and payment after retirement
JA: Thanks. Can you give me any more details about your issue?
Customer: ok in short, we are a ltd company with three equal share holding directors. one is 65 and now wishes to retire. we have spent over a year trying to agree a settlement to buy him out but the two of us feel he wants an unacceptably large payment for his shares. he is now saying that we shoudl split the profits three ways and each year pay him a third of this. he has dont little for the last 10 years and I begrudge this. we have nbo shareholders agreement in place3 and our articles are basic default ones. what rights do we have ? we prefer to keep the profit in the company and when we all agree to sell it in say 3-6 years we only pay 10% entrepreneurs tax
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to UK Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: yes how do i pay ?
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: UK Tax
Customer: replied 1 year ago.
hi i have paid via paypal. i think £33 from what i could tell. anything else you need to know please let me know. I dont think there is much to add. we had three valuations from CF and all came in at £1.5M to £2.2M but we woudl not expect to get the full earn out to reality would be in my view only £500,000 which is what we offered him to sell his shares. he has taken advice saying they are worth £800,000. He is about to go to a 3 day week and £18,000 pa. the two of us will have to change to salary as he wont sign the divident waivers so our salary will be £90,000 ish. I think he thinks we are some huge PLC and there is an annual divident for directors.
Customer: replied 1 year ago.
my email is ********* thanks J