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Is member approval required to accept a directors’ resignation?
No
Is member approval required to allow transfer of shares between members?
No
Is member approval required to change a company’s office address?
No
Is a resolution required to approve a substantial property transaction?
Yes - an ordinary resolution
When is approval required to make a loan to a director?
When the value exceeds £10,000
What is the rule for directors’ expenditure in related to regulatory action or expenditure?
It does not need members’ approval
What is required for the removal of a director?
An ordinary resolutions with special notice of at least 28 days
What content must be in a notice of a general meeting?
Time
Date
Location
Resolution to be agreed
Business to be transacted
Right to appoint a proxy
When is a meeting quorate?
When two members of a company are present (or one if a single member company)
Does a dividend distrubition reduce a company’s taxable profits?
No
How is a chargeable gain treated for a company?
It contributes towards its taxable profits
What is the dividend allowance for individuals?
£2000
Does an Partner’s salary contribute to the taxable profits of the Partnership?
No, only non Partner salaries
How do you work out Capital Gains Tax liability for partners in a partnership?
Divide the capital gain by each partner’s share and for each partner minus their annual allowance
What is an individual’s capital gains tax allowance?
£3,000
When does an individual’s personal allowance no longer apply?
When earning over £125,140
What are the current rates of Capital Gains Tax?
18% and 24%
