The key principle behind a Personal Management Company (PMC) is that the individual does not own anything, and consequently is not subject to tax (remember it is the ownership which is taxed), even though they control everything via their PMC.
A PMC provides total privacy, with only the PMC name and the name of Director(s) being recorded at Companies House. The assets of the PMC are not recorded on the accounts, as dormant accounts need only be submitted. A Director(s) of a PMC cannot be sued, nor assets demanded as they do not own them.
Knight Wolffe will arrange the setting up and incorporation of your PMC for you, together with an appropriate FMC if necessary, and you can chose the company name should you wish. We will check with Companies House initially to see whether the company name is available to you, and if not, assist with an appropriate alternative name.
A PMC has 2 Statutory Annual Returns to file:
- AA02 Dormant Company Accounts which need to be filed every 12 months
- AR01 Annual Return is submitted annually and advises if there has been any changes to the structure of the company (such as any new or retiring Directors)
Your accountant can file these accounts – or alternatively Knight Wolffe can arrange for this to be done for you.
The Personal Managemnet Company provides a number of benefits such as:
- it does not own anything
- it controls everything
- is not subject to tax
- provides total privacy
- cannot be sued
Remember that the Member (you) has control and can invest in anything worldwide, Such investments can include: cash; your home; an interest in jointly owned property; second and subsequent homes; buy to let properties; commercial properties; company shares; trust assets; art; antiques etc.
It is also possible for the PMC to ‘lend’ money to the Member (you) to spend or invest on anything, which can include: property; holidays; school fees; cars; hobbies; business acquisition/expansion; debt repayment etc.
To learn more or to arrange a no-obligation chat with a member of our specialist team, then simply call us on 0333 444 0325 or email us on email@example.com