To go from a $400k+ cheque to nothing wouldn’t really fit when compared with how other UK bots performed this year.
Do we know roughly what proportion of total income the cheques typically make up?
The Uber accounts are beyond my comprehension. But what does strike me is the £670k liability for a defined benefit pension scheme. This is not mentioned in previous accounts (in fact a DC scheme is mentioned in all previous accounts, and this one). Setting up a DB scheme for one employee seems absurd. Employer liabilities must be related to projected member benefits? To accrue £670k in pension benefits in a year is well above the AA as previously mentioned, and £630k (more if the AA has been tapered) would be taxed at nominal income tax rate? What salary would justify the accrual of these benefits? In a typical generous DB scheme on a £100k salary, liabilities would increase by around £50k with each year accrued?
I must’ve made some incorrect assumptions, maybe it’s an accounting technique. The scheme has £0 assets.
What are ‘Debtors’ in the context of MLMs? Money owed by customers? Forthcoming cheques/bonuses?
Regarding Directors Loans, am I right in thinking either:
Pay it back, that’s it;
Pay it back, take out another loan, pay 32.5% CT on original loan (reclaimable later);
Write off the loan, company pays NI 13.8% on loan amount, director pays income tax.
These are all just thoughts, I’m probably misinformed.
Despite all this, I don’t see how you could be in a bad financial position after all the previous years’ cheques.