Hi,
Looking forward to retirement - I am thinking of building a large amount of cash in my company and slowly running it down by paying myself £30k (£15k salary, 15k dividends) a year for say 5 years. During this time I would not be working and would have no other income. Would I be able to claim back the corporation tax I paid while building the sum in my company by claiming it against the salary I take over the course of the proceeding 5 years?
I understand I could just liquidate the company and gain entrepreneurs tax relief as an alternative but just thought this might be more tax efficient.
Looking forward to retirement - I am thinking of building a large amount of cash in my company and slowly running it down by paying myself £30k (£15k salary, 15k dividends) a year for say 5 years. During this time I would not be working and would have no other income. Would I be able to claim back the corporation tax I paid while building the sum in my company by claiming it against the salary I take over the course of the proceeding 5 years?
I understand I could just liquidate the company and gain entrepreneurs tax relief as an alternative but just thought this might be more tax efficient.
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