Leaving the country for a few years

[candy]

I'm planning to leave the country for a few years. I might come back after that.

I've been contracting for around 2 years. This is what my accounts look like curently - http://i.imgur.com/h208I6Il.png. The "Retained Profit" is negative, because I max'ed out the £100k at the End of March, because of the dividend tax increase. I'm currently paying around £100 monthly to my accountant.

I'm looking for tax advice outside of the one that my accountant gives me. What is the most tax-efficient way to get money from my company?

[RonBW]

Are you allowed to pay dividends that are more than your profit? I thought that wasn't allowed.

[Lance]

if you're off to North Korea just take the lot.

[candy]

Are you allowed to pay dividends that are more than your profit? I thought that wasn't allowed.

Most of the profits were from 2015. The dividends paid out in 2016. I thought you could pay yourself out in a later tax year if you wanted.

[northernladuk]

Normally I'd assume any tax advice 'outside of what my accountant gives me' generally means something he wouldn't advise or approve of.

Anything you've given yourself that isn't profit will be an illegal dividend. Is your accountant aware of the situation and is comfortable with it?

What are 'other assets'. Looks like a nice round number that.

[Darren at Fox-Bartfield]

Dividends

We're not quite in full possession of the all the details, we can see the assets but not the liabilities. Without the full details, not safe to say as you may have retained earnings brought forward. You've £51k of "Assets" but what's owing out? As NLUK says, what do the round figures relate to?

Your accountant should be able to advise on the consequence of taking out too much by way of dividend, what you should and shouldn't be doing, etc. This is pretty basic stuff and they should be aware especially as they should have all the figures in front of them.

[ASB]

Are you allowed to pay dividends that are more than your profit? I thought that wasn't allowed.

It isn't. But just because the retained profit is negativedoes not mean it has happened

[ASB]

Where op is in the future may be relevant. It will depend on the tax regime of the host.

[Maslins]

It is a bit weird as that image seemingly doesn't show the liabilities.

Possibly they're negligible and hence the company is still comfortably solvent. Dividends perhaps above this year's profit, but ok as there were retained reserves from previous years.

Possibly they're significant and the company is insolvent, meaning some of the dividends weren't legal.

Pension contributions will normally be the most tax efficient option. Second if you're emigrating and have reasonable retained earnings, an MVL might be good. Next dividends, and last and often least, a big salary payment.