Winding down ltd co.

[smileyface]

Am thinking of winding down my ltd co (and claim entrepreneurial relief).

Been told if I have more than £25K in the account, I must go through a liquidator, which charges a fee.

Can someone please tell me roughly how much this would cost and why is there such a disparity between them?

Assuming I have £100K in my account. If I paid a liquidator £10K, does that mean the rest (£90K) will be taxed at 10%, leaving me with £81K or is it a tiered system?

Thanks

[northernladuk]

A search would have helped you get a better idea.

https://www.google.co.uk/search?q=mv...obile&ie=UTF-8

A simple google search might have been a good idea as well.

I am sure Mr Maslin will be delighted to hear you are willing to pay someone 10k to do this.

[Paddy]

Am thinking of winding down my ltd co (and claim entrepreneurial relief).

Been told if I have more than £25K in the account, I must go through a liquidator, which charges a fee.

Can someone please tell me roughly how much this would cost and why is there such a disparity between them?

Assuming I have £100K in my account. If I paid a liquidator £10K, does that man the rest (£90K) will be taxed at 10%, leaving me with £81K or is it a tiered system?

Thanks

You need to appoint some extra directors and give them a company car each. You then get into financial difficulties and the directors offer to buy the company cars at a knock down price to help the company. Oh dear, only £4k left in the bank, I must pay my mate (£3,900) who designed my website. Oh dear, nothing left.

Alternatively, read how the directors of Rover did it

[barrydidit]

Am thinking of winding down my ltd co (and claim entrepreneurial relief).

Been told if I have more than £25K in the account, I must go through a liquidator, which charges a fee.

Can someone please tell me roughly how much this would cost and why is there such a disparity between them?

Assuming I have £100K in my account. If I paid a liquidator £10K, does that man the rest (£90K) will be taxed at 10%, leaving me with £81K or is it a tiered system?

Thanks

If you send me £75k you wouldn't have to bother with those pesky liquidators. And who can put a price on a stress free existence?

[ChimpMaster]

Am thinking of winding down my ltd co (and claim entrepreneurial relief).

Been told if I have more than £25K in the account, I must go through a liquidator, which charges a fee.

Can someone please tell me roughly how much this would cost and why is there such a disparity between them?

Assuming I have £100K in my account. If I paid a liquidator £10K, does that man the rest (£90K) will be taxed at 10%, leaving me with £81K or is it a tiered system?

Thanks

1. Post in the Accounting forum
2. Liquidator shouldn't cos more than £2k to £3k
3. Your £100k number should be after all company liabilities (tax, loans etc) have been accounted for.
4. You might find it beneficial to use your PAYE and dividend allowances prior to liquidation
5. CGT allowance will give you £11k gain tax free (or whatever the allowance is now)
6. The rest will be taxed at 10% ... IF the liquidation is approved by HMRC as allowable for ER.

[northernladuk]

And you can't contract for the next 2 years.

[smileyface]

Thanks for the info.

[saptastic]

And you can't contract for the next 2 years.

can you through a brollie I assume?

[northernladuk]

I'd open a duplicate thread if I were you.....