Leaving the UK & winding up proceedings.

[oz_contractor_in_uk]

Hi all

I have worked as a contractor in the UK from April 07 up until now, and have operated through a UK limited company, which I am sole shareholder & director of. I am leaving the UK on the 14th of November, and will be returning to Australia on the 23rd of November (travelling in between), and want to wind up the company in the UK and settle my Corporation & Personal tax liabilites in the most cost effective manner as possible.

My question is:

Would it be possible to pay myself a wage/consultant fee, after leaving the UK and before arriving in Australia, and therefore not incurring a personal tax liabiltiy due to me not being a tax resident of either country. This wage or fee would serve to reduce my company's profit for its Year Ending March 2009 to nil, and therefore minimise my company's tax liability in the UK. Does anybody have any expereince with a related matter ? Or alternatively could you possibly refer me to an accountant who might be able to provide some advice ?? I would ask my accountant, but they have proven to be a rather inept organisation to deal with.

Thanks in advance.

[BigTime]

Would it be possible to pay myself a wage/consultant fee, after leaving the UK and before arriving in Australia, and therefore incurring a personal tax liabiltiy due to me not being a tax resident of either country. This wage or fee would serve to reduce my company's profit for its Year Ending March 2009 to nil, and therefore minimise my company's tax liability in the UK. Does anybody have any expereince with a related matter ? Or alternatively could you possibly refer me to an accountant who might be able to provide some advice ?? I would ask my accountant, but they have proven to be a rather inept organisation to deal with.

Thanks in advance.

not an accountant but know there's a form to be completed advising hmce you're leaving. why not call them and check if there's any tax due on payments to you after you've left the country. i would expect them to say the tax is due in oz so perhaps you should be contacting an accountant there.

[oz_contractor_in_uk]

Hey, thanks for the reply. Sorry I made a typo in my original post, and have fixed it now. My reason for paying myself after I have left the UK and before I arrive in Australia is to earn income, whilst I am not a tax resident of either country; and therefore not incur a tax liabiltiy on a personal level. Just wondering if anyone has any experience on this matter ? Or alternatively have an accoutant who could advise on this rather specific matter ?
Thanks.

[max]

Hey, thanks for the reply. Sorry I made a typo in my original post, and have fixed it now. My reason for paying myself after I have left the UK and before I arrive in Australia is to earn income, whilst I am not a tax resident of either country; and therefore not incur a tax liabiltiy on a personal level. Just wondering if anyone has any experience on this matter ? Or alternatively have an accoutant who could advise on this rather specific matter ?
Thanks.

You will be tax resident in the uk if you are in the uk for 183 days in the year. Which you will be if you leave on the nov 23.

Think about leaving on oct 1st.

Sames goes for OZ, so arrive after the 1st of jan.

If you close down, perhaps you can take as capital gain, so there is no tax to pay in the uk, if you don't return for 5 years.

To close down your company, you need it to be not trading for 3 months.

See your accountant

[BigTime]

oct 1 has been and gone so that's not useful here. the relevant form states something like you are no longer liable to tax in that year after the date you provide, regardless of how many days have elapsed in the current year. if you take a payment after this date i guess it would be between you and oz as to whether any tax is due.