I'd like to close my company and claim entrepreneur's relief.
I've tried retiring a few times - I lasted 3 months recently before accepting a 3 month contract. Will hopefully rest for a while after this but can't see myself ever stopping work - quite enjoy it and get bored easily when not working.
I'm not short of money and at the moment take out salary and dividends up to the basic rate tax limit.
Anyway, I've had the company for over 15 years and it has about £350k in it. I have some money in notice accounts - up to 6 months, not sure if I can close these early with penalties.
My accountant suggests that I should wait until I retire then take the money out slowly with dividends (problem is tht I can't see myself ever retiring completely) and also that I might have problems if I close the company but carry on working.
Would this be fairly straightforward or might I have issues - do you think my accountants advice is good?
I've tried retiring a few times - I lasted 3 months recently before accepting a 3 month contract. Will hopefully rest for a while after this but can't see myself ever stopping work - quite enjoy it and get bored easily when not working.
I'm not short of money and at the moment take out salary and dividends up to the basic rate tax limit.
Anyway, I've had the company for over 15 years and it has about £350k in it. I have some money in notice accounts - up to 6 months, not sure if I can close these early with penalties.
My accountant suggests that I should wait until I retire then take the money out slowly with dividends (problem is tht I can't see myself ever retiring completely) and also that I might have problems if I close the company but carry on working.
Would this be fairly straightforward or might I have issues - do you think my accountants advice is good?
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