• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

closing down ltd company

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    closing down ltd company

    hi there

    thinking of closing down ltd company...

    I have money still in company accounts....I have always worked on 35% for tax

    etc..etc.. and the other 65% for dividends....

    I have not taken the full 65% out of accounts...

    what would happen to this money if I closed ltd company..

    comments appreciated

    #2
    Government would get it.

    Comment


      #3
      Question is who would be bloody stupid enough to close a company down with money left in the account? Bearing in mind only a signatory of the company can access the account what do you think will happen when that person no longer exists?

      I am struggling to fathom what the OP is thinking of doing to get to this position.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Originally posted by stek View Post
        Government would get it.
        under the title 'Stupid tax'
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          Speak to your Accountant

          I would really Speak to your accountant as they can give you the best advice for closing the company in the most tax efficient way.

          There are two main options that accountants like myself would recommend and this would be a formal liquidation process or a dividend distribution.

          But as i say your accountant will know your personal and company information and can give you the best advice

          hope that helps

          Comment


            #6
            Why do I get the feeling the OP wanted the answer to be "oh the govt let you have it and they don't even want you to pay tax on it".

            Comment


              #7
              Originally posted by sniper View Post
              thinking of closing down ltd company...
              I have money still in company accounts....
              Have a read of the sticky that lists Noobie Contractor Mistakes. Item 5 applies to your case, but also items 1,2,6 and 7 are worth pondering.
              Free advice and opinions - refunds are available if you are not 100% satisfied.

              Comment


                #8
                He is going PAYE with the client he was previously contracting for for 3+ years so too late to point the noobie mistakes. What he needs now is a pointer how to sleep at night wondering when his IR35 investigation is going to land and if they might let him keep his bed when they take his house IMO.

                http://forums.contractoruk.com/accou...ml#post1765509

                I wonder if he has PCG+ membership or QDOS IR35 insurance?
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment

                Working...
                X