Originally posted by northernladuk
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MVL and Ltd Company to Umbrella ?
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Originally posted by NickX View PostI wouldn't be planning to do 2 years under the brolly - probably around 6-12 months before retiring.
1) based on the above, why not delay liquidating for 6-12 months?
2) if you're concerned about possible upcoming rule changes (and whilst I've not specifically heard any rumours of a change here, it's almost inevitable it'll be stomped on at some point), and you've got a hefty war chest to enjoy following liquidation, why bother working for another 6-12 months?
My overall view is that brolly post liquidating is most likely safe...but with a big war chest and you being on the brink of retirement, to me seems a bit of a risk for a few months extra work?Comment
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Originally posted by Maslins View PostA couple of thoughts from this:
1) based on the above, why not delay liquidating for 6-12 months?
2) if you're concerned about possible upcoming rule changes (and whilst I've not specifically heard any rumours of a change here, it's almost inevitable it'll be stomped on at some point), and you've got a hefty war chest to enjoy following liquidation, why bother working for another 6-12 months?
My overall view is that brolly post liquidating is most likely safe...but with a big war chest and you being on the brink of retirement, to me seems a bit of a risk for a few months extra work?
Well, I think you probably are seeing between the lines fairly accurately.
I am concerned about potential changes to the rules. The 10% Entrepreneurs Relief is certainly very attractive and I would be frustrated if I left it too late and this tax advantage was removed.
With regard whether to bother working another 6-12months, the retirement is quite a big step for me, and I was kind of thinking of "winding down" by working some shorter contracts then taking longer breaks. I suppose just trying to make the transition from full time work to retirement a little less final. I also have clients still calling me trying to get me back to help and I genuinely like to help if I can.
Hence the thought of being able to work via an umbrella company is quite attractive.
I appreciate this probably sounds like wanting my cake and eating it too. I have around £300k accrued in the Limited Company so I guess you are right, a few extra months may not make that much odds.
Many Thanks,
NickComment
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