Leaving contracting - closing my Ltd company

[PermMCCon]

Hi Guys,

Can someone direct me to any threads which talk about closing down our Ltd companies? Everyone raves about Entrepreneurs allowance etc but I just wanted to review any threads we have on it.

I have a chunk of money in there and want to ensure I take it in the most efficient way.

My accountant is good but never hurts to have a bit of knowledge too, ConUK is one of the places I am using.

Thanks


PS Yes yes - I am leaving the Light side of the Force and joining good ol' Vader. He offered a great package and I was made responsible for a programme that represented a tick in one of my career bucket list items... he made it difficult to say no.

[TheFaQQer]

Can't point you to specific threads on closing down a company, but I can point you to the specific thread on how to search the forum. It can be found here.

[Maslins]

If you don't need the money now, a big pension contribution is often a good choice. Take care not to exceed your annual cap, and that your company will get CT relief.

If there's still plenty left or you want all the money in your hands to spend now, next question is whether your closing net assets are >£25k or not. If they are, an MVL may well be your best option. If they're not, you can get the same tax treatment with a much cheaper strike off.

Your accountant really would be the best people to run this by, as they'll know your/your company's circumstances.

[MrMarkyMark]

If you don't need the money now, a big pension contribution is often a good choice. Take care not to exceed your annual cap, and that your company will get CT relief.

If there's still plenty left or you want all the money in your hands to spend now, next question is whether your closing net assets are >£25k or not. If they are, an MVL may well be your best option. If they're not, you can get the same tax treatment with a much cheaper strike off.

Your accountant really would be the best people to run this by, as they'll know your/your company's circumstances.

I will be in touch with you in a months time, i.e. concerning my MVL

[PermMCCon]

If you don't need the money now, a big pension contribution is often a good choice. Take care not to exceed your annual cap, and that your company will get CT relief.

If there's still plenty left or you want all the money in your hands to spend now, next question is whether your closing net assets are >£25k or not. If they are, an MVL may well be your best option. If they're not, you can get the same tax treatment with a much cheaper strike off.

Your accountant really would be the best people to run this by, as they'll know your/your company's circumstances.

Hi Mas,

Thanks.

Yes it is more than £25k and (off course) I am picking up with my accountant. This is just a mini background check on possibilities for myself, that's all.

Cheers all