I'm coming up to the end of a year trading as a limited company and I must admit it's been a steep learning curve and quite a few headaches sorting things out (I won't blame my accountants ).
I was considering closing down my company and moving to an umbrella company. Obviously I want to do this in the most 'efficient' way possible, so what I was thinking was:
After April 5th 2013, take up to the maximum allowed for a dividend (I don't think I have that much in my business), then apply to close the company down (in order to efficiently get whatever might be left out etc.)... After this if I move to an umbrella, how would my tax etc. be effected by taking that dividend? Would I have to let HMRC know I'm not doing self assessment now? Do I still have to do self assessment?
I guess the biggest problem I had with Limited was that I didn't really know how much I could get out half the time (and that I couldn't accumulate enough to hire more people :P). So I'd like to be able to see if it would work out taking the money as a dividend then the umbrella sorting my PAYE each month - would I be on the higher rate instantly?
Thanks to anyone who has the time to reply, and manages to understand my ramblings.