to close company or not to close company?

[unixman]

I wouldn't close the company down, but that's just personal.

Not sure that shutting down your company to avoid tax will make tax investigation less likely. I would have thought the opposite, if anything.

Perhaps it can me made dormant or mothballed for a while to avoid accountancy fees? Or do the accounts yourself? It must be reasonably easy with no trading going on.

[hgllgh]

I wouldn't close the company down, but that's just personal.

Not sure that shutting down your company to avoid tax will make tax investigation less likely. I would have thought the opposite, if anything.

Perhaps it can me made dormant or mothballed for a while to avoid accountancy fees? Or do the accounts yourself? It must be reasonably easy with no trading going on.

Well...I woudn't be closing it down to avoid tax .... and wouldn't be avoiding tax full stop as i would be paying the ET so all above board and legit.

Not sure exactly how long I will be travelling so not much point in keeping the company going at all in my view....don't want to the hassle of doing accounts while I am travelling

[pr1]

Well...I woudn't be closing it down to avoid tax .... and wouldn't be avoiding tax full stop as i would be paying the ET so all above board and legit.

Not sure exactly how long I will be travelling so not much point in keeping the company going at all in my view....don't want to the hassle of doing accounts while I am travelling

you would be avoiding paying more tax (you'll pay less than if you took it all out as a dividend)

[northernladuk]

you would be avoiding paying more tax (you'll pay less than if you took it all out as a dividend)

What?

[Scruff]

https://youtu.be/B2B1of3OXSs

[pr1]

What?

Tax avoidance is the legal usage of the tax regime to one's own advantage to reduce the amount of tax that is payable by means that are within the law.

[JB3000]

I have decided to go travelling a three months. My current ltdco has been in operation for about 5 years and currently has 60K in the bank account.

If you were in my position would close the company down and take entrepreneurs tax relief at 10%?

With div tax coming in in the near future it seems like a good idea.....

When you finish your travelling take a permanent role.

The last thing you want to do is contract again so quickly and end up paying hector a juicy 25% on £60k (rather than a more sensible 10%).

[Lumiere]

When you finish your travelling take a permanent role.

I think the "loss" from being permanent rather than a contractor may well offset possible savings from ETR