Money in the bank - now what?

[kesm]

Hi all,

I closed my company down and have the cash in my personal bank account.
I assume I have to pay personal tax on all the money that has come out of my company bank account to my personal bank account?

If yes, what is the best way to do the personal tax return so I don't incur a massive tax bill?

I asked my accountant - who is from a well known accountancy firm - but the response was totally useless!

Many thanks

[MrMarkyMark]

Did you liquidate the company and take entrepreneurs relief?

As far as having to incur a massive tax bill, there is no "best way" to deal with this, you will just have to pay whats due.

[northernladuk]

I assume I have to pay personal tax on all the money that has come out of my company bank account to my personal bank account?

Great assumption... You my friend are going to go far...

If yes, what is the best way to do the personal tax return so I don't incur a massive tax bill?

Properly

I asked my accountant - who is from a well known accountancy firm - but the response was totally useless!

Ask him again.. and again.. and again until you get your answer.

[kesm]

Did you liquidate the company and take entrepreneurs relief?

As far as having to incur a massive tax bill, there is no "best way" to deal with this, you will just have to pay whats due.

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

[northernladuk]

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

Oh lordy....

[kesm]

Oh lordy....

Perhaps you can be helpful instead of making nasty bullying comments that do not help!
You are always the first person to make such comments!

[MrMarkyMark]

Thanks! Yes I did liquidate the company. How do I take the enterpreneurs relief? Is this what the liquidation company does or the accountant?

Do you just pay people to do things for you and don't ask any questions?

Seriously, talk to the guys that know your situation, not just a bunch of fools on the internet.

HTH.

[I just need to test it]

Great assumption... You my friend are going to go far....

This has brightened my afternoon no end.

[northernladuk]

Who did you go with in the end? MVL or the other company we hadn't heard of?

What are you doing next? Gone permie?

[kesm]

Do you just pay people to do things for you and don't ask any questions?

Seriously, talk to the guys that know your situation, not just a bunch of fools on the internet.

HTH.

Hello.

I have already asked the questions but want to know from people who have gone through a similar process or the liquidation companies here that can advise.