Packing it all in - friends with benefits

[Duncan Disorderly]

I thought 'friends with benefits' were people you went out with on a casual basis.

And shagged.

Tell us the interesting bit. Have you met some hot female with tons of cash?

you spotted my double entendre then

[Duncan Disorderly]

Yes you could...and from your posts it sounds like you didn't have a hefty wodge of cash left in the Oldco hence wouldn't be any negative consequences.

What some are referring to above is if when you close there's lots of retained profit, you can often extract that and be taxed on it as CGT (quite lenient tax treatment, normally benefiting from entrepreneurs relief). However, if shortly after you start up doing a similar thing again, those tax breaks can be clawed back. If when you closed there was just enough in the company to settle corporate tax etc so negligible to come out to you afterwards, you shouldn't have any concerns on this front.

thanks for the info. My accountant has been advising me to clear the profits out each year for past 10+ years and entrepreneurs relief was never mentioned, so I guess I am all good.