Originally posted by Paralytic
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Anybody thinking of liquidating their Ltd co. already?
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Originally posted by Amanensia View PostI’ve taken advice both from my own accountants and from a large firm (where I know a tax partner) and the consistent message from both was that a genuine gift of ordinary shares to a bona fide cohabiting spouse is entirely legitimate.Comment
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If you had a perm offer that can start either now or at the end of March (and get paid for contracting services before April), would it be better to continue contracting until the very last day and then make the switch, or close the company and switch now?Comment
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Originally posted by Manic View PostThe other consideration might be keeping a company open for x years which could be investigated by HMRC.
In the light of IR35 next year it is by far the best to leave the LTD opened with no business for say 1-2 years. By this time it will be clear what is what and you will have generated say £8-16k loss which will be deducted next time you have turnover. And 90% of us will.
Win-win for you and f.uck HMRC.Last edited by pscont; 6 November 2019, 15:20.Comment
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I won't be making any rash or rushed decisions until at least a year after it all kicks in.
By then, and probably only then, will we know what the lie of the land is.Comment
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Originally posted by OneManBand View PostPhoenixing is only an issue if I open another company, right? What if I'm contracting through an umbrella company?
Where it might be an issue is if you shut down and take ER, then work for an umbrella company for a little while, and then come back to a limited company model.I'm not fat, I'm just fluffy.Comment
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Originally posted by DeludedKitten View PostIf you are only ever going to work for someone else, then it's not an issue.
Where it might be an issue is if you shut down and take ER, then work for an umbrella company for a little while, and then come back to a limited company model.Comment
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Originally posted by DeludedKitten View PostIf you are only ever going to work for someone else, then it's not an issue.
Where it might be an issue is if you shut down and take ER, then work for an umbrella company for a little while, and then come back to a limited company model.Comment
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If one wants to jump into buy to let which perhaps coincides with the time to close the ltd company. Would it possible to change the purpose of company and use the cash to deploy in BTL ?Comment
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MVL could be a good option, and prove to be the most tax-efficient route, if:
- You have £25,000 or more in retained profits
- The company has reached the end of its operational life (you have and will not have any use for it)
- You will not be involved in similar trading or activity as your company in the following two years after the winding up
- If the company was not a close company at any point in the two years before the winding up date
Of course discussing your unique situation with your accountant is always advised in the first instance.
Alternatively if you think you might get an outside IR35 role at some point in the future, you can choose to keep your company open (active or dormant) while working through an umbrella in the short term. It all depends on how you want to operate and the best option for you.Churchill Knight & Associates Ltd.Comment
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