Entrepreneurial Tax Relief vs Corporation tax doubt

[indianguy]

Apologies if the topic is already discussed to death but couldn’t find any definitive information so posting here:
Two basic questions:
1. If I want to apply for Entrepreneurial Tax Relief now do I need to pay Corporation tax for the current Financial year (I have already paid Corporation tax until August 2019) or can I skip it?
2. Do I need to pay 10% on the entire company reserve or only the profit received in the current financial year?
One accountant quoted £4000 for the entire process including liquidator fees, is that reasonable?
Thanks in advance

[WTFH]

Apologies if the topic is already discussed to death but couldn’t find any definitive information so posting here:
Two basic questions:
1. If I want to apply for Entrepreneurial Tax Relief now do I need to pay Corporation tax for the current Financial year (I have already paid Corporation tax until August 2019) or can I skip it?
2. Do I need to pay 10% on the entire company reserve or only the profit received in the current financial year?
One accountant quoted £4000 for the entire process including liquidator fees, is that reasonable?
Thanks in advance

Your accountant should be able to take you through all of this.
Yes, you'll have to pay corporation tax and have all the other charges up to date (VAT returns, etc). Once that is done, then speak to someone like Maslins (MVL Online).
The amount you pay will depend on many things, so stick with professionals.

[Lance]

Yep. You need to clear all company debts (corp tax etc).

ER is a personal tax relief.
You take your capital back out of the company and pay personal capital gains tax. ER is basically a discount on that if you’re eligible.