So reading up on this some more it seems that assets can be distributed in specie instead of being sold back to me, however:
* There’s no avoiding the corporation tax charge as it still counts as a disposal and a balancing charge needs to be calculated.
* I should be able to just deregister for VAT (as I will need to do this anyway) and because the total VAT due on the market value wouldn’t exceed £1000 I wouldn’t need to account for VAT on deregistration, so I would at least save there.
So with that in mind the tax position is similar to me raising an invoice and selling them to myself, assuming I deregister for VAT before selling them, is that right?
* There’s no avoiding the corporation tax charge as it still counts as a disposal and a balancing charge needs to be calculated.
* I should be able to just deregister for VAT (as I will need to do this anyway) and because the total VAT due on the market value wouldn’t exceed £1000 I wouldn’t need to account for VAT on deregistration, so I would at least save there.
So with that in mind the tax position is similar to me raising an invoice and selling them to myself, assuming I deregister for VAT before selling them, is that right?
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