Contractor moving to permanent. Limited company bank balance withdraw?

[everfor]

My self and my wife are director in my limited company, own 60:40 spilt taking minimum salary and dividend. Now i am moving to permanent role and no business further will be done in limited company and current holding around 100k bank balance. This amount accumulated from years after paying cooperation tax.

In new role, i'll fall under higher tax band and i don't take any dividend or salary for my limited company.

from my limited company, i'll stop my payroll and taking dividend, but can i pay to my pension fund? And my wife will continue on salary and draw the dividends until funds are dilute?

will any be issue from hmrc, where no income and just withdrawing for next 2 years? pls advise

[Lance]

My self and my wife are director in my limited company, own 60:40 spilt taking minimum salary and dividend. Now i am moving to permanent role and no business further will be done in limited company and current holding around 100k bank balance. This amount accumulated from years after paying cooperation tax.

In new role, i'll fall under higher tax band and i don't take any dividend or salary for my limited company.

from my limited company, i'll stop my payroll and taking dividend, but can i pay to my pension fund? And my wife will continue on salary and draw the dividends until funds are dilute?

will any be issue from hmrc, where no income and just withdrawing for next 2 years? pls advise

Why do you think your wife can take dividends without you also doing the same?
This is a wind up surely?

[eek]

Why do you think your wife can take dividends without you also doing the same?
This is a wind up surely?

Nope it's just a complete lack of knowledge

The OP needs to work out whether it's he will be permanent for 2 years in which case it's worth MVLing the company

[northernladuk]

My self and my wife are director in my limited company, own 60:40 spilt taking minimum salary and dividend. Now i am moving to permanent role and no business further will be done in limited company and current holding around 100k bank balance. This amount accumulated from years after paying cooperation tax.

In new role, i'll fall under higher tax band and i don't take any dividend or salary for my limited company.

from my limited company, i'll stop my payroll and taking dividend, but can i pay to my pension fund? And my wife will continue on salary and draw the dividends until funds are dilute?

will any be issue from hmrc, where no income and just withdrawing for next 2 years? pls advise

Why on earth are you guessing what to do with a 100k bank balance? Speak to a professional, not a bunch of contractors. Get some time with your accountant and if for some obscure reason you haven't got one then get one. It's gonna cost you way more by floundering around with this level of knowledge than the cost of a professional.

[JHamp82]

I think it may be best to liquidate the company if you are likely to stay in permanent employment for long-term as you may be eligible for Entrepreneur relief but there are many factors to look at therefore, to ensure maximum tax efficiency, I'd suggest speaking to your accountant as they would be my first point of contact.

Thanks.