hi,
I have about 120K lying in my company account and keen to close it. I am moving into permanent employment and don't plan to return to contracting .Was thinking if I can over the next 3 years withdraw the max pension limit 40K into my pension and finally close the company after 3 years? Am not sure if I will face any challenges in doing so. ? Does it sound like a sensible approach ? I won't be eligible for entrepreneurs relief either as my company has been active for more than 5 years.
I could also just make it a closed investment company and invest the 120K . Then make my children a shareholder in the company when they turn 18 and they can then have access to the company funds ?
Any suggestions thoughts?
Thank you very much in advance for your advice and help.
Stay safe
I have about 120K lying in my company account and keen to close it. I am moving into permanent employment and don't plan to return to contracting .Was thinking if I can over the next 3 years withdraw the max pension limit 40K into my pension and finally close the company after 3 years? Am not sure if I will face any challenges in doing so. ? Does it sound like a sensible approach ? I won't be eligible for entrepreneurs relief either as my company has been active for more than 5 years.
I could also just make it a closed investment company and invest the 120K . Then make my children a shareholder in the company when they turn 18 and they can then have access to the company funds ?
Any suggestions thoughts?
Thank you very much in advance for your advice and help.
Stay safe
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