Please can someone explain in plain english what the tax implications are on closing down a company and taking out the remaining cash?
We have 2 directors, limited company 3.5 years old. If we CLOSE the company down (nothing to sell) post April, what happens to the cash left in the business?
Does each director pay entrepreneur's 10% capital gains or do we split it as dividend and each pay personal CGT of 18%?
If the former, is there any downside to stockpiling cash in the business before selling?
Sorry, I've trawled through the forums and not found a simple answer to this question!
cheers
We have 2 directors, limited company 3.5 years old. If we CLOSE the company down (nothing to sell) post April, what happens to the cash left in the business?
Does each director pay entrepreneur's 10% capital gains or do we split it as dividend and each pay personal CGT of 18%?
If the former, is there any downside to stockpiling cash in the business before selling?
Sorry, I've trawled through the forums and not found a simple answer to this question!
cheers
Comment