40 grand...closing company...

[IR35 Avoider]

Wait till the sixth of April. Pay yourself a one-off salary bonus equal to the personal allowance. Pay yourself a dividend equal to 90% of the size of the basic rate band. Take the rest, if there is any, as a capital gain.

[FarmerPalmer]

When I closed my last company years ago I think I made myself redundant, which entitled me to some tax free cash.
Can't remember any more though.

upto £30k tax free (I was made dedundant from a permie job last year)
and then dump the rest in a pension

[Rangster]

Further qn....

Sorry to barge in on this thread but it is related….

I am currently contracting but moving to Melbourne in Feb next year. So going on the responses to this thread I would be better off leaving all of my money in my company and then after the 4th April next year I could take it out and be much better off?

If I had £30k in the company too, how would the tax breakdown work?

Thanks. I’m not very good at these things. Luckily I’m not a Finance contractor!!

Thanks

[max]

Sorry to barge in on this thread but it is related….

I am currently contracting but moving to Melbourne in Feb next year. So going on the responses to this thread I would be better off leaving all of my money in my company and then after the 4th April next year I could take it out and be much better off?

If I had £30k in the company too, how would the tax breakdown work?

Thanks. I’m not very good at these things. Luckily I’m not a Finance contractor!!

Thanks

1. If you leave in sept, you won't be tax resident in the uk...so no tax to pay. Also, no capital gains to pay if you don't return to live for 5 years.

2. Take holiday, arrive in australia in feb, so not tax resident there until after june.

Result, no tax to pay.

Go on..you know it makes sense.

[Rangster]

1. If you leave in sept, you won't be tax resident in the uk...so no tax to pay. Also, no capital gains to pay if you don't return to live for 5 years.

2. Take holiday, arrive in australia in feb, so not tax resident there until after june.

Result, no tax to pay.

Go on..you know it makes sense.

Hmm....very interesting!! How did you come to the date on Sept? is there a specific date within the month?

Thanks,
Wayne

[IR35 Avoider]

I'm pretty sure the 30K tax-free redundancy option is not open to us - I can't remember the reason.