Dormant company, withdraw dividends or through salary?

[xchaotic]

I'll be getting in touch with my accountant tomorrow, but I'd like to hear your opinions too.
My contract has just been terminated and I'll be taking up a permie job for now.
I don't have a lot in my company's account (about 20k) and the Ltd is now going to be dormant.
Should I continue paying myself a minimal wage or withdraw through dividends?

[MPwannadecentincome]

I'll be getting in touch with my accountant tomorrow, but I'd like to hear your opinions too.
My contract has just been terminated and I'll be taking up a permie job for now.
I don't have a lot in my company's account (about 20k) and the Ltd is now going to be dormant.
Should I continue paying myself a minimal wage or withdraw through dividends?

Definitely talk to your accountant - you may be able to close it down and withdraw as a disposal of shares subject to Capital Gains Tax.

[QwertyBerty]

If you're going back to permie job it makes no sense withdrawing the money as salary. Whether you then withdraw as dividends depends whether you will enter the 40% tax bracket; but if you need the money you will have to take the tax hit. Otherwise you could try directing the profit to your spouse as salary/dividends especially if she is on low/no salary. Or there's the closing the company route as someone has mentioned. Or perhaps pension payments.

Also with the tax year end coming up it would be wise to do the sums to decide how much to take this tax year and how much the next.

QB.