Hi,
I had closed the business in Oct 2010 and had considerable net profit extracted out of business.
I was expecting to pay capital gain tax on this amount shared between me and my partner, paying 10% after entrepreneur relief factored in.
My accountant had not filed for ESC C16. ( this somethign I was not aware of).
Does that mean I will have to pay higher rate tax, or declaring the net proceeds as capital gain on the tax returns for 2010-2011 will be enough ?
What is divident tax rate if I end up that route?
Please advise. I am scared like hell at the moment.
Thanks
I had closed the business in Oct 2010 and had considerable net profit extracted out of business.
I was expecting to pay capital gain tax on this amount shared between me and my partner, paying 10% after entrepreneur relief factored in.
My accountant had not filed for ESC C16. ( this somethign I was not aware of).
Does that mean I will have to pay higher rate tax, or declaring the net proceeds as capital gain on the tax returns for 2010-2011 will be enough ?
What is divident tax rate if I end up that route?
Please advise. I am scared like hell at the moment.
Thanks
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