I have managed to accummulate £400k profit in my business over a number of years even after taking-out a small salary and the maximum dividends each year to minimize tax. And having paid all valid VAT and Corp tax.
I am approaching a stage in my career whereby I do not want to carry-on workimg on a full-time basis but do not want to close-down the company as I am likely to have some £25k income generated annually in to th business.
Effectively I could seek to liquidate the company but that would leave me with liquidation costs and no easy way of ensuring I continue to receive the £25k revenue each year.
My plan is to merely drain the company of the £400k over 7-8 years via minimum salary and maximum dividends(minimum tax).
My question is will I get grief from the taxman following this route and are there any other options available to me?
I am approaching a stage in my career whereby I do not want to carry-on workimg on a full-time basis but do not want to close-down the company as I am likely to have some £25k income generated annually in to th business.
Effectively I could seek to liquidate the company but that would leave me with liquidation costs and no easy way of ensuring I continue to receive the £25k revenue each year.
My plan is to merely drain the company of the £400k over 7-8 years via minimum salary and maximum dividends(minimum tax).
My question is will I get grief from the taxman following this route and are there any other options available to me?
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