Advice on best way to close company

[Gower]

I have a limited - 100% owned by me and I am the only employer. I have about 80K cash in bank; what is the most tax efficient way to en cash this ? Do I need to necessarily involve any Liquidators ?
Some options that I thought are
a) Dont trade for 3 months and apply for dissolution
b) Go for Members voluntary liquidation
c) Take out money as dividends - (least tax efficient in my opinion)

There is more than 25 K cash in the in the company bank account but there is no capital assets involved. Should I involve a Liquidator ?
Between option a and b what taxes will be involved ? I believe both will have only capital gains tax.
Please advise

[Craig at Nixon Williams]

You can't just strike off the company if you have traded, you need to prepare accounts to the date of cessation, pay any outstanding company taxes and inform HMRC etc. At that point you are left with options B and C.

Given the amount that you have in the company, it would probably be more tax efficient to involve a liquidator than it would be to declare dividends down to £25k and then take a capital distribution...though without knowing your exact circumstances I can't say that with any certainty.

Speak to your accountant, they will know your circumstances and should be able to give you a reliable comparison.

Hope this helps!
Craig

[Maslins]

Based on there being >£25k, if you go for (a) the funds paid out will be taxed on you as dividends.

An MVL is the main way to get them taxes on you as CGT. This tends to mean less tax payable by you, provided you qualify for entrepreneurs relief.

An MVL does require a liquidator.