Evening, I understand that closing a company down has change this year and that there are additional costs / checks. Has anyone been through this yet? what costs did you incur?
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The main issue is ESC C16 has now been made statutory with a £25k limit.
If you are closing a company with less than £25k reserves then there should be no extra costs although the clearance procedures have changed. The reserves can come out as a capital payment, subject to CGT rather that Income Tax.
If you have reserves of over £25k then you have a choice of taking a tax hit or engaging a liquidator for a formal solvent liquidation when the £25k cap doesn't apply.
You need paid for advice on the best options here, as if, for example, you are a basic rate taxpayer, you may be worse off with CGT. -
THANKS
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