Drawing salary when not trading

[northernladuk]

Maybe the accountant said you can't draw any more salary because you didn't have a war chest and he didn't want you spending your corporation tax and leaving you short at year end.

Oh dear lord.

[smileyface]

Maybe the accountant said you can't draw any more salary because you didn't have a war chest and he didn't want you spending your corporation tax and leaving you short at year end.

Nope, got enough,

[Andy O]

Oh dear lord.

it was only a suggestion

[Paddy]

Can somone please give me advice re drawing salary (and expenses) when not trading?

I have been drawing a monthly salary since April 2016 but my contract is finishing next month.

My accountant says since I won't be trading in September, I am not allowed to draw a salary. Is that true?

What about expenses? Even though I'm not trading, ie don't have a contract, I'm still the director of my company and am running it, so should I be allowed to draw a salary, as well as expenses from September onwards?

Thanks

Your accountant is cr@p. You should continue to draw salary. If you are looking for contracts then you claim expenses such as travel. You can even make yourself redundant and pay yourself redundancy. If you want, you can then fold up the company and start again with a new company.

[northernladuk]

Your accountant is cr@p. You should continue to draw salary. If you are looking for contracts then you claim expenses such as travel. You can even make yourself redundant and pay yourself redundancy. If you want, you can then fold up the company and start again with a new company.

What is going on with this thread??

Redundancy? Are you sure?

Closing the company and restarting. Are you sure?
http://www.chrismaslin.co.uk/tax-tip...ls-overstated/

[LondonManc]

Oh dear lord.

What? It's quite a reasonable suggestion and simply mirrors what was mentioned earlier in the thread about having enough to cover CT.

[NigelJK]

If you want, you can then fold up the company and start again with a new company.

Which is great for avoiding C Tax, but if you've got pension etc wrapped up in it not so good. It's true that HMRC are unlikely to 'do' anything other than protest if you owe only a small amount.