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Contractor Among Contractors
Last Activity: Today, 06:12
Joined: 25 September 2009
Location: Tunbridge Wells
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  • Maslins
    replied to Closing your company
    Well, capital gains tax is a form of personal tax, and normally even with an MVL there would be some personal tax payable. But that tax liability is typically much lower than if you were to get the same amount as dividends. Capital gains aren't income, so a big gain won't be pushing you into higher...
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  • Maslins
    replied to Closing your company
    You CAN start doing the same thing via a brand new company the very next day. Issue is you'll lose any tax benefits you hope to get by doing the MVL. Ie the liquidation distributions would be taxed on you as dividends, rather than capital gains.

    General consensus is a brolly would be fine....
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  • Afraid you're being very optimistic here.

    The calculators out there are already stretched. Ie they'll have to make lots of assumptions, ignore lots of possibilities. Tax is complicated.

    Just do contracting, perhaps restrict dividends to basic rates (or £100k), some threshold...
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  • Maslins
    replied to Personal allowance Question
    As NICs work differently to income tax, we tend to suggest it often makes sense to still take the typical NIC threshold salary for the remainder of the tax year. Ie that salary will still be NIC free, even if you've earned big bucks in a salary earlier in the tax year.

    Hence it's 20%/40%...
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