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Recent content by JamApple

  1. J

    Closing down my company

    Lol after my reply, I was thinking that it must have been some sort of miniscule payment what was made which I've long forgotten about
  2. J

    Closing down my company

    Thanks. Hmmm not sure what this means, can you elaborate please? Is this some sort of payment I must have made when I first setup the company and the share structure? In any case I've spoken to my accountant and essentially we are going to pay off the CT, then take out 2k dividends to get the...
  3. J

    Closing down my company

    Yeah the threads received some very good responses, hopefully it will help others who are in a similar situation. I did have a read before on previous similar threads but couldn't really find the explanation I was looking for for my situation - or maybe I was just being too stupid :)
  4. J

    Closing down my company

    I was just doing some reading on this site: (What’s the Capital Distribution on Winding Up a Company? - Company Debt) and have a question on the capital distribution I'm pretty sure that the 'tax free' allowance as highlighted above is separate from the joint tax brackets for PAYE and...
  5. J

    Closing down my company

    Ahh that makes sense! Thanks for the explanation. I'm on a PAYE rate of 580 so my personal allowance is gone like the wind. I'm thinking that for me, once i have paid off my liabilities I will have, 27K left. If i can take out 2k Dividends (tax free) then apply the BADR on the rest which...
  6. J

    Closing down my company

    Yeah I do, I'm currently working as a contractor in a PAYE role.
  7. J

    Closing down my company

    Thanks for the suggestion. I think that I should be within the basic rate bracket since I've not taken in any dividends since the start of this tax year. So I could take upto 37k.
  8. J

    Closing down my company

    Thanks for this, I'll ask my accountant about this to see what he says
  9. J

    Closing down my company

    Ahh I see. So in this case, I would just take out the remaining amount as dividends and just close the company?
  10. J

    Closing down my company

    I think that's a moot point. I've always seen my self as working as a contractor (as being lawfully outside ir35). Even in my current 'inside ir35' role I would argue should be classed as 'outside' since i don't get any perks of a permie and still taking all the same risks of being a...
  11. J

    Closing down my company

    No problem, sorry should have made my first post more clear. Regarding the dormant status - i asked my accountant to set it as dormant. So I would hope he did whatever he needed to do in order to do that. On a similar note, if i wanted to doublecheck can I tell from companies house website if...
  12. J

    Closing down my company

    Thanks, that's good to know, I thought the 10% was charged to all that remains in the business account (once all liabilities have been collected).
  13. J

    Closing down my company

    Thanks, for the input. my corp tax is 6K. Hope you don't mind if I picked your brain but what would you do in my case with the company? - maybe i should have mentioned that I'm looking to purchase a property so would like to take out as much cash to help with a property deposit.
  14. J

    Closing down my company

    Thanks for your reply Maslins. Very informative. My Corp tax due by December 2021 is 6k. When you say that "you can potentially close and get the beneficial tax treatment without the need for an MVL" - what does this look like? what would I need to tell my accountant? Also i take it that the...
  15. J

    Closing down my company

    Hi Guys would appreciate some help on this topic. I know this question has been asked a lot on here, also I have been having a general read to see what people have suggested in the past. But the thing i have noted is that everyone's situation is different and so the answer on best approach...
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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
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