Originally posted by SueEllen
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Reply to: Limited Company Closure Route
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Previously on "Limited Company Closure Route"
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Originally posted by UK Contractor Accountant View PostNo because I am phoenixing it. new company for new contracting project.
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Originally posted by UK Contractor Accountant View PostNo because I am phoenixing it. new company for new contracting project.
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Originally posted by badgernumber1 View PostWould that be because of the line of business or just the amount involved? Or both? :-) I mean does 'property contractor' imply an investment company (so that ER isn't available)? Or is it just that they stand to gain more if they can disallow the relief?
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Originally posted by UK Contractor Accountant View Post
Now the one I sent for a MVL last week for £850K for a property contractor is one HMRC would be interested in!
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Originally posted by TheFaQQer View PostWhich company do you work for? Every other accountant on here lets us know, so can you confirm whether you are from ukcontractoraccountant dot com or are you just a UK contractor accountant?
TIA
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Originally posted by UK Contractor Accountant View PostNow the one I sent for a MVL last week for £850K for a property contractor is one HMRC would be interested in!
TIA
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Originally posted by biztalk View PostApologies guys
But I kinda feel like my thread is hijacked !
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Originally posted by WordIsBond View PostHaving been fair, I want to go back to your comment that triggered the disagreement. This is what you said:
Just two points here:
1. There was no "this is my understanding" disclaimer, you were stating it with certainty as a fact. Thus, the criticism by Maslins was entirely warranted.
2. Your final sentence was a nonsense. If there is no problem coming back to contracting, it is NOT because ER is not claimed, but because of the substance of the case. The claiming of ER, or not, is irrelevant to the question. It is the decision to take the funds as capital gains, rather than as dividends, that creates any potential risk here. That option is available without ER because of the small amount, but it does not eliminate the risk that if HMRC decide you did a winding up just to take profit as capital, rather than as dividends, they will challenge it. The use or non-use of ER is irrelevant to that problem.
In OP's case the distribution does not even need to be disclosed on his or his wife's Tax Return so HMRC are unlikely (risk close to zero as can be) to pick this up for review/investigation.
Now the one I sent for a MVL last week for £850K for a property contractor is one HMRC would be interested in!
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Originally posted by WordIsBond View PostTo be fair, JB, "UK Contractor Account" was responding at that point to someone other than the OP, and it was a distribution well under £25K, probably under £10K, in view.
So the risk is zero or close to zero as can be.
Same risk as anybody in the UK submitting a Tax Return to HMRC.
Unless he has a 'stash' in an undisclosed offshore bank account.
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Originally posted by UK Contractor Accountant View PostI dont mean to be rude either - but really what would you know.Last edited by northernladuk; 14 March 2016, 19:54.
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Originally posted by WordIsBond View PostYes.
It was foolish to say there is no risk (anyone want to bet this "accountant" that has started posting here isn't ICAEW?),
Please send link so that to I can join
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