Re: Scheme
The bad news ...
Still don't have the details - my post is poor at the best of times (I've had first class items take 7 days on a number of occasions).
The good news (for me but not you accountant bods) ...
Found 3 more schemes to investigate but one sounds like it is EBT which I think I'd rule out on the grounds of risk.
tick tock tick tock tick tock
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Reply to: Withdrawal method ..
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Previously on "Withdrawal method .."
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Guest replied
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Guest repliedScheme
"Offshore is still looking good - as a hint thescheme I am looking at involves loans - it also sounds completely contrived and I'm not sure of it's legality still waiting the full details."
& :x
"How are you doing with your secret scheme you mentioned on NFP ?"
& :b
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Guest repliedRe: Withdrawal method........Everyones a winner
OK let me go through what I think of these - don't forget I'm not an accountant!!
> Salary
attracts double helping of NI and unless shared gets to 40% tax levels alarmingly quickly
> Dividends
likely to be under attack from GB
> Expenses
limited amounts and subject to justification. I already use these but in moderation.
> Benefits
attract NI and reduce your tax code - I don't use these at all
> Share Options
I thought these were only possible with listed companies. In my permie days I got them and they were subject to CGT only but that was from a US company.
> Bonus Schemes
more paye ??
> SAYE
presumably save as you earn - not heard of this but assume it is going to be limited to around £3k pa like whatever name the personal ones are going under this week.
Offshore is still looking good - as a hint thescheme I am looking at involves loans - it also sounds completely contrived and I'm not sure of it's legality still waiting the full details.
How are you doing with your secret scheme you mentioned on NFP ?
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Guest repliedRe: Withdrawal method........Everyones a winner
Fiddle....I think a few of us are having a look at this to see if there are any different ideas. :hat
Examples of withdrawing funds :-
Salary
Dividends
Expenses
Benefits
Share Options
Bonus Schemes
SAYE
Do you needs specifics?
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Guest repliedRe: Withdrawal method........Everyones a winner
MF - yes the title was deliberate - aren't there any curtains in your house?
Robot - thanks - one for the files.
Accountants - tick tock tick tock tick tock
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Guest repliedRe: Withdrawal method........Everyones a winner
You only need the tissues if she gets some in her eye.
At 49.8 I no longer have that problem, just getting there is an accomplishment.
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Guest repliedRe: Withdrawal method........Everyones a winner
"Withdrawal method........Everyones a winner"
**** it - I cant resist it.
I tend to find that the withdrawal method can be quite messy. Tissues are required and there is still the possibility of pregnancy.
I thank you.
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Guest repliedRe: Withdrawal method........Everyones a winner
thats so tempting isn't it, Joe Contractor - PLC.
Get gordon off your back for a while.
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Guest repliedWithdrawal method........Everyones a winner
Fiddleabout…..suggest you speak to your accountant about ESC16, close your company down and take advantage of a capital distribution which can give you 75% taper relief.
If the company has been trading for more than two years and there are no major investments (shares in other Companies) on the balance sheet.
Then a simple sum would be (assumption 50/50 shareholders)
£100,000 * 75% £75,000 (would be tax free) £25,000 less capital gains exemption of £15,800 is £9,200 taxable capital gains for you is £4,600 (and the same for Mrs Fiddle) £4,600 * 40% = £1,840 tax payable (for each of you).:lol :lol :lol :lol :lol :lol :lol :lol all the way to the bank!
Now you have all that cash……….you could open up a PLC, you only need share capital of £50,000 and gets you away from the ‘Close Company’ thing. I think you require more than 5 directors but these could be ‘family members’.
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Guest started a topic Withdrawal method ..Withdrawal method ..
Can you accountant bods list the ways money can be extracted from a closed company please.
Obviously this is son of IR35 related.
I'm aware of PAYE and the current dividend setup.
Any comments on use of CGT allowances (14k pa for 2 people?).
Any way to extract funds by creating special classes of shares (just fishing)
What about after a company ceases trading - I belive a number of rules change for an investment company which I believe it can become.
Any other ideas.
Remember guys if GB can stitch up closed companies as tight as a frogs @rse you stand to lose a lot of clients as they move away from their ltd. companies.
We need some legal scams and we need them pdq!!Tags: None
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