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Reply to: Are losses worth anything?
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Previously on "Are losses worth anything?"
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If you owe a small amount, that is your problem. If you owe a huge amount, that's someone else's problem!
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Originally posted by WTFH View PostDo you mean you've been taking money out of it, when there was no money to take?
Let's say the company books were £10k in the red at the end of last year, then you paid yourself £45k in salary and dividends, meaning the company is now £55k in the red.
Do you intend to keep taking money out until the banks, etc, stop lending it to your company?
I expect just letting the company become dormant and then reopening it if I decide to come back to the UK is the best thing to do. Or else doing mini-contracts evenings and weekends to keep it ticking over.
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Originally posted by hugebrain View PostMy company has been making a loss for a few years ...
Let's say the company books were £10k in the red at the end of last year, then you paid yourself £45k in salary and dividends, meaning the company is now £55k in the red.
Do you intend to keep taking money out until the banks, etc, stop lending it to your company?
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Google "MCINOCOT". Basically if the losses were made by you contracting, then unless you make profits in future from you contracting, via the same company, then those losses are dead.
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Are losses worth anything?
My company has been making a loss for a few years due to ill health, working abroad etc.
I was planning a triumphant return to the UK contracting market where I could live it up tax free for a while.
Since this now seems to be off the cards, I’m wondering what to do. If I close the company, would I lose all the tax freeness I’ve built up?
Is there any way of selling the losses?
Another possibility is transferring a spare house into the company and letting it out. I guess I could take all the rental income tax free for a few years?
I’m a bit ignorant about all this stuff, so ELI5 please.Tags: None
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