You want to do a strike off. Not a liquidation.
There's a thread elsewhere on this forum that shows for a small amount like that you can do a capital distribution, without any TAAR implications, and don't need a liquidator.
If you google it you get this Striking off a company - RossMartin.co.uk
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Winding up - Personal Tax Implications
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Winding up - Personal Tax Implications"
Collapse
-
Winding up - Personal Tax Implications
Hi
After running myself as a contractor through a ltd. company for eight months, I currently just joined a company as an employee and want to cease trading as a ltd co. I have about £18k left in the company bank account after everything is cleared off to distribute. I am trying to see how to access this and wind the company up - my accountant is just doing the paperwork and doesn't seem able to offer any advice.
Ideally I would like to have the money paid out to me and treated as a capital gain. I have about 15k of capital losses to offset as opposed to the funds being treated as income tax or dividends as I'm going to be a higher rate taxpayer this year. So personal tax implication appears to differ from nil (if treated as CGT) or 40% of £18k (if treated as income tax)
My limited company was in operation for less than 12 months so I'm not sure if this affect my options available to me but read there are two ways of winding up as solvent. One is MVL & the other one is a voluntary strike-off …looking for anyone's advice on what is the best thing to do or maybe I have no option?Last edited by knowsey; 19 May 2021, 16:12.
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: