• 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!

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.

Previously on "Making use of capital gains allowance?"

Collapse

  • james14
    replied
    If you are a contractor, there is probably little value in the 'company' for its sake. BP, for instance, is worth more than just the value of its assets; the difference is called goodwill. Your company is probably worth exactly what its bank balance is worth - unless of course you make widgets or have lots of employees whom you supply as contractors.

    If you keep extra money in the company in order to increase the value of the shares, then the company ceases to be a trading company.

    Not much hope, I fear.

    Leave a comment:


  • ASB
    replied
    Originally posted by King Cnvt
    Hi,

    Is there any means of making use of the personal Capital Gains allowance to draw money from a company tax free?

    I believe the allowance is close to £10K pa.

    I am think that I could buy something from the ltd (shares?) that are then valued at a £10K profit and are then sold back to the ltd. The profit would be put on the tax return.

    Any ideas if something like this is possible?
    Yes, it's possible. The company can buy in its own shares. Talk to your accountants about your position and what you are trying to achieve.

    But, what Alan said is the likely result. Little hope.

    Leave a comment:


  • King Cnvt
    replied
    Originally posted by Nixon Williams
    The only thing you could do with your company is when the company is closed after you have ceased using it, nothing is available whilst you are still trading.

    The current limit for CGT is £9200

    Alan
    You just need to be more creative.

    Leave a comment:


  • Nixon Williams
    replied
    The only thing you could do with your company is when the company is closed after you have ceased using it, nothing is available whilst you are still trading.

    The current limit for CGT is £9200

    Alan

    Leave a comment:


  • King Cnvt
    started a topic Making use of capital gains allowance?

    Making use of capital gains allowance?

    Hi,

    Is there any means of making use of the personal Capital Gains allowance to draw money from a company tax free?

    I believe the allowance is close to £10K pa.

    I am think that I could buy something from the ltd (shares?) that are then valued at a £10K profit and are then sold back to the ltd. The profit would be put on the tax return.

    Any ideas if something like this is possible?

Working...
X