liquidate/dissolve

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Platypus replied

28 February 2008, 19:30
Originally posted by hugebrain View Post

Hi,

I'm trying to get rid of my company before the new capital gains tax rules come in.

My accountant says I can dissolve the company, but I have to have not traded for three months, otherwise I would have to liquidate the company but this would cost at least £5,000.

What's the difference between liquidating and dissolving?

Also, is it legal to announce the new rules with less than three months to go - presumably to steal an extra £5,000+ pounds from everyone???

Took me over 6 months ...
Leave a comment:
Ruprect replied

28 February 2008, 18:02
Originally posted by hugebrain View Post

Hi,

I'm trying to get rid of my company before the new capital gains tax rules come in.

My accountant says I can dissolve the company, but I have to have not traded for three months, otherwise I would have to liquidate the company but this would cost at least £5,000.

What's the difference between liquidating and dissolving?

Also, is it legal to announce the new rules with less than three months to go - presumably to steal an extra £5,000+ pounds from everyone???

You will have to apply for ESC C16 and cease trading (i.e. declare to tax man that you have ceased trading). You will then need to prepare your final accounts, and pay any corporation tax due on them. Once you've done this you can take the money out the company. Good luck - you're leaving it late.
Leave a comment:
Hex replied

28 February 2008, 16:43
You probably still have time to get ESC C16 clearance, prepare your final accounts, pay all company bills (taxes etc.) and distribute the remaining funds to shareholders before April 6th (although it's tight).

You still have to wait a while after that before the company is then dissolved as it takes 3 months (as you said), but the bank accounts can be empty for those last months.

So the company isn't dissolved until after April 6th, but you get the funds out before April 6th.
Leave a comment:
hugebrain started a topic liquidate/dissolve

28 February 2008, 16:26
liquidate/dissolve

Hi,

I'm trying to get rid of my company before the new capital gains tax rules come in.

My accountant says I can dissolve the company, but I have to have not traded for three months, otherwise I would have to liquidate the company but this would cost at least £5,000.

What's the difference between liquidating and dissolving?

Also, is it legal to announce the new rules with less than three months to go - presumably to steal an extra £5,000+ pounds from everyone???
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