For Entrpreneurs Relief is there a limit in company funds which if you go over it

[northernladuk]

I think there are some links in the thread below that might be worth reading...

http://forums.contractoruk.com/accou...egy-apply.html

[sbakoola]

For Entrpreneurs Relief is there a limit in company funds which if you go over it will be harder to qualify for the 10% Capitals Gains Tax ? I know they talk about £1 million life time limits but not sure if that applies to us contractors.

So say if you have £120,000 in your company bank account after paying all VAT/Paye and Corporation Tax, and your previous annual salary + dividends was 70k, would HMRC likely oppose the £120,000 for disposal at only 10% CGT ?

I heard that £100,000 max in your balance for disposal is good a rule of thumb for applying for Entrepreneurs Relief which I am planning to do but my current accountant is not very forthcoming with answers.

I've read other things like the company has to have been trading 12 months before applying for ER.

Anyone recommend any accountants out there that can provide sound advice and procedure for wanting to perform an ESC16 with Entrepreneurs Relief ?