Closing company down

[ASB]

I recall the op was asking about getting money out for a house. If this recollection is correct then liquidation may be a risky strategy. It seems possible there may be a phoenix.

This could be problematic and cause subsequent taxation problems if the underlying business is to continue.

[ChimpMaster]

Hi all,

I am planning to close my company down, so I can release the capital that I have in there. What is the best way to do this, to allow minimum tax given to the government?

Thanks!

Speak to Chris at MVLonline (google it). Top bloke, very good at what they do and very efficient.

Else if you have less than 25k in your account (after having used all tax allowances) then you can avoid the liquidation route.

[northernladuk]

You could try searching the forums as this has been asked a million times. You can search using the technique detailed here...

http://forums.contractoruk.com/welco...uk-forums.html

[Martin at NixonWilliams]

Hi all,

I am planning to close my company down, so I can release the capital that I have in there. What is the best way to do this, to allow minimum tax given to the government?

Thanks!

Generally, the most tax efficient way of closing the company is usually by going through a members voluntary liquidation (MVL) as this allows you to take all of the funds as capital. If you qualify for entrepreneurs relief you will pay tax at just 10% and you will benefit from the capital gains allowance of £11,000 if you have no other capital gains during the tax year.

There is a lot more to consider with there may be more efficient ways of closing your company down. Your accountant will be best placed to advise you of the approach that suits you best.

I hope this helps.

Martin

[kesm]

Hi all,

I am planning to close my company down, so I can release the capital that I have in there. What is the best way to do this, to allow minimum tax given to the government?

Thanks!