Originally posted by mogga71
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Previously on "Inside IR35 what happens to my Ltd Co Profits"
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Originally posted by Dhrucku View PostMay think about pulling everything I can from the company come the next period (as I've maxed out this year). Once I've done that, may need to consider dormancy.
It only makes sense to me to carry out salary distribution if you know you'll land something in the next few months.
Depends on the likelihood that this IR35 turns into another BREXIT (i.e. another fuss about nothing)...which I think it will.
A lot of contractors I know, including myself, are thinking about using a tax efficient MVL to close the company down. I think these will become very popular over the next year. Be aware though, if you use an MVL you cannot create another Limited Company doing the same type of work for 2 years (I think).
Regarding IR35 being another Brexit ... personally I very much doubt it. The problem is the massive corporations like the Banks will not risk allowing outside iR35 contracts. Hope I am wrong though but the public sector is still vastly inside iR35 as far as I can tell.
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Originally posted by jamesbrown View PostSure, other factors being equal (you have profits to distribute )
It only makes sense to me to carry out salary distribution if you know you'll land something in the next few months.
Depends on the likelihood that this IR35 turns into another BREXIT (i.e. another fuss about nothing)...which I think it will.
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Originally posted by Dhrucku View PostIf leaving a company on 28/2, keeping the LTD open, am I still free to extract dividends as normal?
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If leaving a company on 28/2, keeping the LTD open, am I still free to extract dividends as normal?
I'll most likely just pay myself the 700 odd quid as salary to keep me ticking over until I find another outside or think about making the company dormant come April once I've paid myself the dividend currently distributable in my LTD.Last edited by Dhrucku; 29 January 2020, 15:36.
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You are aware of the risks of going inside? Have a look at this thread and browse thst section of the forum. Plenty of people in your position.
https://www.contractoruk.com/forums/...ould-i-go.html
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Originally posted by daddum View PostI may be deemed inside IR35 from april and have approx 50k inside my ltd company
if i move to umbrella can i still next year extract the 50k as dividends from what will be dormant company?
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It won't be dormant and, yes, you can do anything lawful with the retained profits, such as extracting dividends in one year or over N years or extracting some dividends and then dissolving with 25k left or liquidating and taking a capital distribution with ER. Speak to your accountant about options.
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Inside IR35 what happens to my Ltd Co Profits
I may be deemed inside IR35 from april and have approx 50k inside my ltd company
if i move to umbrella can i still next year extract the 50k as dividends from what will be dormant company?
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