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DBKenny
Guest
Hi. I have a 50% stake in a small services company. Business is on the wane. At some stage we'll need to make a decision on the future viability. We have some cash reserves, about 50k. I would like to make hthat decision sooner rather than later, so that we are not down to our last euro when we call it a day. What would be the best way to do this in order to minimise exposure to tax? There are two directors, i.e. the owners. We have 4 staff, two part time, two full time. I would want to do the right thing by way of redundancy if that was relevant. So if we decided to put the wheels in motion tomorrow to stop all work, how would be best access the 50k as directors, while paying as little tax on it. would it be to close the business down and pay ourselves redundancy payments or something like that?
Thanks in advance for any suggestions.
Thanks in advance for any suggestions.