G
Gumbyman
Guest
Hi there,
I have a limited company but don't plan on using it for a while. I have not taken a wage for a while and there is a build up of cash in the bank. If I wind down the company is this a tax effecient way of getting my cash out or should I just pay myself through PAYE and take the hit? What is the tax liability? Do I have to produce accounts and pay corporation tax on profits or can I just pocket the lot (says he, optimistically)
Also, my company year end was last month - I presume it is impossible to wind it up retrospectively and save myself having to do accounts for the year?
Thanks,
Gumby.
I have a limited company but don't plan on using it for a while. I have not taken a wage for a while and there is a build up of cash in the bank. If I wind down the company is this a tax effecient way of getting my cash out or should I just pay myself through PAYE and take the hit? What is the tax liability? Do I have to produce accounts and pay corporation tax on profits or can I just pocket the lot (says he, optimistically)
Also, my company year end was last month - I presume it is impossible to wind it up retrospectively and save myself having to do accounts for the year?
Thanks,
Gumby.