Closing company to go PAYE, how best to structure

B

BB10

Registered User
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Hi there,

I have a work colleague that has been contracting through a limited company for my employer for years & has been offered a PAYE job and seriously considering taking it. The major asset in the company is the car, can my colleague buy the car (at market value v NBV) and then liquidate the company or can they purchase the car as part of co liquidation? Advice appreciated
 
A liquidation would cost between €3K to €5K. Your colleague should go for a voluntary strike off which can be done for as little as €200. (S)He'll need to transfer the car and all other assets out the company first and pay all liabilities. The company will need to de-register it for taxes. The transfer of the car will need to be done at market value and can pay for it or pay for it through a BIK charge. Have them talk to their accountant. Google company strike off and you'll find a number of firms that provide this service. The main requirement is that everything has be transferred out of the company and all liabilities discharged.
 
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