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What are the other tax compliant ways of getting funds out of the company without paying high PAYE/PRSI rates? I'm not sure where to look for this advice.
Do you really think that there is any serious chance of evading financial and legal duties with 'dog ate my homework' excuses?Thats what I thought as well. However, suppose the liquidator did seek the return of that money and the ex directors said "sorry, I am not giving it to you or the revenue ; I have nothing more to do with the company ; I spent the money paying off a personal loan "...what then ?
Trouble is they sometimes give conflicting advice, and they charge very very well for such advice even if it later discovered not to be the best advice.There are specialist accountants out there that would give your buddy some guidance on this matter. They specialise in company close downs and are adept at reducing liabilities. The trick is to find one. The one I used was based in Kildare and was excellent.
It has nothing to do with "dog ate my homework' excuses. We were more wondering if the homework was handed to someone else, and the original ownrr of the homework ceased to exist, can the revenue do anything ? I told him I thought he probably would not get away with it...but as we all know there are probably far far larger amounts of money being written off all over the world as I write this.Do you really think that there is any serious chance of evading financial and legal duties with 'dog ate my homework' excuses?
There are also tax arrangements whereby funds can be extracted with no tax.
As regards different advices being given by Tax Consultants, it is all about how the legislation is interpreted by the Tax Consultant personally.
In this particular case and without looking at exactly what is in the accounts - by going the route of members voluntary liquidation (tax at 20% distribution by a Liquidator), I would have thought that what most Accountants (even those who do not specialise in tax) would recommend.
a case of imcompetency on the part of some ?
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