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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7305
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I AM ABOUT TO RETIRE FROM A SMALL LIMITED COMPANY (ME AND MY

Customer Question

I AM ABOUT TO RETIRE FROM A SMALL LIMITED COMPANY (ME AND MY SON) HOW DO I GET OUT WITH AS MUCH MONEY DUE ME WITHOUT HUGE TAX IMPLICATIONS ?
Submitted: 4 years ago.
Category: Tax
Expert:  TonyTax replied 4 years ago.
Hi.

Can you tell me what business your company is in please. Did you start the company from scratch? How long have you been running it? What do you intend to do with your shares in the company? does the company owe you any money, eg undrawn dividends or loans you have made to it? Do you personally own any assets used by the company in its business?
Customer: replied 4 years ago.

ELECTRICAL CONTRACTOR I STARTED IN 1984 MYSELF, BECAME LIMITED IN 2002, MY SON BECAME A SHAREHOLDER ABOUT SIX YEARS AGO WHO WORKS IN THE COMPANY AND IS GOING TO CARRY ON THE BUSINESS. DONT THINK THE COMPANY ACTUALLY OWES ME ANYTHING BY WAY OF LOANS OR DIVIDENDS. CURRENT VALUE RECKONED TO BE £330K WITH LARGE CASH BALANCE £250K. I OWN 2/3 MY SON HAS 1/3 SHARE.ALL ASSETS ARE OWNED BY THE COMPANY.

Expert:  TonyTax replied 4 years ago.
I'm sorry but I'm not feeling very well and so I will opt out to allow another expert to give you an answer. They may ask you for extra information but I'm sure you will get a good answer.
Expert:  Nicola-mod replied 4 years ago.

Hello,

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola