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Where Taxpayers and Advisers Meet

Residual value after closing ltd. company?

stantheman71
Posts:3
Joined:Fri Oct 22, 2021 3:31 pm
Residual value after closing ltd. company?

Postby stantheman71 » Fri Oct 22, 2021 3:36 pm

I am attempting to complete my personal tax return for 2020-2021. I am now employed, but previously was a contractor with a limited company.
Upon closing the company, I received some funds. My accountant put it like this "The residual company asset value is the final funds figure which is owed to you as the shareholder." I have this final figure, but I don't know where to include it on my personal tax return. Any advice for me?

pawncob
Posts:4786
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Residual value after closing ltd. company?

Postby pawncob » Sat Oct 23, 2021 11:05 am

How much?
With a pinch of salt take what I say, but don't exceed your RDA

stantheman71
Posts:3
Joined:Fri Oct 22, 2021 3:31 pm

Re: Residual value after closing ltd. company?

Postby stantheman71 » Sat Oct 23, 2021 12:51 pm

Just over £8000.

pawncob
Posts:4786
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Residual value after closing ltd. company?

Postby pawncob » Sat Oct 23, 2021 1:48 pm

As it's below the CGT threshold (assuming no other gains in year) you may ignore it.
With a pinch of salt take what I say, but don't exceed your RDA

stantheman71
Posts:3
Joined:Fri Oct 22, 2021 3:31 pm

Re: Residual value after closing ltd. company?

Postby stantheman71 » Sat Oct 23, 2021 3:38 pm

Great news! Thank you for your help!


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