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Where Taxpayers and Advisers Meet

CGT after ltd company closure

peterthecool
Posts:4
Joined:Mon Feb 17, 2020 10:15 pm
CGT after ltd company closure

Postby peterthecool » Sun Aug 15, 2021 6:49 pm

Hi folks

I had a small business and I have recently closed my ltd company.

I have paid my final cooperation tax and have no liabilities or bills etc to pay. I closed via the strike off route. My accountant says that I can now withdraw all funds from my business account and in their email they say that “the cash that I withdraw is not considered a form of taxable income and will not need to be declared on any tax return”.

But then they go on to say that the figure that will be taxable are my final net assets I.e. my capital gain of £19 k will be declarable on my 21-22 tax return, so I don’t get it as above thy say that anything that I withdraw will not need to b declared o a tax return and then they say the opposite.CAN ANYONE SHED ANY LIGHT ON THIS?

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: CGT after ltd company closure

Postby bd6759 » Sun Aug 15, 2021 10:33 pm

Have you asked your accountant?


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