This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Withdrawing money from my company by closing it down

dominoman
Posts:60
Joined:Fri Jan 15, 2016 6:41 pm
Withdrawing money from my company by closing it down

Postby dominoman » Tue Aug 17, 2021 3:40 pm

I have a UK company which I am planning to use for all proceeds from a contract for providing financial consultancy services. At some point I would like to draw an income from this. However, to reduce income tax is there anything to stop me just closing the company down in a year and taking all the money as a capital gain?

Sorry if that's a dumb question. I'm new to this and am looking for (legitimate) ways to reduce my tax.

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

Re: Withdrawing money from my company by closing it down

Postby bd6759 » Wed Aug 18, 2021 8:37 am

There are a plethora of issues around tax mitigation strategies. You need to speak with an expert who can give advice based on your precise circumstances.


Return to “Capital Gains Tax, CGT”