Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 26th May 2018
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
Freelancers' Shop...
Ask an Expert...
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners


Business Links

Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Tax on Company Closure
by dipswitch at 16:24 01/04/16 (Ask-Legal-Accounting)
I retired last year and my accountants closed my company by striking off at the beginning of this tax year.
The closing balance received was 22000 net after corporation tax had been paid. This sum splits 55:45 with my wife who was a joint shareholder.

My share of this will be subject to tax at the higher rate if declared as income. Can I declare this as a capital gain, which would be within annual tax free limit?

As I have other capital gains I would like to crystalise this tax year, is it possible as an alternative to declare this sum under the ESC16 replacement legislation which I understand to be set at a tax rate of 10 % for gains up to 25000. If so, how do I declare this?

My wife can declare as income as this would not take her income above the higher rate limit.


View Comments (Flat Mode) Printer Version
Mail this to a friend
Tax on Company Closure dipswitch - 1/04
    Re: Tax on Company Closure BarryRoback - 31/03
Steve Greenwell - Qdos Consulting

Steve Greenwell
Qdos Consulting

Barry Roback - Privilege Accounts

Barry Roback
Privilege Accounts

Chris Caunce, Caunce O'Hara

Chris Caunce
Caunce O'Hara

Crawford Temple

Crawford Temple

Kate Cottrell - Bauer & Cottrell

Kate Cottrell
Bauer & Cottrell

Andy Vessey - Qdos Consulting

Andy Vessey
Qdos Consulting

Simon Sweetman - Sole Practitioner

Simon Sweetman
Sole practitioner

Rob Crossland - Parasol Group

Rob Crossland
Parasol Group

Also on the panel

Barry Hincks
Qdos Consulting

Roger Sinclair

Andrew Plaskow
Nyman Linden

Copyright 1999-2018, Shout99.com | All Rights Reserved
Privacy Notice and Terms of Use