Cash in Ltd

[sideways sid]

^^^^^

I did this by MVL. The tax charge was 10% IIRC. Well worth the cost, delay and minor additional admin.

[Terminator X]

DonkeyApple said:

Ozzie Osmond said:

No point of sitting on a big pile of cash you can't access just to postpone tax. Not least because future rates may be higher...

There are only two certainties, death and taxes. The secret is to get them in the right order! D

However, if it remains in the company it is IHT free under the current set up and I can just keep drawing a salary until I keel over rather than paying away 50% now and then losing another 40% when I snuff it. Hence the thinking of what to convert it to within the wrapper other than something like an equity portfolio which is my current thinking.

This is interesting as I've often thought to just leave £'s accumulating within the business account and then just draw it down as salary at "retirement" age. Accountant seems to think this won't work though as when you have "too much" cash in there it gets treated differently (?) which I take to mean starts getting taxed anyway!

TX.