winding down

[shirepro]

Looking ahead...I plan to retire in around 10 years time.

Am I right in thinking that I could start to wind down the business a few years ahead of time and off-set any losses in those last few years against previous corporation tax payments?

The other question is: do i recall that upon retirement you are allowed to take a set amount of money out of the company tax free?

[Ali_D]

shirepro said:

Looking ahead...I plan to retire in around 10 years time. Am I right in thinking that I could start to wind down the business a few years ahead of time and off-set any losses in those last few years against previous corporation tax payments? The other question is: do i recall that upon retirement you are allowed to take a set amount of money out of the company tax free?

What do you do? Is it not possible to sell the business rather than wind it down?

[shirepro]

Had thought about that. One bit could be sold off but would be sold way before then ( I am already sick of it!). The main business is based around my specialism in a very niche market, and it is cost effective because I run it as a 'cottage' business. I think the big boys who play in this market wouldn't be able to do it cost effectively, which is why they leave me alone. I had thought about seling it but keping remaining part tyo provide the specialsim but i am not sure anyone would want to have a business based entirely on somebody elses expertise. Bit like Paul Daniels trying to sell his magic act!