Hello,
I and my wife are the Directors of a Limited company. I am the sole worker, being a consultant.
With COVID I'm unlikely to generate any business for the foreseeable future so am taking 6 months off until end of the year.
In the event that I do not work for myself after that I want to tease out an option, i.e. that once I finish out this financial year for my company I may want to essentially "mothball" the company until I retire in another 4 years time when the company will have been up and running for 10 years. At that stage I will be 65 and as i understand it will qualify for Retirement relief and can liquidate the company and - once assets are disposed of - can then get access to the remaining cash once any liabilities including taxes have been addressed.
There will be no income, staff wages, dividends or expenditure(except for a few small items like mobile phone costs). The company has no borrowings or other liabilities and all Tax is paid to date and will be for this Year. I will not be drawing any salary or making any further Pension contributions post this company Financial year.
The Company has Cash of ~€1.2m and carries out business in the Pharma sector. There is no premises and only some minor office equipment related assets which by then will be fully depreciated.
My questions are;
1. What Returns do I need to make re; Tax and CRO for each of the 4 future years for which I will not trade to remain compliant.
(assume I won't trade again for purposes of this Q). There will be no income, staff wages, dividends or expenditure (except for a few small items like mobile phone costs). The company has no borrowings or other liabilities and all Tax is paid to date and will be for this Year. I will not be drawing any salary post this company Financial year.
2. Do I have to have Accounts generated for the non trading Years ?
3. Can I do the Returns myself instead of employing an accountant and therefore avoid these fees ?
4. When I get to the 10 year stage I am happy to then go back to my accountant and get her to process the formal Liquidation. ?
5. Is there any Legal advice/formalities that I will need to employ to get a Liquidation ?
6. Is there anything else I need to be thinking of ?
7. If I were to take up a PAYE role outside of my own company with another company would this is an way affect the above ?
Appreciate any help. Thank you.
Charles
I and my wife are the Directors of a Limited company. I am the sole worker, being a consultant.
With COVID I'm unlikely to generate any business for the foreseeable future so am taking 6 months off until end of the year.
In the event that I do not work for myself after that I want to tease out an option, i.e. that once I finish out this financial year for my company I may want to essentially "mothball" the company until I retire in another 4 years time when the company will have been up and running for 10 years. At that stage I will be 65 and as i understand it will qualify for Retirement relief and can liquidate the company and - once assets are disposed of - can then get access to the remaining cash once any liabilities including taxes have been addressed.
There will be no income, staff wages, dividends or expenditure(except for a few small items like mobile phone costs). The company has no borrowings or other liabilities and all Tax is paid to date and will be for this Year. I will not be drawing any salary or making any further Pension contributions post this company Financial year.
The Company has Cash of ~€1.2m and carries out business in the Pharma sector. There is no premises and only some minor office equipment related assets which by then will be fully depreciated.
My questions are;
1. What Returns do I need to make re; Tax and CRO for each of the 4 future years for which I will not trade to remain compliant.
(assume I won't trade again for purposes of this Q). There will be no income, staff wages, dividends or expenditure (except for a few small items like mobile phone costs). The company has no borrowings or other liabilities and all Tax is paid to date and will be for this Year. I will not be drawing any salary post this company Financial year.
2. Do I have to have Accounts generated for the non trading Years ?
3. Can I do the Returns myself instead of employing an accountant and therefore avoid these fees ?
4. When I get to the 10 year stage I am happy to then go back to my accountant and get her to process the formal Liquidation. ?
5. Is there any Legal advice/formalities that I will need to employ to get a Liquidation ?
6. Is there anything else I need to be thinking of ?
7. If I were to take up a PAYE role outside of my own company with another company would this is an way affect the above ?
Appreciate any help. Thank you.
Charles
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