you can pay yourself an exempt termination payment 10160 + 765 per complete year of service plus another 10k if you have no company pension
Any funds left if you liquidate pay out as a capital sum and pay cgt
If you are joining a new pension scheme you can transfer your existing pension to that
The adminstrators of your new pension will tell you what you need to do
If all that is left in the company is cash then consider distributing this and just having the company struck off. This will save on fees.
As the previous poster said the cheapest way to wind down a company is by applying to CRO for a voluntary strike off
You will need to be up to date with your cro and company tax affairs to do this
Unless you're a director of your new employer, it may not be advisable to transfer your company pension fund into your new employer's scheme. Reason is that your current scheme allows you more options at retirement (Approved Retirement Fund) because you are a shareholding director of the company. You would not have these options in a new scheme if you are not a shareholding director of the company. If you transfer your fund into your new employer's scheme, you would lose the additional options in respect of your existing fund.
An alternative would be to put a last-minute contribution into your company scheme while you're still working for it. Then, when you wind up the company, transfer the company scheme fund into a Buy Out Bond (also known as a Personal Retirement Bond). This preserves your options at retirement.
An alternative would be to put a last-minute contribution into your company scheme while you're still working for it. Then, when you wind up the company, transfer the company scheme fund into a Buy Out Bond (also known as a Personal Retirement Bond). This preserves your options at retirement.
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