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Hi I have sold a property that is in a company name, when I

close the company that owned...
Hi I have sold a property that is in a company name, when I close the company that owned the building is there a legal way I can reduce the tax bill dramatically ?
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8/20/2013
PDtax
PDtax, CPA, MBA
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Experience: Tax professional and business consultant for 35 years.
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PDtax :

Welcome to the site. I will be helping you today.

PDtax :

Sorry, I didn't see the UK part of your tax law question. I will opt out.

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Rachel-Mod
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Hello,

I’m Rachel, and I’m moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

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Customer reply replied 4 years ago


Hi Rachel
I am still looking for help, the last advisor answered before he had read the question and didn't have any answers.

Regards

Dave

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Thank you, XXXXX XXXXX continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

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Finance Expert  2012
Finance Expert 2012, Chartered Accountant (CA)
Category: Finance
Satisfied Customers: 965
Experience: ACA with over 10 years & financial & tax advisor MCSI, Msc Finance, CFA
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Hi

Its MamaTax Here!

Thanks for posting the question.

As you may already know corporation tax is based on the profit that your company makes- in this particular case - profit on disposal of the property plus other income and expenses - all paid at 20% tax rate. Therefore with regards XXXXX XXXXX to minimise tax , there are not many ways to reduce the bill except to make sure you have included as many as possible genuine business expenses. Common expenses include mileage to and from a client’s office, sustenance whilst working away from home, office administration,hotel stays and office consumables etc.


Other common ways you can think of include:
1. a small salary to you/ and spouse- this will reduce your income tax and National Insurance bill by using your tax-free personal allowance. 2. pay more out as dividends that ultimately is lower than the income tax and National Insurance rate you would pay if you had a larger salary.
3. maximise pension contributions - this will either reduce the corporation tax paid on the profits or you’ll receive tax relief on your personal contributions depending on the selected pension scheme

However, if your business has come to the end of its life, you will find that closing down a UK company can be far from simple. You basically have two options as listed below:

“LIQUIDATION” OR “WINDING UP”
This is a legal process in which a liquidator is appointed to wind up the affairs of a company and at the end of the process the company ceases to exist. There a couple types of liquidation but the relevant one to you if you dont have any debt is a members’ Voluntary Liquidation.

2. DISSOLUTION
If you are worried about costs, this method is ideal for you as it is cheaper and simpler but you do most the work yourself. The process involves sorting out your tax with HMRC, cancellation of VAT (if relevant), Payroll issues, Final accounts etc and your dealings with Companies House.

Once the company is closed, you have no liability to HMRC as you are no longer a director. However there are also cases where HMRC applies to the courts to have a company struck off restated....this happens if you have large tax debts.


Hope this helps. If you still have any questions please drop a reply.
Finance Expert  2012
Finance Expert 2012, Chartered Accountant (CA)
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