Liquidating a limited company egyptian dating website
Another group of businesses which have used this “phoenix” operation are property developers who have carried out a couple of developments and then extracted all the profits as capital rather than revenue before setting up another company for the next development.The new rules state that where a distribution is made from a company and within a period of two years after the distribution the person receiving the distribution carries on a similar trade or activity, either through a company, as a sole trader or in partnership, then the distribution .There is an exemption if reserves are less than £25,000 (no formal liquidation is then required).
Ongoing the new legislation could introduce a possible tax trap for the unwary.
If an individual does decide to close their company then in future they will have to ensure they do not open a similar business for at least two years otherwise they risk the capital distribution being reassessed as income.
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This also applies where the person receiving the distribution is involved with the carrying on of such a trade or activity with a connected person.
Other areas being impacted include schemes of capital reduction and even certain situations where a company buys back shares from a shareholder.