If you have worked all your life in a company as a director, then you probably feel that you should be able to shut your business and access your capital? However, if you go through the normal procedures, you may be exposed to a greater tax liability than is necessary. But what are the other options?
A solvent liquidation (also know as a members' voluntary liquidation) may be the best route forward. This specific procedure which must be orchestrated by an insolvency practitioner allows you to extract amounts in excess of £25K whilst only paying the capital gains tax as if you were a shareholder taking a dividend from the business.
McTear Williams & Wood is perfectly placed to assist you in implementing a solvent liquidation. Use the years of knowledge and experience on our team to support you in completing all the necessary legal requirements to successfully close your company and satisfy any remaining obligations whilst realising your remaining capital.
Simply call our main office number to set up a meeting to go over your solvent liquidation at our Guildford offices. You can meet with one of our senior partners and go through all the options and possible outcomes available to you.
What are the options available to you and what is the best way to proceed? Without expert advice it can be tough to understand your choices and select the best course of action. At McTear Williams & Wood we cover this in a short 1 to 2 hour free initial consultation at one of our offices in Guildford, helping you understand all the responsibilities and implications. Call us now on 0800 331 7417