Our company will cease trading on the 28/02/07. We have paid limited salaries up to the directors PA this year whilst trading. Can I pay salary in the next tax year and if so how do I treat that in the CT comp to the 28/02/07 - as an accrual? Or account for that in a CT return from the 01/03/07?
Carole Edwards
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esc c.16 + taper relief
Have you considered ESC C.16 which would allow the remaining value in the company to be distributed to the directors as a capital gain. If the business has been around for a while you may be able to combine this with taper relief and get a substantial amount tax free.