Company ceasing | AccountingWEB

Company ceasing

I have a company with a very healthy balance sheet : Residential Properties £450K Liquid Investments £400k.Creditors covered by cash in bank.The directors have decided to cease trading in March 2013. It appears at first sight that there are few reliefs available because of volume of non qualifying assets. The tax due on sale of properties will be in region of £60k which seems to me that the directors/shareholders will have a tax bill of around £300K on closing down.

The company is an IT consultancy but for reasons best know to the directors and against all advice chose to buy the properties in company and retain all funds inside the co.

I will be looking at members winding up,redundancy payments etc  which will give some relief but would welcome any comments on above situation.

many thanks,

There are 3 comments. Login or register to view them.

Why wind up?

gbuckell |
gbuckell's picture

thank you

Tosie |

Better solution

gbuckell |
gbuckell's picture