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Hi All,

I have decided given our current predicatment that the Limited Company I am a director of is no longer viable. I have now accepted a permanent role and plan to close the company as soon as possible.

I am a director and have paid myself a mix of salary and dividends, from a PAYE perspective is it best just to close the PAYE scheme now and issue the directors their P45 and commence the closure of the Limited Company?

I appreciate any help with this.

Thanks

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By Anonymous.
20th Oct 2020 21:02

Have a chat with your accountant. He/she kn0ows your business and will make sure everything is done correctly and tax efficiently.

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By Paul Crowley
20th Oct 2020 22:10

Dividends does mean that there is corporation tax to pay.
Dividends come only from profits

If no profits for the dividends then a bit of a problem. Either salary that needs to be taxed, or worse you have borrowed money from the company.

See an accountant. First meeting usually free

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Replying to Paul Crowley:
RLI
By lionofludesch
21st Oct 2020 06:12

We don't know when the profits were made. Tax could have already been paid on them, maybe years ago. Nor do we know how much is involved. In fact, there's so little information, it's impossible to give an answer beyond "ask your accountant".

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