Can I just say here, that I've made a huge error in posting on here expecting help. Is this what the accountancy industry if like? I'm absolutely staggered at the barrage of smarmy, discourteous replies.... not one single person has had anything other than a venomous reply. I hope you are all proud of yourselves.
Oh, my mistake. So this isn't an open-forum type arrangement where anyone can just pop-in and ask for help from knowledgeable people? Seriously, I was not aware that this is for your profession only. But you are right, I would not be able to reciprocate. Apologies for my mistake.
Without going into specific figures on a public forum..... even after I was to take my 'half' of the retained profits, I'm not greedy and would envisage a reasonable anticipated request to be around 25% of the remaining retained profits left behind for the other director. I think you'll agree this is very reasonable (i.e 12.5% of the current retained profits).
You'll hear this next statement regularly, but is absolutely the case here.... I do around 75% of the workload and have taken the company to where it is today. It's common knowledge I am the driver behind the company. Co-Director will absolutely realise this and as a result of this I anticipate *could* try to avoid my easy exit (I'm in poor health, and really need to be away from the workplace now)....this is the reason I enquire - if plan A (Company Buy Back) not negotiable then plan B my possible ability to simply take 1/2 retained profits as dividend, pay huge tax, but try to offset some of this by selling my share to another company keen to invest.
For the record, co-Director would be unable to survive on own, would need another competent person.
Is anyone aware of any other possibilities I can explore? You'll all no-doubt realise that primary objective is easy exit, minimal stress, minimal tax liability....and not drawn out.
I could also still do with being told which 'type' of specialist I'd need to contact to pursue this further.
Without going into specific figures on a public forum..... even after I was to take my 'half' of the retained profits, I'm not greedy and would envisage a reasonable anticipated request to be around 25% of the remaining retained profits left behind for the other director. I think you'll agree this is very reasonable (i.e 12.5% of the current retained profits).
You'll hear this next statement regularly, but is absolutely the case here.... I do around 75% of the workload and have taken the company to where it is today. It's common knowledge I am the driver behind the company. Co-Director will absolutely realise this and as a result of this I anticipate *could* try to avoid my easy exit (I'm in poor health, and really need to be away from the workplace now)....this is the reason I enquire - if plan A (Company Buy Back) not negotiable then plan B my possible ability to simply take 1/2 retained profits as dividend, pay huge tax, but try to offset some of this by selling my share to another company keen to invest.
For the record, co-Director would be unable to survive on own, would need another competent person.
Is anyone aware of any other possibilities I can explore? You'll all no-doubt realise that primary objective is easy exit, minimal stress, minimal tax liability....and not drawn out.
I could also still do with being told which 'type' of specialist I'd need to contact to pursue this further.
Thanks for your reply John. In short, yes I've had the same accountant for the entire duration. I've tended to simply associate them with matters of year end accounts, patslips etc.... not the dissolution or change in structure of a limited company.
I posted here as I am only interested at this stage in initial general replies as to fundamental questions/answers for me to then explore further.
I had the company formed all those years ago by an off-the-peg formation agent and they will almost certainly be generic AOA.
Apologies, I asked that initial question in a hurry.
I was under the impression that with consent (obviously) from the other Director, it would be possible to simply take half of the retained profits as well as an agreed 'goodwill' sum and the company 'buy-back' my share....allowing me to pay what I think is 10% ER tax on the whole sum?
The second part of my question was poorly worded. I'd meant that if agreement can't be reached on a 'goodwill' sum as in the above scenario, I assume I'm still entitled to simply take my half of the retained profits as a large dividend (and also pay the full tax liability on this!!), with a view to also being able to sell on my share in the company I've built up over 15 years to someone I choose.
Surely either of these two fair situations can't be impossible?
Obviously I'll more than likely require absolute clarification and guidance from a professional when the time comes....but who would this be a tax specialist or some kind of company lawyer...I'm unsure of the different types of advisors available.
My answers
Can I just say here, that I've made a huge error in posting on here expecting help. Is this what the accountancy industry if like? I'm absolutely staggered at the barrage of smarmy, discourteous replies.... not one single person has had anything other than a venomous reply. I hope you are all proud of yourselves.
Oh, my mistake. So this isn't an open-forum type arrangement where anyone can just pop-in and ask for help from knowledgeable people? Seriously, I was not aware that this is for your profession only. But you are right, I would not be able to reciprocate. Apologies for my mistake.
I'm guessing you're the forum troll? Or just one of life's unpleasant unhelpful people? We're you bullied?
Thanks for your reply lionofludesch....
Without going into specific figures on a public forum..... even after I was to take my 'half' of the retained profits, I'm not greedy and would envisage a reasonable anticipated request to be around 25% of the remaining retained profits left behind for the other director. I think you'll agree this is very reasonable (i.e 12.5% of the current retained profits).
You'll hear this next statement regularly, but is absolutely the case here.... I do around 75% of the workload and have taken the company to where it is today. It's common knowledge I am the driver behind the company. Co-Director will absolutely realise this and as a result of this I anticipate *could* try to avoid my easy exit (I'm in poor health, and really need to be away from the workplace now)....this is the reason I enquire - if plan A (Company Buy Back) not negotiable then plan B my possible ability to simply take 1/2 retained profits as dividend, pay huge tax, but try to offset some of this by selling my share to another company keen to invest.
For the record, co-Director would be unable to survive on own, would need another competent person.
Is anyone aware of any other possibilities I can explore? You'll all no-doubt realise that primary objective is easy exit, minimal stress, minimal tax liability....and not drawn out.
I could also still do with being told which 'type' of specialist I'd need to contact to pursue this further.
Thanks
Thanks for your reply lionofludesch....
Without going into specific figures on a public forum..... even after I was to take my 'half' of the retained profits, I'm not greedy and would envisage a reasonable anticipated request to be around 25% of the remaining retained profits left behind for the other director. I think you'll agree this is very reasonable (i.e 12.5% of the current retained profits).
You'll hear this next statement regularly, but is absolutely the case here.... I do around 75% of the workload and have taken the company to where it is today. It's common knowledge I am the driver behind the company. Co-Director will absolutely realise this and as a result of this I anticipate *could* try to avoid my easy exit (I'm in poor health, and really need to be away from the workplace now)....this is the reason I enquire - if plan A (Company Buy Back) not negotiable then plan B my possible ability to simply take 1/2 retained profits as dividend, pay huge tax, but try to offset some of this by selling my share to another company keen to invest.
For the record, co-Director would be unable to survive on own, would need another competent person.
Is anyone aware of any other possibilities I can explore? You'll all no-doubt realise that primary objective is easy exit, minimal stress, minimal tax liability....and not drawn out.
I could also still do with being told which 'type' of specialist I'd need to contact to pursue this further.
Thanks
Thanks for your reply John. In short, yes I've had the same accountant for the entire duration. I've tended to simply associate them with matters of year end accounts, patslips etc.... not the dissolution or change in structure of a limited company.
I posted here as I am only interested at this stage in initial general replies as to fundamental questions/answers for me to then explore further.
I had the company formed all those years ago by an off-the-peg formation agent and they will almost certainly be generic AOA.
Apologies, I asked that initial question in a hurry.
I was under the impression that with consent (obviously) from the other Director, it would be possible to simply take half of the retained profits as well as an agreed 'goodwill' sum and the company 'buy-back' my share....allowing me to pay what I think is 10% ER tax on the whole sum?
The second part of my question was poorly worded. I'd meant that if agreement can't be reached on a 'goodwill' sum as in the above scenario, I assume I'm still entitled to simply take my half of the retained profits as a large dividend (and also pay the full tax liability on this!!), with a view to also being able to sell on my share in the company I've built up over 15 years to someone I choose.
Surely either of these two fair situations can't be impossible?
Obviously I'll more than likely require absolute clarification and guidance from a professional when the time comes....but who would this be a tax specialist or some kind of company lawyer...I'm unsure of the different types of advisors available.