As Director of my own limited company

seven2seven

Or , Tis Better to be thought an idiot than to open ones mouth and remove all doubt. I am not a wise old man , just an old man:)

nomoneyprobs

seven2seven wrote: »

Or , Tis Better to be thought an idiot than to open ones mouth and remove all doubt. I am not a wise old man , just an old man:)

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Thank you, you've just brightened up my day

SyncMaster_3

Had a chat with the business debt line and a personal debt counsellor. The upshot is quite straight forward. The ltd company which is a legal entity in its own right has no bearing on me as an individual going BR. The only point is that if I own shares in it that have a value, then these could be seized by the OR. Upon becoming BR immediatley I would have to cease as a director of the company and any shares I own would be assessed as an asset. In my case although I have 100% shares they have no value. So just prior to going BR I will resign as director, and my broher will become director and formally wind up the company (only valid reason for him doing this is that once I am BR it will be difficult to deal with the company adminstration). once this is done I personally will have a capital gains liability for this tax year, as the dividends received need to be declared on my tax return, albeit this liability will be small (circa 3K) (small is relative of course!!)

In case of me! I just go BR as per normal, with some planning ahead having read these forums and seen the difficulties ahead! On a positive note, I might have a job and although it wont pay anywhere need what I have just been use to, it will enable me to be dignant and proud. I will get a smal IPO I reckon, but I guess this depends on what I do about my future housing need, which I am looking into now.

Thanks for all the advice and hope my posts may be of interest to someone else..