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Winding up a Ltd company

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  • 12-06-2006 8:47am
    #1
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭


    If you are winding down a LTD company to go back into PAYE employment, is there any way to take a redundancy payment to yourself from the company or any one off payment you can make or is all the money left in the business only payable as salary?

    Does anyone know any place/person i can get advice from?

    Appreciate any tips.


Comments

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    #2
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    An accountant!


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    #3
    Winelover
    Closed Accounts Posts: 51 ✭✭Winelover


    Hi HomeOwner,

    Is there any life in your company at all? Maybe you could sell it on www.thebusinesshop.ie. Just a suggestion anyway..


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    #4
    podowd
    Closed Accounts Posts: 7 ✭podowd


    If you are being made redundant due to company closure it is possible for the company to make a redundancy payment, some of which will be exempt from tax. The basic exemption is €10,160 plus €765 for each full year of service with the employer making the redundancy payment.


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    #5
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    I am the only employee, I am also the director (there is another director but he doesnt do anything). I am effectively making myself redundant because i am taking a PAYE job. I would like to leave the company "dormant" if there is such a thing, in case I want to go back to it in a few years.


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    #6
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    homeOwner wrote:
    I am the only employee, I am also the director (there is another director but he doesnt do anything). I am effectively making myself redundant because i am taking a PAYE job. I would like to leave the company "dormant" if there is such a thing, in case I want to go back to it in a few years.


    Ok, I don't think you can make yourself redundant. As regards to keeping the company alive, you will still need annual accounts each year and a return to the cro. Costs about €500 per year just to keep it dormant and alive. You might be better off winding it up and saving this expense.

    Ask your accountant for advice.


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