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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
I'm winding up my business, can i keep the money left over? |
This may sound a little odd but, im not sure so thought i would ask. I'm a designer (soletrader), and im jacking in my business in the summer to go backpacking with my girlfriend. After all the overheads have been paid - rent etc - Will the tax man want his share of the final profit??? Is there anyway of knowing how much that might be? And when i return will i have a big tax bill waiting for me? I could just ask an accountant but i thought i would see what free advice is out here. Any ideas?? The IRS will want their share of the profit. However, just because you have money left, does not mean there is profit. You will incur some expenses in closing, and you may have unused depreciation from your equipment/computers/etc. It's not possible to say what percentage of your leftover money will be taxable or at what rate w/o looking at your revenues, expenses and tax paid to date. Talk to an accountant or a local non-profit or government agency. You probably have a small business development center nearby - if so, they offer free assistance. yes you may have to pay tax on any profit that is if you have made one fill in your self assessment and go into your local tax office and see knowing them you will come out penniless have a nice trip . |
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