Limited Company Advice

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This topic contains 1 reply, has 2 voices, and was last updated by  AngelinaK52 8 months, 2 weeks ago.

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  • #346700

    cortezbouton265
    Participant

    My accountant has advised setting up a limited company in the United Kingdom as I am now making quite a lot from my book publishing, the trouble is he says I will have to sell the rights to the limited company and pay capital gains on the amount I come up with.

    I have no idea how to value my book profits – as we all know they could stop anytime but I do make $50,000 a year currently.

    He says the taxman will expect to see a value of my portfolio. He says although I will pay capital gains, the company can they pay me back the agreed value tax free as and when the funds are there.

    So how much do I make up, $50,000 or a lot more i.e. $100,000?

    Should I make the figure high or low (I don’t understand the tax advanatges of either).

    Thanks!

  • #655253

    AngelinaK52
    Participant

    Welcome to the forums. I think you would be better off taking advice from a tax consultant and not people on a writing forum.

    Congrats on your success.

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