Retaining my UK Limited Company-Tax implications?
#1
Forum Regular
Thread Starter
Joined: Sep 2016
Posts: 40
Retaining my UK Limited Company-Tax implications?
All,
I am planning to retain my UK Limited Company (which is not trading since 2 years) as I had moved onto permanent job from Contracting.
Don't want to close it down yet as it will attract Capital gains, plus insolvency costs etc. So taking out very little dividends every year until the pot reduces below the Capital gains and insolvency threshold.
Are there any US tax implications on it. Should i declare this anywhere to IRS and how do I do it? It's not earning any interest. I will be on L1 visa.
thanks,
Barua
I am planning to retain my UK Limited Company (which is not trading since 2 years) as I had moved onto permanent job from Contracting.
Don't want to close it down yet as it will attract Capital gains, plus insolvency costs etc. So taking out very little dividends every year until the pot reduces below the Capital gains and insolvency threshold.
Are there any US tax implications on it. Should i declare this anywhere to IRS and how do I do it? It's not earning any interest. I will be on L1 visa.
thanks,
Barua
#2
Re: Retaining my UK Limited Company-Tax implications?
All,
I am planning to retain my UK Limited Company (which is not trading since 2 years) as I had moved onto permanent job from Contracting.
Don't want to close it down yet as it will attract Capital gains, plus insolvency costs etc. So taking out very little dividends every year until the pot reduces below the Capital gains and insolvency threshold.
Are there any US tax implications on it. Should i declare this anywhere to IRS and how do I do it? It's not earning any interest. I will be on L1 visa.
thanks,
Barua
I am planning to retain my UK Limited Company (which is not trading since 2 years) as I had moved onto permanent job from Contracting.
Don't want to close it down yet as it will attract Capital gains, plus insolvency costs etc. So taking out very little dividends every year until the pot reduces below the Capital gains and insolvency threshold.
Are there any US tax implications on it. Should i declare this anywhere to IRS and how do I do it? It's not earning any interest. I will be on L1 visa.
thanks,
Barua
Tax advice for Americans individuals or businesses coming to the UK, American UK Tax London, UK Contracting In The UK
Also you should think about how you will deal with any UK investments and pensions on your US taxes paying particular attention to PFIC issues and the US/UK tax treaty treatment of pensions.
#3
Forum Regular
Thread Starter
Joined: Sep 2016
Posts: 40
Re: Retaining my UK Limited Company-Tax implications?
Thanks for the advice Nun. I guess to avoid hassles it's best to close my Limited Company.