I recently closed my business, for which I was the sole director, and have settled all outstanding company taxes. If I transfer the remaining funds from the business account to my personal account, would these funds be subject to personal income tax?
Depends on whether company has retained profits or not.
If so, they need to be cleared by payment of a dividend.
Best to get proper advice, relevant to your circumstances, from your accountant.
Depends on whether company has retained profits or not.
If so, they need to be cleared by payment of a dividend.
Best to get proper advice, relevant to your circumstances, from your accountant.
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