With retirement approaching, Alan was keen to find out if he could move money out of his company without incurring a large tax liability.
Our client Alan was 48 years old when we were introduced to him by his accountant. He was the major shareholder of a successful engineering firm which he had run for over 15 years and he earned a good living from his endeavours. Whilst the early years of the business had been somewhat of a struggle, he was now in the fortunate position of having accumulated significant cash reserves in the company. However he still had some financial frustrations and concerns and asked us whether we could help.
Immediate issues to resolve
Alan was keen to know whether the substantial company reserves and cash in the bank could be moved into his personal account efficiently. He wasn’t receiving any information or guidance from his accountants and wanted pro-active advice. With retirement around the corner, the issue of how best to ‘exit’ from his business had become urgent.
Our initial recommendations and actions
The results so far
Please note that although this story is based on a real client, we have changed their name and aspects of their personal information to protect their privacy and identity.
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