Speaking to another local window cleaner

[Crystalalan]

I worked for wincanton garages straight from school over the years the garage I worked at was sold off to a private owner who was a skinflint and asset stripped the place I asked for redundancy and got it , I liked the job but money was very poor , Ime a time served apprentice and national craft certified person , got offered a job at Rolls Royce in crew I think it was but wife didn’t want to move up there , neither did I , so left the motor trade , bestvthjng I ever did , although I did enjoy the spraying , used to do a lot of custom paintwork , like flip flop and candy apple on custom cars and bikes to show level . Lots of restoration on e type jags , jenson interceptor ff and the like . 

Fair play mate!

 

[Markyboy 50]

Lol you saying that has reminded me I had a Sierra 4x4 and a Granada ghia 2:8 that was a lovely car m then I moved on to Opel senator 3:0 and Vauxhall’s Royal 3:0 then the cavalier sri130 , Astra Sri , then saw the light and had BMW M5 ,M3 , 530 d touring oh and a few volvos in between then Audi  SQ5 , , surprising  how many cars we get through over the years ???

You’ve had more than me! I did have a Vauxhall calibra and a 325 bmw. A v8 discovery ?. A 2.3 ghia x galaxy( had 4 kids so needed it). Quite a few boring cars in between like a 1.8 Sierra 

 

[cleaniac]

You said 'Surplus money is being left to build up in the business until I retire' So how do you intend to get the money out? Getting it out has tax implications which might be getting worse after budget!!!

I have no idea at this stage.  I'm sure my tax advisors and accountants will be able to formulate an effective exit strategy that will be appropriate at the time of retirement, and that's still 20 years away. 

 

[Crystalalan]

You’ve had more than me! I did have a Vauxhall calibra and a 325 bmw. A v8 discovery ?. A 2.3 ghia x galaxy( had 4 kids so needed it). Quite a few boring cars in between like a 1.8 Sierra 

Ahh I love calibras. I haven`t seen one of those for a long while.

 

[cleaniac]

I believe when you cease trading with a Ltd Company you're allowed £35k tax free, not sure if that's total or per shareholder. The best way, probably, would be stick it in a pension fund, tax free and when you get to 50 get a 25% tax free lump.

Check all of the above with an Accountant as rules might of changed.

There are all sorts of exit strategies available. Even a combination of several.

My accountants are registered tax auditors, so I'm sure the will be able to formulate an effective exit strategy, as stated in my previous post. 

In the meantime, I'm getting my head down, working through the jobs for the next 20 years, investing the surplus funds through other means in the company to maximises my retirement.