I put a lot of time into the finances before and immediately after "retirement". This has mostly gone according to plan, but Ukraine / fuel crisis / inflation / Trussenomics was not in my script - perhaps it/they should have been.
I think not!The earlier you retire the earlier you die.
No, the more you live!The earlier you retire the earlier you die.
only if you spend your retirement sat in front of the idiot boxThe earlier you retire the earlier you die.
Oi!only if you spend your retirement sat in front of the idiot box
Yes well quite true.only if you spend your retirement sat in front of the idiot box
so do IOi!
I like sitting in front of the idiot box
The evidence is exactly the oppositeThe earlier you retire the earlier you die.
Health problems sort of forced me to retire at 52, nearly 10 years ago now and I now don't know were I found the time to work. Up until my resent move I did a little voluntary work locally and spent a lot more time on my hobbies (not that I've got any better at them). Yes monies a bit tighter but I'm better of than many and have enough to enjoy life. My health hasn't deteriorated as quickly as it would if I had carried on working. In the beginning I did wonder how I would cope but I have to admit I've not missed it and enjoy being able to do what I want when I want. Just get out there and enjoy the freedom.
Be careful with this, I'm in a similar position (Engineer not IT) and my accountant has advised HMRC take a dim view on prolonged payment of salary with no income to the company. As I said above I will have done 2 such stints in the last 3 years, and as the company has still made a profit in those years I've had no comeback. Worth checking on the actual situation with your accountant before going this routeGlad to see a few people gone early and some interesting comments on filling time up
financially we should be good i am a director of my own (one man) IT company so I might pick up some add-hoc work for the next 6 months but i don't need it.
and also will be leaving my company open for a few years as there is sufficient funds in it to pay a small salary for a few more years just as a top up.
main reason I have to stop tho is wife has a poor work life balance and can't really switch out her role at the moment so i have timed it around her also she
has had carpel tunnel surgery once and its coming back so time to give those hands some rest.
My experience/situation may not apply to all.....I'm not an accountant but I'd tend to agree that keeping it open but not trading, unless you file Dormant accounts, is not the ideal option. I would try to take the money out over the current and next company years, closing it in the next year but whacking any remaining funds into your pension. Indeed if you don't particularly need the salary, put the lot into the pension as a lump sum employers contribution payment, and then in the next tax year take your 25% tax free lump sum out of the pension. If you don't have a private pension, start one to do this with it.
I wonder why he would say that?Be careful with this, I'm in a similar position (Engineer not IT) and my accountant has advised HMRC take a dim view on prolonged payment of salary with no income to the company.
I'm not an accountant but I'd tend to agree that keeping it open but not trading, unless you file Dormant accounts, is not the ideal option. I would try to take the money out over the current and next company years, closing it in the next year but whacking any remaining funds into your pension. Indeed if you don't particularly need the salary, put the lot into the pension as a lump sum employers contribution payment, and then in the next tax year take your 25% tax free lump sum out of the pension. If you don't have a private pension, start one to do this with it.
I wonder why he would say that?
It can't be IR35, because no income, no concealment. I often had periods where the company wasn't receiving income but we continued to draw salaries. That can happen to any business where feast and famine characterise the trading position.
Actually you've just reminded me that I kept my company open for 2 years while I took a short term PAYE contract, so indeed it's not an issue in reality.
Actually Peter sort of has a point. Lots of my friends have retired and started to relax, one by one I'm out buying a wreath (and it's an expensive hobby) for them. Even the fit guys, walk ten miles a day, they stop and a few months later it's goodnight vienna. Makes a bloke think.I think not!
Actually Peter sort of has a point. Lots of my friends have retired and started to relax, one by one I'm out buying a wreath (and it's an expensive hobby) for them. Even the fit guys, walk ten miles a day, they stop and a few months later it's goodnight vienna. Makes a bloke think.