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I would appreciate any guidance ...
My wife and I ran a business for 10 years that was sold about 9 months ago.
We used to incur expenses which we never reclaimed. All are wholly relating to the business and supported by receipts.
We did not claim as (a) it was another thing to do and (b) we were happy to keep decent cash levels in the business.
Now the business has been sold we are totting this up, and seeking to gain relief. The amounts are significant. Over the last 4 years it totals some £200,000.
We can apply for retrospective amendment to prior years employment returns, however we used to draw a minimal salary ( £8k ish) per annum and the expenses are far in excess of this - and you can't make a "loss" on employment.The balance of funds was taken by way of dividend.
So the question is any other ideas? They could be a capital injection ( but this was not recorded) reducing CGT, but that is all I can think of.
Guidance and ideas appreciated.
My wife and I ran a business for 10 years that was sold about 9 months ago.
We used to incur expenses which we never reclaimed. All are wholly relating to the business and supported by receipts.
We did not claim as (a) it was another thing to do and (b) we were happy to keep decent cash levels in the business.
Now the business has been sold we are totting this up, and seeking to gain relief. The amounts are significant. Over the last 4 years it totals some £200,000.
We can apply for retrospective amendment to prior years employment returns, however we used to draw a minimal salary ( £8k ish) per annum and the expenses are far in excess of this - and you can't make a "loss" on employment.The balance of funds was taken by way of dividend.
So the question is any other ideas? They could be a capital injection ( but this was not recorded) reducing CGT, but that is all I can think of.
Guidance and ideas appreciated.