I would but I have closed my Ltd and the former accountant is elusive as we speak. I just want to understand matters for when I do get through to them. I closed my Ltd earlier this year. The downside of everything being online now is that you lose access. I thought I had copied everything but..... After my final set of accounts I had a sum of circa £31K left ( this is reflected in shareholders funds in my final accounts ). The emails I can find discussed how to split this sum between a final dividend and a capital distribution most tax effectively but I can't find the paperwork for the final dividend figure. My question is can I split this as I see fit even at this stage which I think is to leave a capital distribution of about £16K and a dividend of £15K. The bank account shows I paid out £19K to myself a month or so before the final distribution which brought the residual pot down below the optimal £16K. I think I am right that the tax man doesn't have any knowledge of that split at this stage and it's what I put on my self assessment that will determine it. I know I should have the paperwork for the final dividend and that is what I am missing, but I'm thinking this only matters if I had some sort of enquiry into my self assessment. I hope the question makes some sense.
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When you say you've closed your Ltd, what do you mean?
Is it already struck off?…Maybe we ain’t that young anymore -
Yes it got struck off last week. The question as simple as possible is can I tinker with the final dividend figure and then produce the missing paperwork if and when required, or should I follow the way it happened in terms of bank transfers. I am still a bit confused as to why my final accounts didn't need to bring the cash at hand figure below £25k.Originally posted by WTFH View PostComment
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Is the money still in the company bank account?Originally posted by rootsnall View Post…Maybe we ain’t that young anymoreComment
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No, you empty that before you even apply for strike off. After the final accounts it gradually emptied as I paid tax etc but the 2 significant payments to me were £19K and circa £11K, the £11K was the final emptying. The question is can make some of that £19K part of my final Capital Distribution increasing the £11K when I do my personal self assessment. It's not a big amount of tax either way, Infact I haven't fag packet calced which is best yet.Originally posted by WTFH View PostLast edited by rootsnall; 5 October 2020, 10:04.Comment
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Was the money still in the company bank account would be a far better question?Originally posted by WTFH View Post
As if it was the Treasury would have received the money and the OP needs to read https://www.contractoruk.com/forums/...ies-house.htmlmerely at clientco for the entertainmentComment
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Oh...I see where this is going...
EDIT: Dammit eek snuck in with the big reveal before I posted
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Ah, can you deliberately falsify company documents?Originally posted by rootsnall View Post
That's like asking "Can I drive at 100mph on the M1?"
The answer to whether you can or not, is different to whether it is legal, or whether you should.
If the figure for your final accounts was over £25k, that's why the figure was not below £25k.Originally posted by rootsnall View Post
The professional company doing the winding up of your business should have presented options to you that would help minimise the costs. You may need to pay for the advice now, particularly if you had an annual contract with the accountant, and broke that contract mid-way through a year.…Maybe we ain’t that young anymoreComment
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I think I'll stick with 'ask your accountant'.
I have but I think they are in a state of flux as we speak, I simply need to get the final dividend figure from them. The chances of having to produce the actual pieces of paper are I guess slim to non existent.
The £25K question relates to the fact I thought you needed to have less than £25K to do an informal strike off. But I guess its all been above board as its now no more.Last edited by rootsnall; 5 October 2020, 10:31.Comment
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What date and amount is on the minutes from the directors meeting where you declared the dividend?Originally posted by rootsnall View PostI think I'll stick with 'ask your accountant'.
I have but I think they are in a state of flux as we speak, I simply need to get the final dividend figure from them. The chances of having to produce the actual pieces of paper are I guess slim to non existent.Comment
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