Hi guys, long time lurker, first time poster here.
I am in the process of closing my company via informal (voluntary) strike-off.
I unfortunately have the *extremely* incompetent team at Clearsky managing this, so would really appreciate some guidance.
I filed my latest company accounts at the end of February. In the current 20/21 tax year, I have taken two dividends, paid the monthly accountancy fee to Clearsky, and a final closure fee to them as well (£750!). This left under £25,000 in my business bank account, which I transferred to my personal account in two transactions, the intention being that they would be treated as capital gains.
Now I have just received an email from the Clearsky team saying that the reserves are greater than £25,000 and I would have to take a greater amount as dividends to reduce it to below that level.
So, to my question, which is quite basic: how are company reserves calculated in a case like this? Are they simply what is in your business bank account (minus any creditors, plus any expected income - which in this case is nil)? Or is it something else?
Struggling to understand why they are saying my reserves are greater than £25,000 so would very much appreciate your guidance so I can have a conversation with them from a well-informed place.
Thanks
I am in the process of closing my company via informal (voluntary) strike-off.
I unfortunately have the *extremely* incompetent team at Clearsky managing this, so would really appreciate some guidance.
I filed my latest company accounts at the end of February. In the current 20/21 tax year, I have taken two dividends, paid the monthly accountancy fee to Clearsky, and a final closure fee to them as well (£750!). This left under £25,000 in my business bank account, which I transferred to my personal account in two transactions, the intention being that they would be treated as capital gains.
Now I have just received an email from the Clearsky team saying that the reserves are greater than £25,000 and I would have to take a greater amount as dividends to reduce it to below that level.
So, to my question, which is quite basic: how are company reserves calculated in a case like this? Are they simply what is in your business bank account (minus any creditors, plus any expected income - which in this case is nil)? Or is it something else?
Struggling to understand why they are saying my reserves are greater than £25,000 so would very much appreciate your guidance so I can have a conversation with them from a well-informed place.
Thanks
Comment