Cheers. Not another CT return, just driven mad by last one!!!
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Closing down company
Collapse
X
-
bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson) -
I expect the final balance sheet has to balance to 0.000001p or they make you go back and do all the 20 years accounts again.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
-
Originally posted by Taxless View PostIf you wanted to be fancy on the question of being dissolved, you could mention that this would be under the Companies Act 2006 s1003 (previously Companies Act 1985 Section 652A).
I would make some mention of the fact that the application is being made under ESC C16.
You might mention that the company will not transfer or sell its assets to another company that has some or all of the same shareholders as yours and that the company is not involved in a scheme of reconstruction.
You should mention that the final CT return will be submitted ASAP.
The template letter mentions that you will distribute (or have already done so). You can distribute at any time and hope for the best but IMO you should NEVER do this in advance of HMRC cearance.
If you distribute today and ESC C16 is repealed before you get HMRC clearance the distribution doesn't escape just because it was made before HMRC came back to you.
At best, they might argue it was a loan to a director with a 25% tax charge to the company, or they might argue it was salary liable to PAYE & NIC.
Get the application in ASAP, they usually come back to you within 2 or 3 weeks and sometimes quicker. You can then distribute knowing you have got capital treatment.
You should also be OK to qualify for Entrepreneurs Relief on the distribution and hence the effective 10% tax rate, after deducting your annual CGT exempt amount, if it is still available, provided the figure involved is not huge.
And thanks to the others for chipping in as well.Comment
-
Originally posted by ntronic View PostThanks Taxless for your taking the time to post. Your tips have been extremely helpful. I believe I now have what I need to make an application, so here goes. Will keep you posted if I do run into any trouble.
And thanks to the others for chipping in as well.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment