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Q: Manuel Pellegrini
a. A great signing for the Club and maybe the change of direction we all need
32%
  
b. It will only be a great signing if the Board back him with decent funds
51%
  
c. This is West Ham so it will only end in farce
15%
  
d. I'm not sure about this one, I'll wait until SKY is back to hear what Gary Neville thinks, then I'll voice my opinion
2%
  



Steven P 5:48 Fri Dec 15
Help closing a ltd company
Ok. Question for all the experts out there.

Just for instance say I had a ltd company that was due to do its first tax return in Jan but the a)the work dried up 8 months ago and b)not enough cash in the company account to pay the tax bill anyway. I have gone back to PAYE.

What would happen if I just closed the company down and not filed any accounts?

Replies - Newest Posts First (Show In Chronological Order)

WorldCupWilly 1:50 Sat Dec 16
Re: Help closing a ltd company
Have you actually traded - i.e. produced some invoices and that these have been paid. If not you would just declare that the company was dormant and file dormant accounts. If revenue has actually gone through the company then you will have to file accounts as part of winding up the company anyway..

If it's due it's first tax return/accounts in January, that means that you're already well into your second year of trading and too late to close the company down in its first year of trading.

Why is there not enough money in the company to pay any tax bill. You pay tax only profits - how have you managed to make a profit and there's no cash left. If you've taken money out as salary then that's a legitimate business expense, but if you've taken it out as dividends and there wasn't the cash there to pay them (after you've paid corporation tax), then you're in trouble - you can only pay dividends from retained earnings after all tax has been paid.

If you made profits in the first year, but got no revenue in the 2nd year and are making a loss, then for the second year accounts you can offset your losses against previous profits and claim back tax from the first year.

Basically, you need an accountant to sort it all out for you.

Spandex Sidney 1:22 Sat Dec 16
Re: Help closing a ltd company
Interesting wiki entry for the International Hat Company;

'International Hat Company, formerly named the International Harvest Hat Company, was a St. Louis, Missouri-based manufacturer of commercial hats and military helmets'

Having spent the last few years reading the drivel on the 1000 political threads we have had I would suggest that the modern prevalence of 'military helmets' is positively buoyant.

Spandex Sidney 1:18 Sat Dec 16
Re: Help closing a ltd company
Bottom line is whatever the circumstances the HMRC will expect to see numbers and if them numbers show you owe them money they will hound you into the ground to get it.

So make sure the numbers show that you don't owe them anything.

BRANDED 1:06 Sat Dec 16
Re: Help closing a ltd company
In a worse case scenario you could do a voluntary liquidation. However, I would get some advice from an accountant. Clearly you need the cheapest way out without consequences so thats what you're asking someone to assess.

gph 12:52 Sat Dec 16
Re: Help closing a ltd company
Even the biggest hat company can be allowed to fail.

https://en.wikipedia.org/wiki/International_Hat_Company

Unlike the biggest banks.

Nurse Ratched 12:21 Sat Dec 16
Re: Help closing a ltd company
I'm astigmatic and read the title with my goggles off because I can't see up close with them.

I read the title as 'Help closing a lid company'. It was a minor mindfuck.

Spandex Sidney 12:11 Sat Dec 16
Re: Help closing a ltd company
Email Karren 'Business Genius' Brady

Steven P 7:40 Fri Dec 15
Re: Help closing a ltd company
Thank you. Appreciated!

bobbymoore 7:24 Fri Dec 15
Re: Help closing a ltd company
Steve,

I’ll ask my accountant for you on Monday and will PM you the official answer.

Steven P 6:23 Fri Dec 15
Re: Help closing a ltd company
Yes I am

BRANDED 6:22 Fri Dec 15
Re: Help closing a ltd company
are you the only shareholder?

Kaiser Zoso 6:19 Fri Dec 15
Re: Help closing a ltd company
From memory, HMRC distrain on your assets for unpaid tax, so you could lose your council flat

Gavros 6:07 Fri Dec 15
Re: Help closing a ltd company
and companies house

charleyfarley 6:07 Fri Dec 15
Re: Help closing a ltd company
Your accountant should be able to sort this for you it doesn't cost anything and as far as i am aware it doesn't matter if you haven't filed any returns

Sven Roeder 6:05 Fri Dec 15
Re: Help closing a ltd company
You have to inform interested parties if you want to shut it down
HMRC are one of those

Gavros 5:50 Fri Dec 15
Re: Help closing a ltd company
i think you'll have to do the first years accounts, but you can do that yourself online.





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