Can somebody advise me what the procedure is to close comnpany in my case?Company's first accounting period is from 01/02/2011 to 31/01/2012 and company was trading only in this period. However there were retention money hold by another contractor company who usually paid us for services and this company released retention money on 10/04/2012 and paid cis tax (we received 80% as usually), however these money relates to the first accounting period and when we were trading and are recorded as debtors. As we stopped trading I informed PAYE, CIS and VAT that there would not be any more returns due and they deregistered us. The only liability which is left Corporation tax, there are no other liabilities. What would be procedure to close the company?I think first of all I need to return final accounts for the first accounting period and pay corporation tax. I also need to ask HMRC to repay us overpaid income tax (as we were charged cis tax 20%). After this all money left in bank account and cash should be given to me as the only shareholder as dividends. There are two fixed assets computer and printer, how can I transfer them for myself?where to record?I suppose that I will need to return second return for company house and HMRC for period from 01/02/2012 to the date I distributed all assets to me(to show that there were no income received, just dividends paid and assets disposed given to shareholder). Am I right?After that I will need to wait for three months in order to close company with Companies House totally?Please who has experience in closing companies advise me as it is really heavy headache to me. Big Thanks!
Best to go and speak to an accountant who will talk you through the process.
Have been involved in a couple of wind ups but was a few years ago. Remember when they were wound up we applied to get treat the disposal of assets as a capital distribution in order to get a tax benefit. But think may have been because of the value that was in the company.
My view would be you need to submit accounts for the first period and get CT paid and file CT return.
I expect the computer and printer probably have a negible value so you could buy for say £100 from the company or alternatively just scrap them through the company.
Anything left in the bank you should withdraw before you start winding up and provided you are in the basic rate band do by declaring a dividend.
You need to inform all creditors, and interested parties that you are winding up the company and then lodge an winding up Companies House. Then provided no objections the company should be wound up after about 3 months.
Thanks, Marks, you are helping me a lot in this forum. It would be eassier to scrap computer and printer through the company, but how to do it? to record in the first accounts?
