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lor


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closing ltd comp and repayments
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Hi all,

 

if a ltd companies closes and it has a loss, does the company receive a repayment or the director themselves, sorry first time doing return for ltd comp that is closing with a loss!.

 

thanks in advance



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MarkS


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Hi Lor

Do you mean a taxable loss?

If the company didnt pay tax in the previous year then you wont be able to carry it back to result in a repayment.  After that the only option is to carry the loss forward.  If the company is ceasing then nothing can be done with the loss and it is lost.

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
gbm


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As Mark said. One of the downsides of a limited company, the loss belongs to the company.

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Regards,
Nick

Website: www.gbmaccounts.co.uk
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lor


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ok, thanks, yes the company is closing with a loss, so from what you have said it will close and lose the loss so to speak, and yes I did mean a trading loss. That's cleared that up, many thanks!

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