How to close down a Ltd company?
Discussion
Due to me recently going back to permanent employment, I need to close down my ltd company.
Whats the best way to go about it?
The accounts are due within the next couple of months - so want to look at getting a final set of accounts done.
It's got some money in the bank still, but not much (sub £1k) - whats the best way to handle getting that out?
Any advice welcome
Whats the best way to go about it?
The accounts are due within the next couple of months - so want to look at getting a final set of accounts done.
It's got some money in the bank still, but not much (sub £1k) - whats the best way to handle getting that out?
Any advice welcome
Of course you need to consider the implications of witthdrawing money from your company.
As ever, youi have a number of choices.
If the company owes you money - for instance a repayment of cash injected by you or a claim for out of pocket expenses, then that would be one source of the money wjhich you could then have tax free.
Otherwise, the choice is a dividend (if possible) or a salary payment.
Obviously, you need to clear liabilities to third parties first as directors/shareholders should not be treated as preferential creditors.
As ever, youi have a number of choices.
If the company owes you money - for instance a repayment of cash injected by you or a claim for out of pocket expenses, then that would be one source of the money wjhich you could then have tax free.
Otherwise, the choice is a dividend (if possible) or a salary payment.
Obviously, you need to clear liabilities to third parties first as directors/shareholders should not be treated as preferential creditors.
Thanks Eric, I thought that was a stupid question to ask after I posted it, but hey...
How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
BaconBonce said:
Thanks Eric, I thought that was a stupid question to ask after I posted it, but hey...
How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
Does the company have any liabilities due? How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
BaconBonce said:
Thanks Eric, I thought that was a stupid question to ask after I posted it, but hey...
How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
If less than six years old, yes.How far can I claim back - for example, there are a few bits that would probably cover the amount left in the account from when I set it up a couple of years back which I paid for and never claimed back.
Would those still be a valid expense?
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