I want to close my business.

Barry_Luxton

I run a small LTD, and frankly I consider ever setting it up a mistake.

I have made very little money from trading - the vast majority of the money comes from legal wins on people who wronged the company (we are talking 90% of the income here)

I am constantly getting charged for statements, withdraws and putting money into the bank from Barclays which I hate. I think my trading is coming to an end very soon, so I need to plan the closure of the business.

I have roughly 11k in the account. In the two years of trading I have never paid myself (100% share holder) any wages.

Is it possible to simply take the 11k - and transfer it (via cheque, bank transfer etc) into my personal bank account.

Thanks,

Barry

chrismac1

Yes, providing the business owes nobody anything to anyone other than you. Striking off the company is probably the easiest way forward, and you definitely should have a zero bank balance before applying for that. Also you must have had a clear 3 months of no trading.

Barry_Luxton

Thank you for the input.

Yes the company owes absolutely nobody money. No loans, no pay etc etc

By three months no trading - do you mean no money put into the account for three months?

Also, I'd assume Barclays would charge for the closure of the account - if the balance was 0 - where would this money come from?

antonic

Also where you VAT registered ?

If you were, you will need to download a VAT 7 (Deregistration Form) from here

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?formid=999&record=64dcehSs-Cc

Then complete the final return and your VAT number is cancelled.

If you were mandated then you will need to file your final return on line, otherwise you do it on a paper VAT100 (VAT Return).

Barry_Luxton wrote: »

I run a small LTD, and frankly I consider ever setting it up a mistake.

I have made very little money from trading - the vast majority of the money comes from legal wins on people who wronged the company (we are talking 90% of the income here)

I am constantly getting charged for statements, withdraws and putting money into the bank from Barclays which I hate. I think my trading is coming to an end very soon, so I need to plan the closure of the business.

I have roughly 11k in the account. In the two years of trading I have never paid myself (100% share holder) any wages.

Is it possible to simply take the 11k - and transfer it (via cheque, bank transfer etc) into my personal bank account.

Thanks,

Barry

Barry_Luxton

I was not set up for VAT as the company did not bring in enough money. However I did do an annual return every year - and I am due in Feb again.

antonic

Barry you have me confused ...

If your due again in Feb, does this mean you are on Annual Accounting for VAT ? or are you referring to submitting your annual Corporation Tax return ?.

Thanks

Barry_Luxton wrote: »

I was not set up for VAT as the company did not bring in enough money. However I did do an annual return every year - and I am due in Feb again.

Barry_Luxton

Annual Corporation Tax return

Thanks, Barry

antonic

From my very limited knowledge of CT, if you have made any profit you will need to pay it 9 months after the end of your financial year.

Barry_Luxton wrote: »

Annual Corporation Tax return

Thanks, Barry

Barry_Luxton

Technically the company has not made money. For example, 30K was put into setting the company up, to date it has 11k in balance (minus money trading)

besti

Rather than ask on a forum where you have no idea what the qualifications of the people who answer, why don't you just go to an accountant and ask?

Barry_Luxton

besti wrote: »

Rather than ask on a forum where you have no idea what the qualifications of the people who answer, why don't you just go to an accountant and ask?

1. This is a discussion forum. The mere concept of such is to discuss issues and it's where I feel comfortable in doing so.

2. An account is not a fiscal adviser.