NI refund

[Lewis]

Quick question ... I used to be with Giant Powerhouse, during that time I over paid NI. I have received a refund of employee's NI from HMRC. They said Employer's NI will be refunded too. However Giant say because Powerhouse stopped in April (due to MSC laws) they will not receive the refund (as all their Powerhouse companies were closed in April).

However I can see all the Giant Powerhouse companies still aparently active on Companies House. Do they publish online companies that are in the process of being closed down?

Also, so what does happen to the Employer's NI if the company is gone. It stays in Gordon's pockets I assume.

Edit - I can see that actually the parent Giant Powerhouse company is showing Dormant. But this does not mean it is closed does it? A Dormant company can still have small ins and outs as I understand it.

[Darren@UptonAccountants]

Dormant Co

Hi Lewis, a dormant company can't have any movements financially...the directors can sign documents on it's behalf such as annual returns, etc but no financial transactions.

If they've filed the 652a application to strike off, this would be shown on Companies House website. They maybe preparing the company for closure but not yet filed the 652a?

As for refunds from gov agencies, if it's struck off before this is issued, then it will stay with Coco the Clown....otherwise will be paid directly to the company.

[Lewis]

Hi Lewis, a dormant company can't have any movements financially...the directors can sign documents on it's behalf such as annual returns, etc but no financial transactions.

If they've filed the 652a application to strike off, this would be shown on Companies House website. They maybe preparing the company for closure but not yet filed the 652a?

As for refunds from gov agencies, if it's struck off before this is issued, then it will stay with Coco the Clown....otherwise will be paid directly to the company.

Thanks Darren.

Details on companies house here. Is it here it would show the 652a? So if they have not struck off and they get the refund from HMRC (despite being dormant - although the actual company I worked through was Giant Powerhouse (XXX) Ltd which shows active not dormant) can they just give it to me (would it would have to be as a dividend as per their previous business model - the question is am I still a shareholder?).

[Bluebird]

ooop, I though it was about Northern Ireland...

[Darren@UptonAccountants]

Companies House

Hi Lewis, no problem. If there was a proposal to strike off it would show underneath the date of incorporation.

With regards to your own MSC, were you a director of the company? If so, you can contact the tax office directly and ask them if the refund has been made and get the details. If the tax office haven't issued it, they will be able to advise over the phone....maybe easier to talk to the tax office directly.

You can obtain the last annual return from the Companies House webcheck area which will show the list of director(s), co sec & shareholders. In theory, they can't take back the shares you hold without a signed share transfer form, unless there are provisions in the contract you have with Giant.

They may allow you to take the company, however I suspect they will charge you for the privilege!

[Lewis]

Hi Lewis, no problem. If there was a proposal to strike off it would show underneath the date of incorporation.

With regards to your own MSC, were you a director of the company? If so, you can contact the tax office directly and ask them if the refund has been made and get the details. If the tax office haven't issued it, they will be able to advise over the phone....maybe easier to talk to the tax office directly.

You can obtain the last annual return from the Companies House webcheck area which will show the list of director(s), co sec & shareholders. In theory, they can't take back the shares you hold without a signed share transfer form, unless there are provisions in the contract you have with Giant.

They may allow you to take the company, however I suspect they will charge you for the privilege!

It was a composite arrangement. Multiple contractors share same company with different share classes (something like that). I wasn't a director just employee and shareholder. So when they get the money it goes into the company account and they would have to declare a dividend to get it to me out of profits. But I guess they could argue they can't do that when the company is dormant. I'm not sure how the 100s of Giant Powerhouse (xxx) Ltd companies are related to the 1 Giant Powerhouse Ltd. I assume they are sub-companies in some way?? So would the parent company being dormant mean all child companies are also? On companies house they look like normal Ltds to me e.g. here is one taken at random.

[Darren@UptonAccountants]

Giant

The parent company can remain dormant, it's likely to be acting as director for your own MSC therefore able to sign documents, etc and protect the main officers of the group. The holding company will also own the main Ordinary share(s) of the company enabling it to control all matters of company admin and the voting rights.

The funds would therefore be paid into the bank account of your own MSC, depending on the terms of your shares within the company, you may be able to request a copy of the company's full accounts being a shareholder.

Otherwise, bit of a problem as the Inland Revenue will only talk to officers of the company and/or anyone authorised by the officers.

[Lewis]

The parent company can remain dormant, it's likely to be acting as director for your own MSC therefore able to sign documents, etc and protect the main officers of the group. The holding company will also own the main Ordinary share(s) of the company enabling it to control all matters of company admin and the voting rights.

The funds would therefore be paid into the bank account of your own MSC, depending on the terms of your shares within the company, you may be able to request a copy of the company's full accounts being a shareholder.

Otherwise, bit of a problem as the Inland Revenue will only talk to officers of the company and/or anyone authorised by the officers.

I paid my £2 and got the report for my old MSC from Companies House. It has £2400 in cash according to last accounts, up to 5th April 2006, which is when they say it stopped trading. The directors report shows the main Ltd as the directors as you had anticipated. HMRC were kind enough to tell me they had sent a claim form to Giant, which they just need to sign and send back and they get the refund. So I suspect the money will be happily going into the MSC account. I phoned Giant back to query the company being closed. They said they would 'look into it and get back to me'.

[Darren@UptonAccountants]

Giant

Well done Lewis, let us know how you get on....interesting one! Fingers crossed it gets distributed to shareholders!

[Lewis]

Well whenever I call the person I need to speak with is "on the phone". And they never call back :-(