Closing down Limted company?

[goofyfooter]

Can I close my Ltd company down at any point in a trading year or do I need to run untill the year end?

[Darren at 1st Accountancy Serv Ltd]

Closing Co

This can be done at any time during the financial year.

If you still have funds in the company, speak to your accountant about the most tax efficient way of withdrawing them.

[dSk]

Re: Closing Co

And make sure he completes all necessary forms !! I submitted final accounts for my company last year (Oct 2003) and was finally dissolved Sep 2004. I have just received a late penalty notice from the Inland Revenue for non submission of a p11d (£400 !!).

It's the only contact I have had from the IR since notifying them in June 2003 that the company had ceased trading.

I now have to write a grovelling letter to try to get them to waiver the £400

[rootsnall]

Re: Closing Co

I forgot the P11D in a similar situ, grovelled and got let off. Also watch out for your PAYE scheme being shut down properly, I got another penalty notice for that.

[Bradley]

Re:Closure

I have just received a late penalty notice from the Inland Revenue for non submission of a p11d (£400 !!)

Note on Penalties
Penalties payable for the late submission of the Form P11D(b) (that's the one you work out the Class 1A NIC at 12.8% on) are limited to the Class 1A NIC unpaid at 19th July.

That means that even if you still haven't sent in your P11D(b) for 03/04 yet, and you have no NIC to pay anyway, there will not be any penalties.

The Revenue seem to ignore this point, however, and chase the £100 per month that they say is their due - well it's not!

[Mozza]

Re: Re:Closure

I have just received a notice of penalty for £400 too, for my company which I closed down last year. This was for not filling in or sending them a P11d. (I have no idea if I did or not, but I assumed I did)

It seems like a common scam they try as when I phoned and told them the facts they asked me to fax them a note that I had closed the company and had sent them final accounts etc.
I think this has satisfied them, I wouldn't be suprised if I get another letter after 12 months has passed though....

Moz

[Paul Paranoia]

Re: Re:Closure

I recently had the same fine issued too. I sent my P11D in on time. No payment was due with it. 4 months later I get sent a £400 fine. Wrote to them saying no money was due and that I thought the fine was a bit steep. They cancelled the fine.

Are they so desperate for cash that they are just sending out random penalties now?

[dSk]

Re: Re:Closure

I sent a grovelling letter - 'Company books were always kept in good order, forms sent off in time etc'

Received notification that they had cancelled the fine

Today I get a payment notice for £0.00 >D