Personal Tax after company closed

[ASB]

I don't want to enter figures on the self assessment form and end-up paying lots of tax. Pls advise as the best possible solution.

Well just don't bother then. Hope for the best.

Alternatively ask the accountant what he did, and what you need to do; clearly there are elements which you do not yet understand.

[bijuv]

You need to find that dividend voucher...(and 25% of the sum that will be going to HMRC)

Can i apply for ESC C16 or dividend voucher now? which is the best one to go that would save me money. ESC 16 sounds better as it gives more rebate

Pls advise

[ASB]

Can i apply for ESC C16 or dividend voucher now? which is the best one to go that would save me money. ESC 16 sounds better as it gives more rebate

Pls advise

ESC16 does not necessarily give more rebate. It depends on the taper relief you personally would get (though if you were trading for > 2 years you would most likely get 75% taper relief). See page 68 you have to get clearance before the event.

http://www.hmrc.gov.uk/specialist/esc.pdf.

Have you actually got the point where you have applied to companies house for dissolution under the relevant section; if so it is too late.

You don't "apply" for a dividend voucher. It is something your company produces whenever it pays a dividend. If you haven't produced a dividend voucher then you didn't pay a dividend. (Though I'm sure it's not entirely unknown for them to be produced after the event).

Edit:

This might give you some idea of how taper relief might apply to your particular situation. Obviously you idea would be to reduce the chargeable gain from 26,900 (i.e. the final capital distribution less the original paid up share capital) to 9,000.

http://www.taxationweb.co.uk/1-minut...er-relief.html

[TheFaQQer]

You don't "apply" for a dividend voucher. It is something your company produces whenever it pays a dividend. If you haven't produced a dividend voucher then you didn't pay a dividend. (Though I'm sure it's not entirely unknown for them to be produced after the event).

True, but I doubt that they are produced and accounted for once the company has been closed down and the paperwork completed for the company!

[Crossroads]

Stuff about ESC C16 & CGT

That was pre budget though, now it's a flat 18% (or 10% for the first £1m).

To the OP:

1. You cannot apply for ESC C16 as your company has been closed.
2. As already stated you do not "apply" for a dividend voucher, you produce the paperwork at the same time as paying the dividend. If you didn't do this, then the income should be classed as PAYE and taxed accordingly.

So "find" the dividend voucher or declare the income on your SA as salary and be prepared for HMRC to come after unpaid employers NI too...

Finally, GO AND SPEAK TO YOUR OLD ACCOUNTANT!