Hi there,
I am hoping someone can explain this succinctly as I have found bit and pieces.
Due to lack of business, I am closing my limited company. I had some minor contracts such a telephone that had to be completed during last year's accounting period. I had to put a personal loan into the business to pay off these type of bills. I don't owe any VAT, Paye or Corp Tax. However due to fronting the money to pay off bills, the company owes me money. I have found I can write this as a credit instead of a debt. However, what is the best approach to make use of s253 which will allow me to get Ct relief? Also, how do I do this and still record the loan on the books so I close the company down. It is my understanding that loans made by me as the director do not prevent me from closing the company as I am not a typical creditor. And how would I record these entries on the balance sheet, profit or loss? I will be very grateful for your input. As I have seen some info out there but just not enough to get the whole picture so I am crossing my fingers that whomever answers can cover all the bases.
Cheers
I am hoping someone can explain this succinctly as I have found bit and pieces.
Due to lack of business, I am closing my limited company. I had some minor contracts such a telephone that had to be completed during last year's accounting period. I had to put a personal loan into the business to pay off these type of bills. I don't owe any VAT, Paye or Corp Tax. However due to fronting the money to pay off bills, the company owes me money. I have found I can write this as a credit instead of a debt. However, what is the best approach to make use of s253 which will allow me to get Ct relief? Also, how do I do this and still record the loan on the books so I close the company down. It is my understanding that loans made by me as the director do not prevent me from closing the company as I am not a typical creditor. And how would I record these entries on the balance sheet, profit or loss? I will be very grateful for your input. As I have seen some info out there but just not enough to get the whole picture so I am crossing my fingers that whomever answers can cover all the bases.
Cheers
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