guidance needed on closing a company and CGT

[company2011]

Can anybody please tell me what are the timelines from instructing the accountant about closure of the company to actually the company is closed.

Say If i instruct my accountant to close my company which has around 20K in business account (excluding the money to be paid for taxes and other charges) on Day 1. When can I expect the money from my business account to reach me (instantly? or couple of weeks, do I transfer that myself like dividend, or should I wait until my accountant says?!).

And when the company will be actually closed. (I'm interested because I'm not legally allowed to be a director of a company after certain date), so is it in a couple of weeks.

Thank you very much for your time.

[stek]

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[Maslins]

I think you're a bit confused here.

If the company was going through a liquidation (which from info provided I don't think you need/want) then yes, you'd need to wait for the liquidator to pay funds out to you.

However, if your accountant is helping you to close things down via a striking off, then you remain in full control at all times. You can take out funds whenever you like.

Two things to be careful of:
1) Ensure you leave enough in to cover company debts, you're only entitled to take out the retained profit.
2) Assuming you want funds taxed on you as capital gains rather than dividends, ensure that funds are taken out as part of the company close down rather than whilst trade is still going on. There's no clear cut time when it moves from one to the other, but I'd suggest if income stopped a little while ago and you're discussing in detail the close down, then now would be fine from that perspective.

Re company director, at a guess you've probably got ~6 months before the company's actually closed down fully. You/your accountant will need to submit any final tax returns, pay any debts, tidy up any other possible bits and pieces before then submitting the DS01 form. It's then 3-4 months from Companies House receiving that form that the company will actually be dissolved.

[Jessica@WhiteFieldTax]

Echo Maslins advice in all regards.

Remember to close business bank account before strike off (DS01 submission)

Don't be tempted to make the DS01 the first thing, its the last.

If there is a problem in your remaining a director, then do the necessary like close bank account, file final returns, file DS01, then resign as a director by filing TM01 pre the strike off happening. Question over the strict legality on that, but in all likelihood thats academic so long as company is solvent and taxes are settled. Companies House will in due course proceed to strike off a company with no directors in any event, so you are merely hastening the process.