Help needed plese

**northernladuk** · 24 January 2012, 22:32

You made money, you owe taxes. You cannot just shut the company and take the money.

I don't even know where to start with this one so on that I am out.

**stek** · 24 January 2012, 22:53

Accounts are due, speak to your accountant to ascertain what the company owes and pay it, or you may find yourself a disqualified director as well personally bankrupt.

The days of gypping the IR are gone, tough cookies now.

So, let you accountant sort out the paperwork and you sort out the repayments.

**northernladuk** · 24 January 2012, 22:57

Originally posted by stek View Post

Accounts are due, speak to your accountant to ascertain what the company owes and pay it, or you may find yourself a disqualified director as well personally bankrupt.

The days of gypping the IR are gone, tough cookies now.

So, let you accountant sort out the paperwork and you sort out the repayments.

You think the op has an accountant??

**cojak** · 24 January 2012, 23:00

You do have an accountant, don't you?

**stek** · 24 January 2012, 23:01

Originally posted by northernladuk View Post

You think the op has an accountant??

I'm hoping for a Nixon Williams referral!

**Joeman** · 24 January 2012, 23:04

Originally posted by Manatu View Post

due to the fact my wife has been diagnosed with incurabl cancer

Put 100% shares in your wifes name and dont worry about it

(yes i know.....

)

**stek** · 24 January 2012, 23:11

Originally posted by Joeman View Post

Put 100% shares in your wifes name and dont worry about it

(yes i know.....

)

Bet you get an infarction for that! Prolly worse!!

**Wanderer** · 24 January 2012, 23:18

Originally posted by Manatu View Post

I registered a Limited company in July 2011 and have a business bank account etc. I have done about £20,000 of work but with very little profit and have taken wages from this. I have not informed IR that I started trading in Sept 11 mainly due to the fact my wife has been diagnosed with incurabl cancer and I have had little or no time in my life latley. My main question is can I just close the company at CH as no accounts are due. Can I also just close the business bank account. Iam planning on taking a month or so out to start up properly again but am concerned that I may have a liability due to IR. Would this be a risk or do you think I would be ok? Thanks

No, it's not OK. Trying to close the company down without paying any tax will cause you a world of threatening letters and fines over the next 6 to 12 months and you can obviously do without all that aggravation.

This problem will NOT go away by itself but it's NOT a big deal to get it all sorted out. However, you can't do it yourself, you must get professional help. Get yourself a friendly accountant (a few post on here), hand them all the details and ask them to give you a quote to sort it all out and close the company. Be open and honest with them and ask them to discuss what your options are. They can make sure it's all done in a tax efficient manner and help you avoid getting fined/threatened/stressed while closing the company down so you can get on with dealing with more important things.

**JamJarST** · 25 January 2012, 08:53

Originally posted by Manatu View Post

Hi,
I registered a Limited company in July 2011 and have a business bank account etc. I have done about £20,000 of work but with very little profit and have taken wages from this. I have not informed IR that I started trading in Sept 11 mainly due to the fact my wife has been diagnosed with incurabl cancer and I have had little or no time in my life latley. My main question is can I just close the company at CH as no accounts are due. Can I also just close the business bank account. Iam planning on taking a month or so out to start up properly again but am concerned that I may have a liability due to IR. Would this be a risk or do you think I would be ok? Thanks

You have expenses of nearly £20k?

Help needed plese