Closing company down

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balajo replied

13 March 2012, 08:35
Originally posted by xoggoth View Post

If closing the company you don't need to submit accounts up to the closing date.

Yeah I know that.
I am submitting the bill that occurred in the last accounting period and my salary.
I am requesting advice on how to use properly s253 and how to record the negative shareholder balance due to a loan I gave to the company to pay off the bills and in the context of that situation how it should be recorded as it seems based on research director loans TO the company are handled differently.
Anyone else who might have a slightly more tailored answer to my question please?
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xoggoth replied

12 March 2012, 16:09
If closing the company you don't need to submit accounts up to the closing date.
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balajo started a topic Closing company down

12 March 2012, 15:34
Closing company down

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
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