Dissolved company and self assessment

Original Post:

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Shazman971738

Free Member
Dec 20, 2022
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  • #1
    I have quite a complex issue I’ve been trying to resolve here with some corp and VAT taxes due.

    I had a ltd company that was struck off due to not filing confirmation statement (I never asked for it to be struck off), and without filing of accounts, which to my own fault was late. It had never filed any VAT or corp taxes of which it was registered for. The company had not traded for some time..

    I am now being asked to do my self assessment, however I transferred funds to my personal account and this money would be money that would have been owed to the company for VAT and Corp taxes.

    How should I proceed with my self assessment? I assume all money that went from the company to me would now just have to be included on my self assessment? Or should I look at bringing the company back to life to sort the books?
     
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    Paul Kelly ICHYB

    Paul Kelly ICHYB

    Moderator
    • Jan 21, 2008
    10,056
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    icanhelpyourbusiness.co.uk
  • #2
    So, you took money out of the business that was owed to HMRC?

    The first thing I would do is speak to an accountant and get qualified advice. You may also need legal advice.

    However, as the company is now closed, there will probably not be any recourse.

    Without more info, it is hard to give more advice.

    Was do you class this money as? Salary? Dividends? Repayment of loan?
     
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    ChrisCallaghan

    ChrisCallaghan

    Free Member
    • Business Listing
    Apr 10, 2018
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    Sheffield
  • #3
    You most certainly need help from an accountant.

    How long ago was your company finally dissolved? I take it you've continued to trade since your company was dissolved?

    If you have continued to trade since your company was dissolved, you have, in effect, become a sole trader. Any money or assets that were your company's became bona vacantia (meaning property of the crown) once your company was dissolved. If you took of the company's funds out of the company prior to being dissolved, then this would likely be considered untaxed income that you would need to declare on your self assessment.

    Essentially you now need advice on how to continue as a sole trader (and the risks involved with that) or you may want to consider looking into whether it is worth getting your Ltd re-instated.

    This forum is great for some scenarios, but in this case you really need to sit down with an accountant to resolve this.
     
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