Closing Down a Ltd Company

[EEMcBain]

We have run a small limited company for 25 years and we are about to retire.
We have no debts and no outstanding customer invoices due. HMRC have been informed that payroll has been closed. All assets sold for a small amount before year end. Our year end is 31 July and year end accounts have been sent to our accountants.
Transactions since our year end are final payment to HMRC for Tax/NI, bank charges and a couple of director expenses. I will do the last VAT return (about 6 transactions) when we receive invoice from accountants. We hope to get a refund of Corporation Tax.
Bank balance is less than £9,000
Will I need to get accounts prepared by our accountants from 1 August to the date of close down when there are so few transactions. I think voluntary strike off will be the cheapest option to close down our Company

 

[Lisa Thomas]

I agree - you only need to do an MVL if the assets are over £25k and the costs of Liquidation will probably outweigh any entrepreneurs relief on a distribution of that level.

Your accountants should be able to help you with the dissolution procedure.

 

[EEMcBain]

Thank you Lisa for your helpful reply.

 

[GillespieBS]

You might be able to save some accountancy fees if you extend your company year end and rather than prepare 2 sets of accounts, just prepare one set of cessation accounts.

 

[EEMcBain]

Thanks GillespieBS, I should have thought about this before rushing to do the Confirmation Statement for Companies House.

 

[Lisa Thomas]

Thank you Lisa for your helpful reply.

You're welcome.

 

[Mrs Lubna Alvi]

Hi. Thanks for helping. I am working and wonder would inspector would be interested to see only VAT receipts or all my records such as bank statement and non VAT sale and purchased receipts?

 

[Scalloway]

Hi. Thanks for helping. I am working and wonder would inspector would be interested to see only VAT receipts or all my records such as bank statement and non VAT sale and purchased receipts?

I think you have replied on the wrong thread. This is your one.

https://www.ukbusinessforums.co.uk/threads/closing-down-a-ltd-company.391135/

In my experience the VAT inspector will expect to see the back up to your VAT returns. They will need the list of invoices that make up the figures on the return, then will want to look at some of these invoices.

 

[JCresswellTax]

Thanks GillespieBS, I should have thought about this before rushing to do the Confirmation Statement for Companies House.

The confirmation won't affect your ability to change an accounting period. Speak to your accountant about this.