Closing Down a Ltd Company

[Mrs Lubna Alvi]

Hi. I am new at this forum and need some advice about VAT, inspection and closing down the company. We are in business since 2014. Business was good enough with high turnover and clear in and outs. All stocks sold abroad so VAT was always re-claimed by HMRC and never need to be charged by the company to pay to HMRC. 7 months ago, the buyer ditched us badly and we were gone in debt. We use VAT reclaim as a supportive measure and kept going with this help. But we were not able to recover losses and now in process of striking off company. The last VAT reclaim form was submitted and we received an inspection request. Now the company is in process of closing and most of the records been confiscated by the previous landlord with a lot of stock. VAT inspection team wanted two years back records which are quite difficult for me to regather. What is my option and position in this situation

 

[Scalloway]

Mrs Lubna Alvi
Can you get copy bank statements from your bank? Copy invoices from your suppliers?

 

[Mr D]

Hi. I am new at this forum and need some advice about VAT, inspection and closing down the company. We are in business since 2014. Business was good enough with high turnover and clear in and outs. All stocks sold abroad so VAT was always re-claimed by HMRC and never need to be charged by the company to pay to HMRC. 7 months ago, the buyer ditched us badly and we were gone in debt. We use VAT reclaim as a supportive measure and kept going with this help. But we were not able to recover losses and now in process of striking off company. The last VAT reclaim form was submitted and we received an inspection request. Now the company is in process of closing and most of the records been confiscated by the previous landlord with a lot of stock. VAT inspection team wanted two years back records which are quite difficult for me to regather. What is my option and position in this situation

Can you get records back from landlord?

 

[Lisa Thomas]

You may want to post your own post rather than adding it to someone elses.

The Company is insolvent. I presume you have taken advice and have decided against Liquidation.

HMRC will reject to the dissolution. They may even liquidate but that doesn't really matter.

There is no point trying to bring the records up to date if the Company is going to be dissolved or liquidated.

 

[Mrs Lubna Alvi]

Hi Lisa

"You may want to post your own post rather than adding it to someone else." just want to clarify is this advice fo4 my question or some one else. as i believe i used someone else thread.

rest of your answer is also for someone else, so sorry for disturbing but it seems relevant to me as well, so need some explanation.

"HMRC will reject to the dissolution" Can my process of striking off can be stopped by HMRC even i have a repayment claim and not in HMRC debt right now?

"There is no point trying to bring the records up to date if the Company is going to be dissolved or liquidated." that my concern as i survived with 70,000 loss and do not have energy to dig records back and set everything for inspection.

 

[Lisa Thomas]

Hi Lisa

"You may want to post your own post rather than adding it to someone else." just want to clarify is this advice fo4 my question or some one else. as i believe i used someone else thread.

I was responding to your post Lubna

rest of your answer is also for someone else, so sorry for disturbing but it seems relevant to me as well, so need some explanation.

"HMRC will reject to the dissolution" Can my process of striking off can be stopped by HMRC even i have a repayment claim and not in HMRC debt right now?

Yes they can object because unless you have submitted final returns they don't know if there is any debt due to them.

Any creditor can object.

"There is no point trying to bring the records up to date if the Company is going to be dissolved or liquidated." that my concern as i survived with 70,000 loss and do not have energy to dig records back and set everything for inspection.

As I said this is an academic exercise if the Company is dissolved or Liquidated.

Given the Company is insolvent however you should ensure you have taken professional advice.