Closing down Ltd Company

[Harry D]

Hi.

I want to close my company down as I have made a loss this year (from FreeAgent) on a very small turnover. The company has no debts and the only assets are a couple of laptops and monitors. It owes me about £4k and there are no funds left to pay for the 2017/18 accounts to be done or for someone to close the company down.

The company is not VAT registered and did not pay any corporation tax last due to losses in the previous year. My year end is March 31st.

I would appreciate any advice on the best way forward.

Thanks

 

[Mr D]

You have ceased trading?
Form DS01.

https://www.gov.uk/strike-off-your-company-from-companies-register/apply-to-strike-off

 

[Harry D]

I haven't formally ceased trading but I am no longer looking for new work. I still need to cease some of the services I currently pay for. My plan is to do that next week,

 

[Harry D]

Can I sell the assets to myself in lieu of the money the company owes me? The value of the assets is less than the amount the company owes me?

 

[Scalloway]

If the company does not owe money to anyone else then you can take the assets to pay your debt.

 

[Alan]

Just a technical question, if you take the assets to settle the debts, and then you later sell them at a loss or profit but not as a trade, e.g.you stick them on ebay a year later, do you have to keep records and declare (if any) a profit, or is it just disposing of personal chattels?

 

[a4nthony]

Hi,
Before you close it, have you considered selling it?

 

[Scalloway]

or is it just disposing of personal chattels

That is how I would look at it. You are realising the cash value of your debt from the company.