Closing Limited Company

[dmarshall]

Hi,

I have a question regarding winding up my limited company and I was hoping someone could offer some quick advice. I plan to cease trading at the end of my current accounting year, wait 3 months and then wind up my company, but there will still be expenses coming out of the bank account after I cease trading, for instance for Xero. Would this be regarded as still trading or is this allowable when planning to wind up a company? Would I simply add these kind of expenses to my final accounts even though they're outside my accounting year?

Thanks!

 

[Scalloway]

Would this be regarded as still trading or is this allowable when planning to wind up a company?

Trading is when you are actively selling stuff. Admin expenses do not count.

Would I simply add these kind of expenses to my final accounts even though they're outside my accounting year?

No.

 

[Lisa Thomas]

When you say wind up are you referring to Liquidation or are you referring to a simple dissolution?

Is the Company solvent? Will there be surplus funds to distribute to shareholders (if so how much)?