Some questions

[Jam1997]

I contacted a IP (Scotland) today to talk about my company. It has overdrawn Directors Loan and VAT and CT debts that I am unable to pay. My company has no assets (other than the directors loan) and I have no personal assets (dont own home or car etc).

However when speaking with the IP they informed me my company was dissolved. I checked Companies House and sure enough it says dissolved.


Sep 2019 Final Gazette dissolved via compulsory strike-off
Mar 2019 Compulsory strike-off action has been suspended
Jan 2019 First Gazette notice for compulsory strike-off

The company accounts were not filed for my final year. I believe this is what started the strike-off process from companies house. I never applied for this. HMRC objected. But now I can see its dissolved.

So I have a couple of questions.

Does this mean the company is fully dissolved. While I was saving for an IP I expected hmrc might wind up the company, could this dissolved status have come from this and I missed some comms? Or is there no way that could have happened and this is just dissolved because of the non filed accounts and hmrc did nothing after the objection.

I understand a directors loan should be included on self assessment as wages after this has happened but my self assessment for that period 2018-2019 has already been filed. So what should happen there now?

Also I have no idea how overdrawn my directors loan would have been, dont have the accountant any more and dont have the figure made up or have worked out expenses etc. So what should I do there?

I know what I did was wrong and was trying to find a solution with an IP but this dissolved status has changed everything and now I dont know where I stand. Would appreciate any advice.

 

[Gavin Bates]

Hi

I am only an IP in England & Wales and whilst the insolvency laws are different in this matter I think it is similar.

It is clear that your company has been struck off because you haven't filed the accounts. Technically HMRC could put the Company back on the register and then liquidate it. I have only seen this once.

You can amend your personal tax return to show the correct figures. Your overdrawn loan account is most likely dividends drawn which illegal and therefore posted to your loan account.

As it is now struck nothing left for you to do except deal with the personal tax position.

I hope this helps

Regards

Gavin

 

[Jam1997]

Should I amend a previous tax return? The period in question is for 2017-2018.

Or should I amend my current self assessment? For 2018-2019, as this has already been filed.

Or as the strike off happened in the 2019-2020 period should I add it to that one when its time to file?

 

[Scalloway]

I would put it in the current tax year as that is when dissolution occurred.

 

[Jam1997]

So that's the 2019-2020 year correct? Which doesnt need to be filed/paid until Jan 2021? If so then that is good for me as it gives me time to save money to pay it.

I just wanted to make sure that is an ok thing to do and no one would come chasing if I didnt amend a previous return?

 

[Scalloway]

Until the company was dissolved you could have repaid the loan so it only crystallises as income now.