Spongebob plan questions

[Klb0108]

I am the only director and About to implement the plan and I have a couple of questions would appreciate the advice.

I won't be filing accounts as I can't afford it. How do I submit my self assessment

Do I need to resign as a director on the plan or should I resign as a director and if so what is the form.

Thanks Katherine

 

[Scalloway]

If you are having your company dissolved you don't need to submit a Corporation tax return

Resigning as a director is not a good idea as you will no longer be authorised to deal with any problems should they occur.

 

[Klb0108]

Thanks for that question was around self assessment would I do this just from drawings.

If I did resign as director who would deal with issues could I nominate my partner.

 

[Scalloway]

What do you mean by drawings? A limited company should only pay you salary or dividends.

 

[Klb0108]

Sorry I meant dividends

 

[Scalloway]

Are you registered with HMRC for self assessment? You can complete your tax return online, entering the dividends in the appropriate box on the return

https://www.gov.uk/how-to-send-self-assessment-online/overview

 

[Deboy]

Hi, I've been having issues for a few months now, so after reading and reading and reading again the spongebob plan I finally implemented it.

Letter was sent 2 weeks ago and after the initial fall out with creditors I'm not sure what to do next.

Most of the creditors have been ok and are writing the balances off one is considering it, so pretty good outcome so far.

My question is, do I simply do nothing and sit back until someone issues winding up order ?

Do I need to de register for vat ?

If and when letters from solicitors or HMRC come through, do I just ignore them ?

Wha do I do next ?

Any advice would be appreciated

Thanks
J

 

[Scalloway]

If no creditor issues a winding up order or takes legal action you can apply to Companies House have the company struck off three months after ceasing trading.

As you will not be trading you can file zero returns for VAT.

If anyone approaches you for payment of company debts tell them the company has no funds and has ceased trading.

 

[Deboy]

If no creditor issues a winding up order or takes legal action you can apply to Companies House have the company struck off three months after ceasing trading.

As you will not be trading you can file zero returns for VAT.

If anyone approaches you for payment of company debts tell them the company has no funds and has ceased trading.

Thanks for the swift reply Scalloway.

So just to be clear, i am to do absolutley nothing until if or when someone decides to wind it up ?

Do i still need to file vat returns or can I just leave that and wait for nature to take its course

It just seems a bit odd to me that once the SB letter is sent, I then just sit back and do nothing

 

[Spongebob]

That's exactly what you do. Hasn't life taught you yet that very often the best course of action is to sit back and do nothing?

Meanwhile, make plans for what you are going to do next with your life.

 

[Deboy]

That's exactly what you do. Hasn't life taught you yet that very often the best course of action is to sit back and do nothing?

Meanwhile, make plans for what you are going to do next with your life.

Well if you say so!!

I guess I just need hold my nerve and let it all hopefully go away

Will let you know the outcome when its all dead and buried

Thanks Pal