SpongeBob without debt?

[Helpdissolveplease]

Hi,

I'm nervous about my company - in the time that its been running it's taken on absolutely no debt other than from my own salary and has made what would essentially be a huge loss that I have personally covered from my salary and savings. I'd like to dissolve to move on and not have to worry about business 'stuff' anymore.

The issue I have is that whilst I have tried to make sure I have all the correct records and information, moving between 3 houses and giving up my office meant record keeping was in no good shape.

I'd like to dissolve the company after filing and paying my last VAT return but without filing accounts or a corporation tax return (as I don't have the information readily available and it is causing me extreme amounts of stress for unfathomable reasons) - could someone please advise me of the best way to dissolve the company and would I need to tell HMRC or would that not be necessary?

Could I just apply to be struck off and re-apply continually without filing corporation tax return or accounts? I'd like to stress once again that the business in not in debt except to me and has no assets but is causing me stress to the extreme recently every time I think about it. Any help appreciated!

 

[Gavin Bates]

Hi

It would seem that the spongebob plan is the way forward for you. You are required to notify all creditors before you apply to have the Company struck off and this would include HMRC.

Regards

Gavin

 

[Pendulum]

HMRC would not seem to be a creditor given what was described. VAT will be paid up, company was trading at a "huge loss", so although a CT return may be due now or soon, as may be a Companies House return, it sounds as though no CT would be owed. Owner was apparently lending money to company to pay his own salary, so DLA seems unlikely to be owed by him to company.

Just appears the owner wants an escspe from the administrative chaos he/she has created.

To the owner - have you settled the PAYE account? Either way, strike off without further delay or anguishing would be my advice. If you haven't settled PAYE though, then yes HMRC would be a creditor. Bear in mind however that an unsettled PAYE account is a company debt, not yours, as is the VAT. If the company has its own funds to pay them then do so, but do NOT sink more of your own money in to clear them!

 

[Gavin Bates]

Whilst I agree with pendulum comments completely you should know that because no accounts will be filled HMRC will object to the striking off as that is there standard practice.

The Company will at some stage be struck off but it may take some time.

Regards

Gavin

 

[Helpdissolveplease]

To the owner - have you settled the PAYE account? Either way, strike off without further delay or anguishing would be my advice. If you haven't settled PAYE though, then yes HMRC would be a creditor. Bear in mind however that an unsettled PAYE account is a company debt, not yours, as is the VAT. If the company has its own funds to pay them then do so, but do NOT sink more of your own money in to clear them!

Hi Pendulum, I never took a salary from the company (I was in full-time work) and the PAYE scheme was closed by the accountant with nothing now due. I have no real issue with paying the VAT because I feel a moral obligation - I knew what I signed up for!

 

[Helpdissolveplease]

Whilst I agree with pendulum comments completely you should know that because no accounts will be filled HMRC will object to the striking off as that is there standard practice.

The Company will at some stage be struck off but it may take some time.

Regards

Gavin

Hi Gavin, how much of an issue will HMRC take? I don't owe them a penny more than the VAT which I am able to file, it will just be a nightmare to do it and I don't particularly want to subject myself to that stress.

 

[Helpdissolveplease]

To clarify, HMRC will not be a creditor at the time of filing but won't know this as I don't want to file CT return and I don't want to sort accounts.

 

[Helpdissolveplease]

Hi

It would seem that the spongebob plan is the way forward for you. You are required to notify all creditors before you apply to have the Company struck off and this would include HMRC.

Regards

Gavin

Its more that the Government website says I need to inform HMRC within 7 days (which doesn't appear to be because they are a creditor).

Would I be in any serious trouble if I ignored this and repeatedly attempted to strike off without mentioning it?

Thanks for all your help by the way.

 

[Ian J]

I'm nervous about my company - in the time that its been running it's taken on absolutely no debt other than from my own salary and has made what would essentially be a huge loss that I have personally covered from my salary and savings. I'd like to dissolve to move on and not have to worry about business 'stuff' anymore.

If the company has made a "huge loss" which you have funded have you not considered the option of keeping the company alive but dormant in case you ever wish to start trading again as the tax losses and debt to yourself could well be financially useful in the future

 

[Helpdissolveplease]

If the company has made a "huge loss" which you have funded have you not considered the option of keeping the company alive but dormant in case you ever wish to start trading again as the tax losses and debt to yourself could well be financially useful in the future

Hi Ian, the company has been a pain in the back of my head for a year. A huge loss to me amounts to many months of my entire salary, not the tens of thousands other people have experienced. It's not worth the effort of filing accounts and corporation tax returns when I'm not sure if they're accurate or not and worrying about potentially getting fined or worse. I just want to be done with it, I'm sick of the constant concern.

 

[Ian J]

That's a shame but I understand where you're coming from

 

[Spongebob]

When is the next Confirmation Statement due?

 

[Helpdissolveplease]

When is the next Confirmation Statement due?

Hi Spongebob, its due September 2019 - accounts are due by 4 June 2019.

Any suggestions? I've de-registered for VAT and need to send my final return and then expect to apply to strike off 3 months later (May). Will HMRC contest this? Do I need to inform HMRC that I'm striking off even if they aren't creditors?

 

[Scalloway]

Will HMRC contest this? Do I need to inform HMRC that I'm striking off even if they aren't creditors?

HMRC will not be interested if your tax returns are up to date and you don't owe them anything.