Tax Refund and closed Bank Account

[fisicx]

I've ceased trading with my limited company and closed the business bank account.

But I've received as Tax refund cheque from HMRC and don't know what to do. It's made out to the Company (which still exists) but I've got nowhere to pay it into.

Any suggestions?

 

[ChrisCallaghan]

Hi @fisicx ,

Have you attempted to contact HMRC? Perhaps they'd be willing to to make a bacs payment to an account you nominate?

 

[fisicx]

Good idea, I'll give them a call

 

[MyAccountantOnline]

I've ceased trading with my limited company and closed the business bank account.

But I've received as Tax refund cheque from HMRC and don't know what to do. It's made out to the Company (which still exists) but I've got nowhere to pay it into.

Any suggestions?

In my experience HMRC are very happy to cancel a repayable order and make a bank transfer (in fact I spoke to them today to do just that) but I've only done it to the company bank account. You may find you need to open an account for the company to deposit the refund.

 

[fisicx]

Gave them a call and it’s very simple. I return the cheque and nominate a new recipient. Couple of weeks and I will get a new cheque.

 

[MyAccountantOnline]

Gave them a call and it’s very simple. I return the cheque and nominate a new recipient. Couple of weeks and I will get a new cheque.

A 'couple of weeks' and HMRC - you'll be lucky

I could of course be wrong. I hope so.

Let us know how you get on.

 

[Lisa Thomas]

Does the company have any debts, or is it solvent? If the account was still open would these funds be paid out as a distribution to shareholders?

 

[fisicx]

No debts. No shareholders to pay. TBH it’s not a big refund but I’d rather have the cash than let HMRC spend it on Kit Kats or whatever.

 

[Lisa Thomas]

How can there be no shareholders of a limited company? How can you be entitled to the cash if you aren't a shareholder?

 

[fisicx]

What I meant was there is no money owed to the shareholder (me). All dividends were paid along with CT and other bills then I stopped trading. Closed the bank account and am now closing the company. The HMRC cheque was unexpected.

 

[Bobbo]

The HMRC cheque was unexpected.

What is the cheque in respect of? Is HMRC having issued it to you (the company) correct?

 

[fisicx]

I overpaid my CT by about £50. The cheque is made out to the company. The HMRC helpline said to write to them with my details and they would sent a new cheque.

 

[Lisa Thomas]

So the money would be divi'd back to you and you can probably just short circuit that.