Company disolution
paulr
Registered Posts: 48 Regular contributor ⭐
I have a private limited company -- one director who wishes to disincorporate
and trade as a sole trader.I intend to write to HMRC and ask to apply ESC C16
under an informal winding up prior to year end and the balance sheet to be treated as a capital
diposal under Capital Gains legislation.
This is my first dealing of this particular event and would ask any fellow members for a step by step approach so as not to fall into a possible trap;
paulr.
thankyou if you can advise.
and trade as a sole trader.I intend to write to HMRC and ask to apply ESC C16
under an informal winding up prior to year end and the balance sheet to be treated as a capital
diposal under Capital Gains legislation.
This is my first dealing of this particular event and would ask any fellow members for a step by step approach so as not to fall into a possible trap;
paulr.
thankyou if you can advise.
0
Comments
-
couple of forms needed
http://www.companieshouse.gov.uk/forms/generalForms/652aChecklist.pdf
and
http://www.companieshouse.gov.uk/forms/generalForms/652acs.pdf
and
http://www.companieshouse.gov.uk/forms/generalForms/652a.pdf
am not a member in practise but do a lot of forms ect for work anything i can help with please let me know0 -
thanks,
Paul.0 -
If you will be applying for ESC C16, you should also have a look here:
http://www.hmrc.gov.uk/manuals/ctmanual/CTM36200.htm0 -
Step Plan to Dissolution
This is the Step Plan that I use hope it helps:-
S652 & 2a is now S1003 CA 2006
Engage letter to cover dissolution
Prepare & submit P35
Prepare & submit P11D
Pay Class 1As
Change year-end?
Change registered office (form 287)?
Prepare cessation accounts?
Liaise with client re potential Divs/Capital/Salary planning
Send copies of accounts to client
Submit to Co House
Close PAYE scheme
CG17963a re non-business assets after cessation
Email/Post ESC C16 and Interest Parties letter to client
Signed accs to client
Pay CT
File CT600
Write to HMRC re: clearance to distribute assets as capital - ESC C16
Account for VAT & De register ref: VAT 7
Final VAT return & claim VAT on services VAT 427
Send letter to all interested parties re: striking off
e.g.. Bank, PAYE, CT, VAT + any other creditors
Bank-done PAYE CT VAT Pension Co
Director's meeting re transfer of company's assets
Shareholders' meeting to ratify
Apply for dissolution (form 652a) - £10 fee - Co's Ho
Copy form 652a to all interested parties - proof of posting
Creditors, employees, directors, shareholders, pension co.
Notification sent to Reg'd Office by Co's Ho.
Advertised in Gazette by Co's Ho.
Settle debts Accountants VAT etc, CT when due
Distribute assets, close bank etc
Company dissolved, any remaining assets belong to the crown
ie - share capital £2
(Reviewed rights of the Crown to company assets 2005 - Bona Vacantia.)
JUST GO FOR 652 STRIKE OFF IF CREDITORS WOULD NOT STOP IT?
The Treasury Solicitor, Bona Vacantia Division, has issued a new form BVC17 (March 2007 Edition Version 2) re use of ESC16 where there is share capital/undistributable reserves of £4k + and falling foul of the Bona Vacantia rules - may be worth a look.0
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