I have just closed by Ltd Co (after 26 years of trading)Originally Posted by Alan Lung
1. Speak to your accountant.
2. If you are closing it now - there are new rules that apply to dividends.
3. Max out the capital distribution - and then look at the dividend situation.
4. Look at the possibility of investing any money currently in the company into a pension.
Close the company and keep money back to pay any corp tax due etc. That's what I just did - all relatively painless and cost £500 for the accountant to do.
If you had a bounce back loan be careful....interesting fact - at the Senedd - they have exactly ONE person who is chasing bounce back / covid loans - just him - no one else. He has thousands of cases on his books - and knows it's a hopeless task. They may have increased the team since Jan this year - but I doubt it.
If you owe VAT - you need to pay it either through your company or personally - as they do have some wide ranging powers.
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