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TEAP007
TEAP007, Tax Preparer
Category: UK Tax
Satisfied Customers: 760
Experience:  Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
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If a company has been dissolved and the company was due to

Resolved Question:

If a company has been dissolved and the company was due to submit accounts and also VAT returns what would one need to do?

And if company accounts are also due but you can't afford to have them prepared what can you do?
Submitted: 2 years ago.
Category: UK Tax
Expert:  TEAP007 replied 2 years ago.

TEAP007 :

Hi there if a company has been dissolved then it no longer exists

Customer:

But the accounts have not been submitted.

TEAP007 :

accordingly unless you or HMRC were able to restore the company to the register there is not much that can be done by HMRC to collect any sums that were due

Customer:

Well in fact HMRC would have owed the company money/

TEAP007 :

Yes I know that they have not been submitted but if the company was dissolved it no longer legally exists

TEAP007 :

Why would hMRC have owed the company money?

Customer:

Ok, well what about any debt that company had? What about the accounts that should have been submitted? Do I still need to keep files for that company?

Customer:

HMRC owed the company money from a VAT return.

TEAP007 :

The problem might be that HMRC might view that you have taken all the money out of the company as remuneration and without operation of PAYE which would mean that they could come after you personally

Customer:

So is there nothing I can do?

TEAP007 :

Basically if you have files for the company it would be recommended to retain them as it is always best to have paperwork to refer to if hMRC decide to start hallucinating about how much you took out as remuneration

Customer:

But I can't submit any accounts is this correct?

TEAP007 :

You could of course approach Companies House with a view to having the company restored to the register which would enable the company to make any claims that were approrpiate

TEAP007 :

You could not submit accounts to companies house as the company no longer exists

Customer:

ok. I'm just thinking if I traded, then surely I should submit accounts.

TEAP007 :

presumably if the company was registered for VAT it would have been charging VAT on its sales but has not made returns to HMRC in relation to those

TEAP007 :

If you were trading (after the company was dissolved) then clearly it must have been in your own right as a sole trader

TEAP007 :

and you would need to make personal returns in that respect

TEAP007 :

likewise if VATable then you should have registered and there could be a problem there

TEAP007 :

The periods where the company traded would unfortunately be a dead duck and not in any way relate to your sole trading

Customer:

No the time the company was trading was before it was dissolved

TEAP007 :

Getting companies dissolved to avoid/evade paying its proper dues is however not a line to be recommended as eventually HMRC will consider that you are involved in seriosu evasion

TEAP007 :

and you could well fall foul of an enquiry under the Taxes Criminal Unit

Customer:

Can I still submit my VAT returns online for the periods up until the company was disolved and then de-register the company for the time before this.

TEAP007 :

but if Companies House merely struck the company off for possible failure to submit retruns etc this can happen without you ever intending that course on the odd occasion and unless you have loads of money to pay for restoring the company to the Coy House register there is not much you can do about it

TEAP007 :

Sorry the company doesn't exist after it is dissolved and there is nobody that can claim monies back on behalf of the company

TEAP007 :

any monies or assets held in the company at the date it was dissolved techincally belong to the crown

Customer:

There was nothing.

TEAP007 :

oh well no great harm done but just as HMRC would not be able to claim any monies off the company neither can the company claim any monies off HMRC

Customer:

ok

Customer:

Thank you very much :-)

TEAP007 :

Just remember that if you have received remuneration from the company or advances etc you would have to make an appropriate Self assessment return to HMRC on your own behalf

TEAP007 :

and account for any tax that bYOU should have paid on these

Customer:

Ok. I'm going to be going bankrupt so I won't need to do a tax return will I?

TEAP007 :

Does the above answer your problem?

TEAP007 :

Technically yes but the trustee in bankruptcy would be responsible for dealing with any debts prior to your bankruptcy

Customer:

Ok

Customer:

Thank you :-)

TEAP007, Tax Preparer
Category: UK Tax
Satisfied Customers: 760
Experience: Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
TEAP007 and 3 other UK Tax Specialists are ready to help you

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