I just learned companies house has dissolved my company due to missing the filing deadline. It has not operated for half a year so it's not a big deal. I was thinking about closing my company either way. However, do I still need to notify HMRC that I'm no longer trading? I'm registered for VAT and PAYE. I also have a corporate credit card with Barclays which I still need to repay. Do I carry on with monthly repayments out of my own pocket? My accountant has stopped trading too so I'm a bit confused. Thanks!
Replies (12)
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Presumably, the cash will be lost Bona Vacantia
Although, Barclays may not be able to chase you.
Which balance was higher - the cash or the Credit Card?
Have you guaranteed personally either the credit card or the bank a/c. If not the debt goes with the company. You can notify HMRC but you are not compelled to as your position no longer exists as director
originating application
you can restore a company to the register .. its not that complicated .. its done by originating application in the local county court .. Ive done it a couple of times (when it was worth while) .. some advisors make out it is something of great mystery.. but like most things in law its not that difficult , most competent accountants can do it (solicitors will tell you otherwise)...... in fact the most difficult thing in law is paying the solicitors bills ....its strange that hmrc didn't object to striking off ?.. they usually do, unless you had history of losses ?
Restoration of the company
You can avoid the dead hand (and costs) of the Court by applying for administrrative resoration, which is a even more straightforward.
You will, however, have to meet the costs of the Registrar of Companies and pay any late filing penalties. It's therefore a question of balancing costs against benefit, and may be easier and cheaper to forget the dissolved company and just start another.
this is what you do
Drop a line to and tell:
The vat people
The company tax people
The paye people
The cis people
it has stopped
Tell the bank what happened and they will arrange a loan for you to pay off any balance if you have a personal guarantee,,,if you dont have a PG then you may not have to repay the balance.
If you want to trade again, get a new company.
You can only do it this way really if the company has no assets. If it owns a factory or a house....its a different way to proceed
tom
To Summarise
If the only asset is the bank account and the only liabillity is a credi card and the you owe more on the card than the bank account balance and have not completed a personal guarantee. Do nothing.
Follow Toms advice as above