Hi,
I am filling in the CT600 form for my company which has now been wound up (hence doing the paper CT600). The company was offering online cashback service (similar to Top Cashback or Quidco). The services were offered in european countries (outside the UK).
This is the first year's tax return with the following figures:
Turnover: 110 EUR
Expenses: 250 EUR
I have two questions:
- What do I enter in the Income section if I made a loss (which I do not want to claim back). Do I enter a negative profit number (loss)? What is the catch in this situation?
- the CT600 guide mentions following for the Income Section:
Income
3 Trading and professional profits This box is for trade profits in Part 3 Corporation Tax Act (CTA) 2009, less any income arising from trades carried on wholly outside the UK (previously assessed under Case V).
All the activity has been done abroad. The bank account is set up in the bank in Austria and all the commissions were received in Euros. How do I deal with this on the CT600?
I would really appreciate if someone could help to clarify this please.
I know I should hire an accountant, but as you can see, the business cannot really afford one.
Any help would be greatly appreciated!
Thank you!
Replies (13)
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Waste of time
If your company has been wound up, you are wasting your time doing a CT600. It will not be accepted by HMRC as your company does not exist.
Entirely agree with the above - a complete waste of time, as was the preparation of the accounts that you must be intending to attach to the return.
Do you really mean wound up? i.e. struck off the register at Companies House. Or do you perhaps mean that the company had just ceased trading, but still exists?
Just goes to prove ...
... that you should never believe anything that HMRC tell you over the telephone. The VAT guys are the worst.
Yes.
Yes believe the latest info because you read it here as well as being told by HMRC.
Here's the thing: the company has been struck off the register of companies. It no longer exists. It is an ex-company. It can no longer have any impact on the world. It cannot file tax returns or have a bank account or own a car or have baby companies. It has ceased to be.
In theory yes
When the company closed, all its assets became bona vacantia (they belong to the crown). If the company was likely to have owed a lot of money, HMRC would have had the power to object to the strike off.
The company could in theory be re-opened, or the (former) directors prosecuted. But it rarely happens.
It is a fairly well discussed topic (on this forum and elsewhere) that companies regularly pop up, make some money (or not) then close down again without troubling the tax authorities. There's even a name for closing a company down in this way to avoid fines, creditors etc. It's called the sponge-bob plan.
My advice is to forget about the company and move on with your life...