ESC C16 before 1st March
I have a client company who has in excess of £25k to distribute on closing their company, which has ceased trading.
Having not applied for C16 before, and now being constrained by the 1st March 2012 deadline (when the distribution cap of £25,000 comes into play) I want to ensure I'm not missing anything.
Am I right in thinking that as long as the reserves in the company are distributed before the 1st March, and as long as we apply for C16 clearance before then, we will be ok? Do we need to know how much the distribution will be?
The CT won't be paid before 1st March (unless we can get the accounts done by then) but will be paid shortly afterwards.
- Entrepreneurs' Relief upon sale of a cash rich company 2,184 41
- buying asset and settling vendor's debt 209 6
- Xerocon 2016 1,001 23
- Posting invoices with balance brought forward 215 7
- HMRC now overriding SA bank repayment details on tax returns 578 12
- Personal Tax 477 11
- USA Tax Query 148 1
- Disengagement Help! 1,656 25
- Is HMRC Basic Tools basically wrong? 939 6
- Expenses paid by director (the comapny owner) 264 2
- Write an article on latest tax changes for landlords. 594 18
- Corrupt Excel File 673 10
- Website costs (intangible assets) tax relief 345 4
- Is Xero payroll as rubbish as I suspect it is? 1,973 43
- Locked Out of HMRC Online Account - HMRC Not Responding 290 2
- Re-Training costs - tax reief 399 7
- Capital Gain on Share Disposal with Held Over Gains 161 1
- 64-8's amazingly quick 309 4
- last minute request 498 5
- VAT - Check on clients business 1,252 46