Hello
I have a first year Limited company that I would like to close down. The period end is 31.3.16. Profit for the period was £23,000. Corporation tax is around £4,500. There are no other creditors. The bank balance is £nil and the directors loan account is overdrawn by £24,000. Please how do I go about closing the company down. I'm confused with the following;
1)I need to prepare final accounts for HMRC. What would the balance sheet look like? Would I just show the above? Or would i reflect the fact that the corporation tax is going to be paid personally by the director and reduce the directors loan account accordingly?
2) Whatever I do, the director will still owe the company money after striking off. When I prepare the personal tax return, would I just show any overdrawn directors loan account as a year end dividend and include this as income on the personal tax return? So at present it will be £24,000 as a dividend?
3) Is the process to strike off (a) File accounts/corporation tax with HMRC and inform them this is the last set of accounts then (b) File a DS01 form at Companies House afterwards
Your help would be so appreciated, thanks in advance