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Terminal loss relief

On retirement I am closing my ltd co at the end of this year - wondering about a couple of things


I'm retiring - My company has not been trading in last three months or so.

I know how to claim terminal tax relief on my final return and/or a separate letter so that is not a problem however...

Small Ltd Company

1/ Do I need to close the company bank account before claiming or as I claim. I'm assuming the payment from HMRC would normally be credited to that company account or else a cheque would be payable to the company?

2/ Do I need to close the company at Companies House before receiving the HMRC payment. I'm not sure how important the timing is?

3/ I may pay myself and maybe one other person a small redundancy payment - would it be acceptable to do this after the HMRC payment received?

4/ Is the HMRC payment normally received gross or else net in some way?

Many thanks




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By possep
17th Oct 2017 10:17

Think that you are pushing your luck for free advice here.

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17th Oct 2017 10:34

There are just so many issues here - only some of which are reflected in your questions. It looks like you've managed without professional advice since at least 2011; I think the time has come to accept that you need proper, paid for advice before making any costly mistakes.

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17th Oct 2017 10:49

1. You need to keep the company bank account open until all its assets have been liquidated.

2. No. That would be back to front. Applying to have the company struck off comes at the very end.

3. You can do what you like with the money - it’s a free country - but take proper advice on the various options and the tax consequences of each.

4. What might the refund be net of? I am not with you at all.

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17th Oct 2017 10:58

Thanks all for helpful replies - much appreciated.

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