Voluntary Striking Off - Payments CGT

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I intend to shortly start a voluntary striking off for my ltd company. I think it should be straightforward, as the company's YE aligns with the final invoice - 31/3/2021.

Following the 31/3 invoice, my accountant can complete the annual CT return and CT will be paid for 2020/21 - there will be no invoices issued after 31/3/2021. 

I've estimated there will be about 19k retained profit and about £4k in tangible assets (OMV), after CT and all other payments have been made.

Am I correct that the DS01 can be sent three months after the final invoice and during those three months, can the business continue to pay bills like phone, internet, insurance etc, wthout being classed as 'trading'?

With <£25k in cash/assets, the remaining cash and tangible fixed assets can then be paid/distributed to the two shareholders as a capital distribution and each shareholder will then be able to use their CGT allowance against the distribution for 2021/22?

At what 'point' can the cash/assets be paid/transferred to the shareholders? Can I officially minute after 31/3 that I intend to start striking off after three months and can therefore make the distribution during the three month wait, or do I need to wait until the DS01 has been lodged?

Thanks

Replies (4)

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By Paul Crowley
10th Mar 2021 12:56

Do you consider your accountant, that knows so much more than you could possibly post here will give a less reliable opinion than random strangers?
There is no qualification needed to register, as you have registered.
You could right now give responses to other new questions

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By Kevin Kavanagh
10th Mar 2021 13:16

vvp99, Paul is right. It's great that you do have an accountant, many on here don't. But obviously he or she should be your first port of call. They know much more about your business than anyone here can however much information you give.

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RLI
By lionofludesch
10th Mar 2021 13:30

"I intend to shortly start a voluntary striking off for my ltd company. I think it should be straightforward, as the company's YE aligns with the final invoice - 31/3/2021."

I'm curious to know why you think this makes makes a striking off straightforward.

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By adf2410
10th Mar 2021 22:48

Please just let your accountant deal with this. So many times we see people turn up on this site when they've done everything in the wrong order, and the crown now owns the company's assets https://www.gov.uk/government/publications/bona-vacantia-dissolved-compa...

Definitely worth getting an expert (your accountant presumably) to make sure everything is done properly. You'd be amazed at how efficient the banks are at freezing bank accounts when they learn of a liquidation - it takes mere hours!

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