I've just tried to log on to CH to incorporate a Company and it seems they've completely changed the process!
A new gateway has to be set up for each new Company where we used to be able to do it as an agent.
Anyone else come across this and any suggestions please?
Will the business that made the loss be able to trade out of insolvency?
The Company has always paid the taxes by borrowing from the other 2 companies mentioned, so no taxes are outstanding. The main creditors are the directors and intercompany loans. There is also a loan from the brewery which will be paid from the impending sale of the lease which will just about cover this loan.
My sincere apologies and thank you so much for trying to advise in this messy situation. It ceased trading at the end of May. There as always been losses. The Directors spent £1,000's on renovations, twice! in the hope it would turn a corner, but sadly no matter what they tried, they couldn't even break even, sometimes losing £12K a month. In the end they realised they would lose less by closing. They are in the process of selling the lease but that won't touch the surface.
Is there any need for sarcasm? (always get one).
I have no idea how 2 threads were created, I certainly didn't create 2.
No, not at all to take money out tax free. That is no one's intention. They merely want to begin trading the profitable Companies through the bad Company, which unfortunately has had to cease trading, despite every effort to keep it going. The idea is, if they start trading the profitable Companies through the bad Company rather than fold it making a huge loss, the other 2 Companies (who are actually creditors via intercompany loans, along with the directors) can at least claw some of the losses back via CT relief.
No, the Company held in the Ltd Company has had to cease trading unfortunately, despite much time and effort being put into it, it just wouldn't work, therefore it is left with significant amounts owed to the directors and intercompany loans from the other 2 Companies.
Yes its a very substantial loss, with high creditors. The directors are willing to dissolve the 2 profitable companies paying outstanding taxes and then moving forward trade from the company with losses
This way the creditors could be paid also. Carrying the losses back wasn't considered. I said I would find out if it could be done.
I suppose it will all depend on how well they treat their previous accountant. If my former client had treat me with respect I wouldn't have hesitated, after all the final tasks are revenue.
My answers
I've just tried to log on to CH to incorporate a Company and it seems they've completely changed the process!
A new gateway has to be set up for each new Company where we used to be able to do it as an agent.
Anyone else come across this and any suggestions please?
The Company has always paid the taxes by borrowing from the other 2 companies mentioned, so no taxes are outstanding. The main creditors are the directors and intercompany loans. There is also a loan from the brewery which will be paid from the impending sale of the lease which will just about cover this loan.
My sincere apologies and thank you so much for trying to advise in this messy situation. It ceased trading at the end of May. There as always been losses. The Directors spent £1,000's on renovations, twice! in the hope it would turn a corner, but sadly no matter what they tried, they couldn't even break even, sometimes losing £12K a month. In the end they realised they would lose less by closing. They are in the process of selling the lease but that won't touch the surface.
Is there any need for sarcasm? (always get one).
I have no idea how 2 threads were created, I certainly didn't create 2.
No, not at all to take money out tax free. That is no one's intention. They merely want to begin trading the profitable Companies through the bad Company, which unfortunately has had to cease trading, despite every effort to keep it going. The idea is, if they start trading the profitable Companies through the bad Company rather than fold it making a huge loss, the other 2 Companies (who are actually creditors via intercompany loans, along with the directors) can at least claw some of the losses back via CT relief.
No, the Company held in the Ltd Company has had to cease trading unfortunately, despite much time and effort being put into it, it just wouldn't work, therefore it is left with significant amounts owed to the directors and intercompany loans from the other 2 Companies.
Yes its a very substantial loss, with high creditors. The directors are willing to dissolve the 2 profitable companies paying outstanding taxes and then moving forward trade from the company with losses
This way the creditors could be paid also. Carrying the losses back wasn't considered. I said I would find out if it could be done.
Please can anyone advise on this?
.
Just tell them you're extremely busy
I suppose it will all depend on how well they treat their previous accountant. If my former client had treat me with respect I wouldn't have hesitated, after all the final tasks are revenue.