Rutherford

Hello, If a non-resident director (NRD) closes a UK company as its sole director/shareholder, and upon closure the assets are disposed of and treated as if taken by the director for personal use then will this create any liability for the director to have to complete a self-assessment and send it to the HMRC? And, I would assume since the director doesn't live in the UK and hasn't visited it within the past year or so there would be no NIC liabilities, right? Thank you!

If a company has only one creditor, the director through the director's loan account (DLA), can the company apply for a voluntary strike off? There are no other creditors and there are no assets left to cover the loan as the remaining assets will be disposed of during the closure accounts . The total liability left would be around £10,000.

I would also really appreciate it if you could provide me with some information how the balancing charge and balancing allowance work.

Thank you for the response. The company hasn't had any profits/income in the prior years. The director had loaned the money to the company, then the company bought the fixed assets - which is the costs of building a website and two trademarks, which were later surrendered. The company hasn't used capital allowances because it has made no profits in the previous year/s. Furthermore, the company carried forward trading losses from the previous year which, if possible, could be used to lower the corporation tax should the disposal of fixed assets create any corporation tax liability. Can the trading losses be used for that purpose?

Hello, If a company owes money to the director through the director's loan account being in credit, and the company has only fixed assets (no income from previous years), can the company make a partial repayment to the director by disposing of its assets and giving it to the director for personal use? Will this trigger any tax implications for the director personally if they're being repaid partially the amount loaned to the company? Can this be done without any written agreement between the company and the director since the company is a microcompany? Thank you!

Hello, If all fixed assets in the business at closure date are removed from the balance sheet and treated as if taken by the director for personal use, will this create any corporation tax if: 1. The company has had no income (no profits/revenue) before the disposal of the assets. 2. Liabilities - the only creditor being the director, i.e. the director's loan account is in credit. In that circumstance, will the HMRC charge any corporation tax and would any capital allowances be able to offset it? Maybe even the carried forward losses? After the fixed assets are disposed of can the director apply to voluntarily strike off (Form DS01) the company if the director, being also the only shareholder, is the only creditor of the company and agrees to it? Will there be any need to document the director/shareholder's consent to close the company with the director's loan account in credit? In case where the director/shareholder agrees to close the company with such liabilities it doesn't make the company unqualified for a voluntarily dissolution, correct?