Closing company, what do to with last amount of funds?
So the business is about to be shut down and there is a little bit of funds left over in the business bank account which I do not want/need.
According to www.gov.uk/strike-off-your-company-from-companies-register/apply-to-strike-off... , "When your company is dissolved, all the remaining assets will pass to the Crown (including any bank balances).".... If that is the case, how do I get the remaining money sent to the Crown?
Tide.co bank are refusing to shut down the bank account without transferring the funds out of the bank account - any ideas what to do here?
If the final accounts, suggests there is £X (very little money) amount left in the bank, what can be done with that money legally? Could I just leave it in the bank account? Could I transfer it out to a personal bank account legally without having to do any dividends and tax related stuff?
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I guess the short answer is 'no', but depending on the company status and your earnings this year... you might be able take it out tax free.
The longer answer is: Tide can't close the bank account if there's money in there, but you need to close it before applying to strike off the company via a DS01 form anyway.
I'm not sure why you wouldn't want to take out the £1000 that's in the account, because it's your money... but, no matter what you do with it / how you do it, you would still be required to:
Prepare your final accounts and company tax return
File your accounts and company tax return
Pay all Corporation Tax and any other outstanding tax liabilities
All of this applies, even if you really don't want the money and decide to donate the money to charity. Because your company has made money, HMRC need to know how much was made and where it's going.
If the money was made during the 2018 to 2019 tax year, and you haven't withdrawn any dividends already, then you can withdraw up to £2,000 in dividends tax free... but you still have to declare it in your self assessment.
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