UK LTD liquidation


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Jan 9, 2023
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Good evening,

I am the only director of LTD company that I will need to liquidate (actually that should have happened a while back), which was used as LTD for working as a contractor and in periods I had my partner also employed for my own company. About after pandemic period and furlough scheme LTD became inactive and I have removed all employees from payroll and just paid to accountant to have my accounts up to date. After preparing yearly accounts I ended up working with accountant and refused to pay the quote for company liquidation so it has not been done up to now and I would like to do it myself.

So far I have done following:
  • De-registered from VAT.
  • 0 employees on payroll.
  • Not used my business bank account (except for bank fees going out).
I have several questions, which will determine the liquidation type of my LTD:
  1. I have not paid several salaries to my partner and myself but paid all the taxes to HMRC on time - will this be an issue? Factually we have joint budget and I can do that but in that case "debt to director" will go up as I will have to pay my own money to LTD bank account and then literally pay myself.
  2. The debt I have to myself - do I need to indicate this anywhere and does it mean that company "cannot pay its debts" and it will affect me as an individual in future?
  3. Company has not been trading for over 3 months - does it mean that I do not need submit final CT600 and annual accounts?
Sorry if I am asking dumb questions.

Kind regards

Alex
 
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