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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 https://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?

  • It's not more than £1,000 in dividends, so I assume I can pay myself it as a dividend? – Imdad Jan 7 at 13:30
  • From the page linked in the question there's another link to liquidate your company that says that if you liquidate you distribute any remaining funds to the shareholders. That's what I'd expect; I'm surprised that remaining funds would go to the government. It's not clear to me from those pages what the requirements are for choosing either of those two forms of termination. – Pete Becker Jan 7 at 13:51
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    I you've got any sense, you distribute the money among the shareholders. Then there's no money to give to the Crown. Just make sure any debts are paid off first. – Simon B Jan 7 at 23:49
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    The link you provided does not include the quote about assets passing to the crown. – DJClayworth Jan 8 at 3:43
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    I can't believe no one stated the obvious....send it to me! :-D – cbmeeks Jan 8 at 20:44
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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:

  1. Prepare your final accounts and company tax return
  2. File your accounts and company tax return
  3. 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.

  • Thanks - a little confused on the following though: The self assessment checker on the Gov site says I don't need to do a self assessment, I guess that's right? I haven't withdrawn any dividends ever either. – Imdad Jan 7 at 21:06
  • I'm also opting to strike off using their online service, which is new but it looks all good. :) – Imdad Jan 7 at 21:07
  • @Imdad, it might be worth giving HMRC a call - they're pretty helpful, and will be able to answer any questions you have. I used to find calling them a daunting prospect, but have called them so much over the last two years (I've also closed a business recently), that I'd rather speak to them instead of going online. – trashpanda Jan 10 at 9:04

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