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The company finished the company year (1 May - 30 Apr) on a loss, therefore no Corporation Tax was paid. This is the final year of the company, as I closed it down.
Is the shareholder liable for Income Tax?
Then, for the tax year 2013-14, the £2,000 (plus another £2,000 retained earnings) mentioned above was taken out of the company without tax credit as part of closing the company, and therefore £4,000, after expenses incurred in closing the company, was declared as untaxed income. Was that correct? (Please say it wasn't!)
Pete
"We were criticised a lot for supposedly hanging on to a winning formula which we didn't know we had. In retrospect, we would have been called stupid for not sticking to it."
Francis Rossi of Status Quo
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