winding up a limited company..how likely or possible is it that doiung so may trigger an IR or VAT investigation

[zippitippitoes]

..i have had a limited co since 2000 which has never made a profit

i have at last decided to wind it up

i have had tax credits for most of that time and been VAt registered but reclaimed far more than i have paid in

i si t at all likely they mightdecided to call in my books

and is it true of they do you have to pay for the onvestigation

i dont have insurance cover

should i worry or not

We owed VAT on a business that we shut down and they sent in the boys to take our stock. They were ok actually. Came and took some stock, sold it, it didn't cover what we owed but they said the matter was closed.

I guess it depends how much you owe.

Not much help to you but that is my experience.

I will ask DH for his version of events when I get home, his memory for such things is much better than mine

i dont think i will owe vat as such

but i have stock unsold

i am hoping that i can just keep it and sell it myself

i wish i could get rid of all the files but i think you have to keep them for years

i've remembered that exdp is also a director of this company and i am hoping i dont have to get in touch with him..he never did anything at all to do with it

As long as you've been honest, there shouldn't be a problem.

Don't think that you have to pay for the investigation, except for any accountancy/professional fees you incur.

We kept some of our stock and I sell it on ebay.

You are supposed to keep the files for a ridiculous amount of time.

After we hadn't heard anything from anyone for 3 years I threw away the bulk of the paper files (invoices, receipts, correspondance etc etc) and kept the stocklists and book keeping stuff and obv all the computer stuff. There was so much of it we couldn't store it and I guess if they haven't contacted you in three years..... Here's hoping anyway

if you have been doing everything right then even if they do investigate you there shouldn't be a problem. Businesses cease all the time.

I've not heard anyone have to pay for them to investigate. only paying off anything they find and interest/penalties. It also works the other way and if they find they owe you money you get that back.

re dh being a director if you register online with companies house you can resign him from being a director.(not very good english)

Re keeping records, you have to keep 6 years plus the current year. HMRC can investigate back that far so they should be kept.

I take it you have an accountant? why don't you give them a call as they'll be able to answer all your questions.Or keep this bumped as there are accountants on here(inluding me but i don't deal with company winding up's!)

i do have an accountant but i like to start worrying as soon as possible lol

i emailed him and he suggested keeping the co dormant as it has made losses

so i might be able to get tax beack from furute earnings

in the unlikely event i ever manage to earn anything

thankmyou