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My clients are a limited company and its director/shareholders. The company has made trading losses for the past few years and the directors want to call it a day, but have been unable to sell the company itself. The company owns its business premises which are standing at a substantial capital gain and could easily be sold and they have received an offer of £25,000 for their client database. The directors would then settle the company debts, distribute the balance and apply for the company to be struck off.
My clients are a limited company and its director/shareholders. The company has made trading losses for the past few years and the directors want to call it a day but have been unable to sell the company itself. The company owns its business premises which are standing at a substantial capital gain and could easily be sold and they have received an offer of £25 000 for their client database. The directors would then settle the company debts distribute the balance and apply for the company to be struck off.
Would the sale of the database be a capital transaction and can trading losses be set against the capital gains?
One director earns £2 600 and does not work full-time. Will she be entitled to business taper relief?
Finally the directors plan a 'do it yourself' liquidation; if they get this wrong am I correct in...
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