- You are closing your company and this will mean you lose your jobs.
- You will effectively be redundant.
- You are entitled to £30k each tax free as redundancy.
- If the company can not pay you then you are still owed it. The figure can be shown as an expense on the accounts.
- Such an expense may convert your final year into a loss which can be carried back to earlier years.
- A refund plus interest would be paid by HMRC provided you paid it in earlier years.
- The refund would enable the company to pay part of the redundancy.
Above is not for self employed people it is mainly for people who are Directors.