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  • Will your company close?

Will your company close?

24th March 2020

Will your company close?
Redundancy
  • 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.

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