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bigduckontax
bigduckontax, Accountant
Category: Tax
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My Ltd was disbanded due to non submitting of returns. HMRC

Customer Question

My Ltd was disbanded due to non submitting of returns. HMRC wanted to seize stock, I was advised by my accountant because I had a large directors loan account as I personally owed the jewellery and the ltd company had not reimbursed me that I could buy the ltd stock which I did and the ltd comp still owes me £200,00.00.
HMRC only have an estimated balance and although the company does not exist I have got all the paperwork showing what it lent the sole trader and what is owed to HMRC is £1200.00 total incl. personal tax returns as I took no wage, dividends or money out of the company.
Question: if I start a new ltd company and 1 year away HMRC decide to reinstate the ltd company and i've started a new ltd company and been trading for 12 months, can I be struck off from the new trading ltd company.
Question: I was not a personal g/tor for the suppliers or landlord, could they still reinstate the company and apply for payment?
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Q1. No. You and the various companies are separate legal entities. However, ensure that by taking what is owed to you by the company and thus not paying HMRC would constitute a fraudulent preference, a criminal offence. The director's loan account ranks parri passu with all other unsecured debts including those owed to HMRC.

Q2. Yes, they could adn their debt would rank with the others as per Q1.

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