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Tax implications of liquidating a company

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During the life of its business, assets held by a company may increase in value.

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Under certain circumstances it is even possible to liquidate a BV with an single shareholder's resolution (the so-called turbo liquidation; see below) !

However in daily practice the liquidation of a BV may become burdensome and time consuming, in particular if the financial position of the company is not clear at the moment of liquidation or if there are more shareholders which are entitled to a stake in the companies assets/ liabilities.

If your company is in the process of being wound up, it’s still subject to Corporation Tax paying and filing requirements.

The winding up of your company for Corporation Tax purposes normally starts on whichever is first: At the start of your company being wound up, your current Corporation Tax accounting period comes to an end and a new accounting period begins.

However, your duties and responsibilities as a director remain.The amount of profits distributed is later reintegrated in the calculation of the liquidation proceeds and thereby ensures that all profits distributed after the close of the balance sheet are taxed accordingly.The liquidation proceeds include capital gains realised during the liquidation process.From that point on, your company’s accounting periods run for periods of 12 months until the winding up is complete.Your company must continue to file a Company Tax Return and pay Corporation Tax on taxable profits arising from: Your company will pay any Corporation Tax due during the winding-up period at the same rates as before the winding up period started.In some cases, where you continue not to pay your company’s Corporation Tax, HM Revenue and Customs () will apply to the court for a winding up order to have your company closed down.