I've been running Ltd company for a couple of years. I invested a substantial amount at the beginning, but it hasn't been successful it's had virtually no customers. I'm not too worried as it's been more of hobby to me, I've not charged the business any expenses and don't claim a salary or anything like that as the business has no money.
Last year I made one sale (circa £1000) to sell off an asset and the repayment was immediately made to repay the debt. The next financial year I will have sold off all other assets (circa £4000) and will be closing the business.
The problem is that from a tax point of view my business appears to be making profit as I sell off the assets, while in truth it is substantially in debt to me.
Am able to avoid paying corporation tax on this apparent profit?
Regards
Andrew
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