We can help you guide through the process for winding up a limited company or how to close a limited company easily & also helps in the closing a ltd company.\n\n\n\n\n\n\n
closing down a
It’s an all-too-common story. Times were good, you had new clients coming out of
your ears, more work than you could handle and your bank account was
overflowing. You did the sensible thing and formed a limited company to make the
most of your earnings – clever you.
But then; disaster. Maybe your biggest client went belly-up, or a string of sexual
misadventures with a coworker’s spouse finally caught up with you. Your income
plummets, and suddenly the extra paperwork and Companies House filings just don’t seem
worth it – you pine for the days of sole tradership and finally, after much deliberation, you
decide to Dissolving a limited company
How do you do that, exactly?
Get everything squared away
Although you’ll go on conducting your business as asole trader your limited company, as a
legal entity, must have all its loose ends tidied away. This means settling any outstanding
bills, and collecting any owed invoices, and making sure you make provisions for any
running costs that may be incurred between now and when your company is legally
wound-up (for example, if you’re paying an accountant to finalize your last batch of returns
or employing some credit control services to round up those late payers).
The good news is that these can be treated as legitimate business expenses, and so can
offset your final tax bill.
You will need to file form DS01 with Companies House in order to ‘strike off limited
company/dissolving a limited company’ your company. This can only be done after the
company has not been trading for 3 months.
If you are VAT Registered, you will need to inform HMRC of your intention to de-register by
completing a VAT 7 form. Once this form is received, HMRC will contact you with your de-
registration date. You must also complete a final VAT Return that takes into account things
such as leftover stock or any equipment your business owns.
You must inform HMRC that your company is no longer trading so they do not issue further
reminders for Corporation Tax.
If you operate a PAYE Scheme HMRC will also need to be told that it is no longer in
operation, and it will need to be closed down.
If you’re operating a limited company as a freelancer there’s a good probability your
equipment (laptop etc.) is owned by your company for tax reasons – if you take possession
of company equipment personally when your company is would up you may need to pay
Capital Gains tax on those items.
Dissolving a limited company is, as you can see from the above, a bit of a hassle. There
are other considerations too – if you de-register from the Flat Rate VAT scheme, you cannot
re-register for a year. If the good times return and you decide to re-incorporate this could
mean you’re out of pocket.
If you think you might want to trade through your limited company again soon, you always
have the option of putting it “on hold”. Instead of informing HMRC that you intend to close
the limited company down you can make the company “dormant”. You will still have to file
certain tax returns, but they will be “nil returns”, meaning you just report a load of zeroes
to HMRC to show them you’re not trading.
You can work as a sole trader outside your limited company in the meantime, and return to
working through your limited company when it makes financial sense (although bear in
mind this will make your self-assessment rather more complicated).
winding up of llp in the easiest way. Venture Care can help you guide through the
procedure for the closure of your LLP quickly and easily.
Head Office (India)
Sr.No-29, Ajikyatara, kalaniketan,
Dhankawadi, Near Rajshri Shahu
Pune, Maharashtra 411043 (IN)
Phone: (020)-65 3636 33
Branch Office (Netherlands)
Jonker Fransstraat 46,
3031 AV Rotterdam, (NL)
Phone:+31 614 575 275