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Unforeseen events and abrupt changes can call for giving up on your dream. Economic upheaval, poor management, or lack of experience are just some of the reasons that can push one to close down a business. But having accurate information and guidance about winding up a limited company can save you from a lot of stress and save your time.
You may encounter many questions when it comes to closing down a company. So, here is our guide to closing a Ltd company in the UK.
How can I close my company?
The foremost step in dissolving a company is to approach Companies House. You can strike off your company only if the following conditions are met
- If the company has not traded in the last 3 months
- Has not changed its name in the last 3 months
- Is not threatened with liquidation
- Has no agreement with creditors
When the above requirements are fulfilled then you can close down your company by voluntary strike off. You need to submit a DS01 form to Companies House when you apply to dissolve your company.
What is DS01 form?
A DS01 form is a legal document used to dissolve a UK limited company. It is used to strike off the company from Company House register. You can apply to dissolve a company by filling out DS01 form.
Where can I get DS01 form?
You can acquire this form Companies House. You then need to fill this form and post it. Before you send it through post you have to sure that this form is signed by the director. If the company has 1 director, it must be signed by the sole director. If the company has 2 directors it has to be signed by both the directors and if the company has more than two directors it needs to be signed by majority of the directors.
Who should I inform before closing a company?
Before you apply to wind up a limited company, you need to notify all the people who may have an interest in your company’s affairs. For example, creditors, employees, shareholders, pension managers, trustees, members of the company as well as any other organisation like HMRC or the Company’s bank. You need to notify all the concerned parties within 7 days from the day on which the application is made. Failing to notify concerned parties is an a illegal and punishable offence.
How long does it take to close a company?
Once your application is accepted by Companies House a notice of the proposed dissolution will be published in the relevant Gazette for the general public to see. Providing that Companies House does not receive any objections from any interested parties in the company (e.g. creditors, staff etc) they will proceed to strike off the company approximately 2 months after the date of the publication of the notice in the Gazette. During the period that the company is being struck off its status on the Companies House website will change to “Active — Active proposal to strike off.” Once the company has closed successfully the status will change to “Dissolved.” Throughout the closure process Companies House will write to the Company and the Directors of the company at the company’s registered office address.
Can I withdraw the application to close my company at any time?
So long as the company’s status on Companies House has not changed to “Dissolved” an application to withdraw the voluntary strike off of a company can be made to Companies House by sending an email to email@example.com
Do I need to file a confirmation statement before I close my UK Limited company?
The filing of a Confirmation statement is a statutory requirement. If it is due for filing then it is recommended that you file a confirmation statement before you close your company to ensure that everything is in order and so that nothing comes back to haunt you at a later date. Even if your company is dormant or has not traded, it is good practice to file a confirmation statement that is due. We can help you expedite your company closure process by filing your confirmation statement for you at affordable price. Please check here for more information https://iconoffices.co.uk/confirmation-statement-filing-service.php
Do I need to submit accounts or pay any tax before closing the company?
If your company stops trading or you decide to shut down the business whilst trading, it is recommended that you submit accounts and pay corporation tax until it is closed. You will need to appoint an Accountant to do this for you. We also provide Accountancy Services and we can assist you with filing your company’s final set of accounts for a reasonable price.
Do I need to submit VAT returns before closing my company?
Yes, you need to inform HMRC that you are closing down your business and fill in necessary forms to de register for VAT. HMRC will then give you a date for de registration. Until then you will have to submit VAT returns as normal.
This may sound like a lot of work and hassle and for many it may be difficult to understand the legal aspects of closing a company. Especially when you are not a resident of UK and do not know local laws. We can eliminate the hassle of closing down your company and can file all of relevant paperwork with Companies House for you and also guide you with what you need to do every step of the way. You can even use our address during the process so that any correspondence from Companies House or any members of the public comes directly to us.
We will then in turn scan it over to you. When a company closes, the last trading address and the Director’s last correspondence address remains on the company’s records in Companies House for the public to see (via the Companies House website). The address cannot be removed or changed once the company is closed. If you use our service to close your Ltd company we will provide you with a unique virtual office address which can be displayed on the Companies House website as your last trading address and the directors’ last correspondence address at the time of dissolution giving you privacy for years and decades to come. We do not charge anything extra for this and it is all part of our Company Dissolution service.