There are a number of reasons why you may want to close down your limited company. There are also a number of options depending on your future ambitions.
If the time comes that you start to think about closing down your business, there are a number of considerations depending on the status of your company.
An insight into what is required to close a company at Companies House can be found on their website. HMRC guidance also provides information on what needs to be done to notify all their departments, typically VAT, PAYE and Corporation Tax.
Closing a limited company is an involved process and HMRC and Companies House procedures mean it will typically take between 4 and 6 months to fully close a limited company. Before a request can be submitted to Companies House to have a company removed from their register, it is important that all other official matters are taken care of. This would typically include filing a final set of company accounts and tax returns at HMRC, paying all remaining taxes due and ensuring each HMRC department is notified of ceasing trade.
Should you be ceasing trade or you are thinking of closing your company, please get in contact with your account manager to find out more about your options.