VBSerene Accountants will help you achieve peace of mind when starting a new company. Whether this is your first company formation or your tenth, the process isn’t always completely straightforward. Getting it right from the start is vital, and the forms to complete for Companies House aren’t necessarily a simple task.

At VBSerene Accountants, we are available to speak with you if you need any help or have any questions regarding setting up your new company, to ensure you get started off on the right foot. We can also help with the registration of your new company with HMRC for Corporation Tax, setting up a PAYE scheme or registering for VAT (where relevant), and choosing the accounting system best suited for your business.

Our company formation services cover all company types, so prices will vary depending on the company type, the complexity of the setup you require, and the amount of help you’d like in your company formation. We can even work with you to prepare a business plan and forecast, which sometimes help dictate the type of legal entity you will be forming.

In addition, as we’re a full service accountancy firm, we can help you with the administrative tasks of running your new business – leaving you to focus on what you do best.

• Company Formation Services
• Formation with Companies House
• Appointment of Company Directors, Secretaries and
• Assistance in opening a business bank account
• VAT registration
• Corporation Tax registration
• Additional Business Accounting Services
• Bookkeeping
• Payroll & Auto Enrolment
• VAT
• Company Secretarial
• Research & Development Relief

Ready to get started? Complete and submit this Company Registration Form.

How to close a limited company

Are you wondering how to close your limited company in the UK? Whether it’s closing a LTD company, closing your business, or retiring to a sole trader status, we’ve got you covered. Tax issues or transitioning to a full-time job may also influence your decision. Rest assured, we’ll guide you on the journey.

Evaluating your company’s loans, assets, and liabilities is essential. If solvent, consider Members’ Voluntary Liquidation (MVL) for net assets over £25,000 or Company Strike-Off if below. In case of insolvency, Liquidation is an option.

Trust us to handle all the details, making the process hassle-free. With expert support, you can confidently close your limited company and embrace new opportunities. Let’s make this transition a positive and empowering experience together.

Liquidation can be categorised into two types: Voluntary and Compulsory.

Voluntary

Effortlessly close your UK limited company through Voluntary Liquidation. Appoint a liquidator, vetted by creditors, for a smooth process. Our expert team ensures seamless closure, providing professional guidance. Embrace new opportunities confidently. Let’s navigate this journey together. Closing a LTD company made simple.

Compulsory

For closing a UK limited company, Compulsory Liquidation is an option when faced with a winding-up petition. Once the court issues a Winding-up order, the Insolvency Service or Official Receiver acts as the liquidator. Trust this process to close your LTD company efficiently and navigate company closure in the UK.

The legal process of closing a company: How does a limited company close down

When closing your limited company with HMRC debts, the regulations vary based on its financial status – solvent or insolvent. For insolvent companies unable to settle liabilities, consult an insolvency practitioner who may recommend a Creditors Voluntary Liquidation. Solvent companies with sufficient funds to cover liabilities can opt for a tax-efficient closure through Members’ Voluntary Liquidation. Alternatively, if the company hasn’t traded or sold stock in the last 3 months, a cost-effective method is striking-off or dissolution. Informing Companies House of your decision removes the company from the official register.

Trust the experts to guide you through the process, ensuring a seamless closure and compliance with HMRC requirements. Safeguard your interests and embark on a new chapter confidently. Close your limited company with clarity and ease.

Closing a Limited Company: What are the costs involved?

For a dormant company, opt for a cost-effective strike-off using Companies House’s DS01 form, costing £10, if there are no debts. Closing a ltd company with VAT debt or other complexities may demand a Members’ Voluntary Liquidation (MVL) or Creditors’ Voluntary Liquidation (CVL) with fees ranging from £1,500 to £6,000, depending on the process’s intricacy. Closing a limited company, whether due to VAT debt, being dormant, or with HMRC involvement, requires careful consideration and the right approach.

Informing HMRC of a closing company

Closing a dormant company while complying with HMRC regulations requires a systematic approach. Start by organising all business accounts, including previous year records, up to the final trading day. Once everything is in order, submit the documents to HMRC along with a formal request to close the corporation tax account. Notify HMRC about ending your employment status with the limited company and ensure to submit the P35 Employers Annual Return form while checking the completeness of your PAYE and National Insurance contributions. Additionally, get in touch with HMRC to deregister for VAT and promptly fill all necessary tax returns.

Responsibilities when closing a limited company

While limited company formation may seem relatively straightforward, striking it off becomes a more intricate process when you take into account all the additional steps involved.

Deregistering for VAT

To close your limited company with VAT debt to HMRC, follow these essential steps. Complete and submit VAT form 7 to HMRC when you cease trading to deregister your company from VAT inclusion. Wait for HMRC to confirm receipt and provide a deregistration date before halting VAT accounting. Additionally, remember to submit a final VAT return, accounting for any remaining stock or business equipment.

Corporation Tax

To halt Corporation Tax reminders, notify HMRC of your company’s discontinued trading and file a tax return online to declare it dormant. Even if HMRC hasn’t requested a tax return previously, inform them via phone or post about the company’s dormant status. By taking these steps, you can avoid unnecessary reminders and ensure a smooth process in closing a dormant company.

PAYE scheme

When a PAYE scheme becomes non-operational, it must be closed promptly when closing a company in the UK, including a LTD company. Contact HMRC and submit a final payroll return to initiate the closure process. HMRC provides detailed instructions on how to complete this procedure efficiently.

Capital Gains Responsibilities

If you have the question on how to close a company in the UK, including closing a LTD company, handle equipment purchased using company funds. Decide to sell the equipment or transfer ownership to yourself. Account for any capital gain and include it in your self-assessment tax return.