There are many reasons why the directors and shareholders of a company may apply for a voluntary liquidation. These could include retirement, the company reaching the end of its life cycle, or wanting to disincorporate and become a sole trader or LLP.<\/p>\n
If the company is solvent and can pay its bills, then the shareholders can apply to have the company struck off the Register of Companies at a relatively low cost. You can only apply to have your company struck off if it:<\/p>\n
Close the company down \u2013 the company must be closed down legally before applying to strike off. This means informing the relevant individuals\/entities within 7 days of filling in an application to strike off. Form DS01 \u2018Striking off a company from the Register\u2019 needs to be filled in and signed by the majority of the company\u2019s directors. The form must be submitted to HMRC with a \u00a310 cheque.<\/p>\n
Employees and HMRC \u2013 employees must be notified. Redundancy rules must be followed and final wages and salaries must be paid. The company also needs to inform HMRC that the company has stopped employing people.<\/p>\n
Company assets \u2013 it is important to make sure that business assets are shared among the shareholders before the company is struck off. Anything left when the company is struck off will go to the Crown. You will have to restore the company to get anything back.<\/p>\n
Final accounts \u2013 final accounts need to be prepared for the period from the date of the last set of accounts filed with Companies House to the date the company ceased to trade. Final accounts do not need to be submitted to Companies House. These are instead sent to HMRC with the company\u2019s final corporation tax return. It must clearly state that these accounts are the final trading accounts, HMRC will then know that the company will soon be dissolved.<\/p>\n
Loss making in the final year of trading? \u2013 The company might be able to offset the loss against profits from previous years through terminal loss relief.<\/p>\n
Final step \u2013 Pay any corporation tax due and any other outstanding liabilities.<\/p>\n
Once your strike off application has been received by Companies House, you will get a letter to let you know this has been filed correctly. If nobody objects, the company will be struck off the Register once the 2 months mentioned in the notice has passed.<\/p>\n
<\/p>\n
Blog written by Theresa Dance<\/p>\n","protected":false},"excerpt":{"rendered":"
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