How To Close Down Your Company
Sometimes things go well and sometimes, they don't. You get to Year 2 and, you've got £3k in the bank account and the annual returns are looming. The biz didn't take off and you want to cut your losses and start over. Even billionaires have failed businesses.
So, how to shut down a company in the UK?
It's actually quite simple, if it doesn't owe anybody. The procedure is listed here: https://www.gov.uk/strike-off-your-company-from-companies-register/overview and the key document is here: https://www.gov.uk/government/publications/strike-off-a-company-from-the-register-ds01
It's important to do things in the right order. Let's assume the company doesn't owe anybody. Here's a quick overview:
- 1. You inform interested parties, like creditors and HMRC.
- 2. You file your last company tax return at HMRC.
- 3. You withdraw money from your company bank account, and transfer property, if there's any. Why? If your company is struck off, the state gets any assets left.
- 4. You complete and post form DS01 to Companies House.
Note again, the above is the procedure if your company's affairs are simple, it is solvent, with a sole owner, director and employee (you). We are not experts. You should seek expert advice if, for example, your company is more complex or has substantial debts. Registered Address Limited cannot offer legal advice.
You should retain your mail-forwarding service with us until the procedure is completed. You will be sent letters by HMRC and Companies House after your submission(s).
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