Before you start the close down process<\/strong><\/span><\/h4>\nCertain conditions must have been fulfilled prior to the application to close down the company being made. Of importance are:<\/p>\n
\n- The company must not have traded in the last 3 months nor changed its name<\/li>\n<\/ul>\n
\n- You must have informed HMRC\u00a0 – they will expect final accounts to close of trade and for any taxes to have been settled.<\/li>\n<\/ul>\n
\n- You\u2019ll also need to account for any surplus funds that you intend to extract from the company by way of salary, dividend or capital distribution. If you\u2019re uncertain about this then you may need to seek the services of an accountant to help you through this process and ensure that you\u2019ve extracted the funds correctly and in the most tax efficient way (find out more \u2013 click here<\/strong><\/span><\/a>)<\/li>\n<\/ul>\n
\n- If you have any creditors then these must be told prior to the application and a copy of the strike off form must be sent to them within 7 days of it being filed<\/li>\n<\/ul>\n
Complete the form<\/strong><\/span><\/h4>\nThe application to close or strike off the company must be made by the directors by completing a form called a DS01. The form is easy to complete and quite self explanatory in its content.<\/p>\n
A paper version of the form can be downloaded from the GOV.uk web site \u2013 click here<\/strong><\/span><\/a><\/p>\nThe fee payable for this is \u00a310.<\/p>\n
Do it online – it’s cheaper<\/strong><\/span><\/h4>\nYou can complete the form online \u2013 click here<\/strong><\/span><\/a><\/p>\nThe filing fee for doing it online is just \u00a38 and it\u2019s easier to do.<\/p>\n
Don\u2019t lose your money<\/strong><\/span><\/h4>\nDo make sure that you close your business bank accounts prior to the company being struck off as the bank accounts will be frozen and any monies in the account will pass to the Crown if you\u2019ve not withdrawn them before the close down is finalised.<\/p>\n
Timeframe<\/strong><\/span><\/h4>\nThe strike off process does take about two months from the date of application. The timeframe is set by Companies House and there are a number of steps that they undertake before the eventual close down will be effective. Companies House will:<\/p>\n
\n- register the application for strike off on the company\u2019s public record<\/li>\n<\/ul>\n
\n- send an acknowledgement to you to this effect as well as a notification to the company at its registered office address<\/li>\n<\/ul>\n
\n- publish notice of the proposed striking off in the Gazette in order that any interested parties can object if needed e.g. HMRC if you have not filed accounts and tax returns or they know tax is due<\/li>\n<\/ul>\n
More complicated Close Downs<\/strong><\/span><\/h4>\nIf you\u2019ve surplus funds in the company you may wish to consider extracting these by way of a capital distribution or even consider a Members Voluntary Liquidation (click here<\/strong><\/span><\/a> to find out more about these).<\/p>\nIf you\u2019re going down this route then getting an accountant on board in your pre exit planning would be a worthwhile thing to do \u2013 click here<\/strong><\/span><\/a><\/p>\n
- \n
- You must have informed HMRC\u00a0 – they will expect final accounts to close of trade and for any taxes to have been settled.<\/li>\n<\/ul>\n
- \n
- You\u2019ll also need to account for any surplus funds that you intend to extract from the company by way of salary, dividend or capital distribution. If you\u2019re uncertain about this then you may need to seek the services of an accountant to help you through this process and ensure that you\u2019ve extracted the funds correctly and in the most tax efficient way (find out more \u2013 click here<\/strong><\/span><\/a>)<\/li>\n<\/ul>\n
- \n
- If you have any creditors then these must be told prior to the application and a copy of the strike off form must be sent to them within 7 days of it being filed<\/li>\n<\/ul>\n
Complete the form<\/strong><\/span><\/h4>\n
The application to close or strike off the company must be made by the directors by completing a form called a DS01. The form is easy to complete and quite self explanatory in its content.<\/p>\n
A paper version of the form can be downloaded from the GOV.uk web site \u2013 click here<\/strong><\/span><\/a><\/p>\n
The fee payable for this is \u00a310.<\/p>\n
Do it online – it’s cheaper<\/strong><\/span><\/h4>\n
You can complete the form online \u2013 click here<\/strong><\/span><\/a><\/p>\n
The filing fee for doing it online is just \u00a38 and it\u2019s easier to do.<\/p>\n
Don\u2019t lose your money<\/strong><\/span><\/h4>\n
Do make sure that you close your business bank accounts prior to the company being struck off as the bank accounts will be frozen and any monies in the account will pass to the Crown if you\u2019ve not withdrawn them before the close down is finalised.<\/p>\n
Timeframe<\/strong><\/span><\/h4>\n
The strike off process does take about two months from the date of application. The timeframe is set by Companies House and there are a number of steps that they undertake before the eventual close down will be effective. Companies House will:<\/p>\n
- \n
- register the application for strike off on the company\u2019s public record<\/li>\n<\/ul>\n
- \n
- send an acknowledgement to you to this effect as well as a notification to the company at its registered office address<\/li>\n<\/ul>\n
- \n
- publish notice of the proposed striking off in the Gazette in order that any interested parties can object if needed e.g. HMRC if you have not filed accounts and tax returns or they know tax is due<\/li>\n<\/ul>\n
More complicated Close Downs<\/strong><\/span><\/h4>\n
If you\u2019ve surplus funds in the company you may wish to consider extracting these by way of a capital distribution or even consider a Members Voluntary Liquidation (click here<\/strong><\/span><\/a> to find out more about these).<\/p>\n
If you\u2019re going down this route then getting an accountant on board in your pre exit planning would be a worthwhile thing to do \u2013 click here<\/strong><\/span><\/a><\/p>\n
- publish notice of the proposed striking off in the Gazette in order that any interested parties can object if needed e.g. HMRC if you have not filed accounts and tax returns or they know tax is due<\/li>\n<\/ul>\n
- send an acknowledgement to you to this effect as well as a notification to the company at its registered office address<\/li>\n<\/ul>\n
- register the application for strike off on the company\u2019s public record<\/li>\n<\/ul>\n
- If you have any creditors then these must be told prior to the application and a copy of the strike off form must be sent to them within 7 days of it being filed<\/li>\n<\/ul>\n
- You\u2019ll also need to account for any surplus funds that you intend to extract from the company by way of salary, dividend or capital distribution. If you\u2019re uncertain about this then you may need to seek the services of an accountant to help you through this process and ensure that you\u2019ve extracted the funds correctly and in the most tax efficient way (find out more \u2013 click here<\/strong><\/span><\/a>)<\/li>\n<\/ul>\n
![\"\"](\"http:\/\/www.cheapaccounting.co.uk\/blog\/wp-content\/uploads\/Company-Close-Down.png\")
<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"