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If you have a company that hasn't conducted any business and wishes to shut it down, a company dissolution or strike-off is a straightforward and economical method to do so. Essentially, this means removing your business from the Companies House register.
Assuming no issues arise during the process, your company will be officially closed in about three months.
At Auditox Accountancy, we are pleased to say we have assisted many professionals with this situation, and we can offer a comprehensive guide to this task.
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Here's a step-by-step breakdown of the procedure:
If you're not the only director, ensure that the majority of directors are on board with the decision.
You can either fill out the strike-off application online or if online access is an issue, complete the paper-based DS01 form.
Send your filled application to Companies House, accompanied by the necessary filing fee.
Delve into: Cheapest Way To Close A Limited Company
You'll receive a confirmation from Companies House once they've verified that your application has been filled out accurately.
Once your application is approved, a notification about your intent to close the company will be displayed in the Gazette. This provides any stakeholders a two-month window to raise concerns or objections.
If the two-month period passes without any objections, the Gazette will release a second notice. Following this, your company will be officially removed from the Companies House register, marking its end.
This approach ensures that your company is closed in a legal and organised manner.
For companies that have never been active in trading, the dissolution process is typically straightforward since there aren't any creditors, employees, or numerous other stakeholders to consider. Follow these steps to ensure a smooth closure:
Uncover more: Closing Down A Business Sole Trader
Start the process by applying for a company strike-off.
Once you've begun the strike-off application, it's essential to communicate your decision to close the company to HMRC. You can relay this information by penning a letter to the Corporation Tax Services or reaching out to them through their dedicated helpline.
Rest assured; Companies House will subsequently notify HMRC when the strike-off is finalised.
Check out: Closing A Limited Company With Debts To HMRC
In scenarios where the company has multiple directors, the striking-off application needs the signatures of the majority to be validated.
As a good business practice, notify all co-directors and shareholders about the impending closure. It's recommended to provide them with a written notification and include a copy of the strike-off application for transparency.
According to the Government website, the cost of applying to strike off a company from the Companies House Register (completing the DS01 form) is £8 when undertaken online, and £10 when a paper application is submitted.
No, it's not a requirement. If you believe there's potential for future business or wish to safeguard the company's name, keeping the company dormant might be a wise decision. When you decide to commence trading, all you need to do is inform the appropriate regulatory bodies.
Closing a limited company that hasn’t traded is a quick and simple process. If you require any assistance with this task, or any accountancy or tax matter, please contact Auditox Accountancy today.
Before you go, take a look at our other article "Difference Between Event And Transaction" for more additional insights.