Closing down a company - what do I do?

[Aman]

I haven't traded for years, been propping up the Ltd Co with my own money and thinking of closing down my limited company. Been out of work a while and looking to go part time permie (caring for Dad just now).
The Directors loan a/c which I don't fully understand stands at 5 figures (the ltd company owes me that's not me drawing from the company) but I can;t see myself trading in the near to mid future so guess I'll have to suck it up.
There are no outstanding liabilities, no bank account, assets are all depreciated to tulip and I could do with not having to fill in null accounts etc, shuttle returns etc every year

My accountant, who I'm no longer with, notified the HMRC of my intentions to close several months ago.
They filled in the form for me, I signed it and posted it away, regular post. Companies House have not received it, so I'll have to do it myself.

What's involved in closing down a company?
Do I just send in the DS01 form to Companies House and that's it?

What happens after that with Companies House, HMRC etc?

When can I get rid of all accounts and correspondence for the last 7 years? I could really use the space.

[northernladuk]

Here is an interesting link relating to how long to keep paperwork for start by Scrag Meister.

http://forums.contractoruk.com/accou...g-records.html

Make sure you empty your bank account before you close anything down. If you leave money in an account owned by a business that no longer exists you cannot withdraw it and would have to re-apply to have the company re-opened again.

As for the best way to get your money out, it sounds like it might be worth getting advice from this and how to close your company down from the accountant again. The cost of his advice may mean you making the best of your money, if you just shut it down and withdraw it all you may pay over the odds without realising. If you feel confident you know the best way then fair enough.

[JoJoGabor]

I tried to do it myself a few years ago. In the end it was too much grief researching it and the risk of missing something out was too great. I think my accountant charged me something like £250 as I hadnt been using them for a year.

[Greg@CapitalCity]

So no bank account, but the company stills owes you a five figure sum. And all tax liabilities have been met, so you are the only creditor in the accounts? Provided you don't block the dissolution of your company then the process would be something along the lines of;
(1) File your DS01 form with companies house;
(2) Write a letter to your corporation tax office to advise them the company has stopped trading, and that you owe them no more accounts due to its lack of trading activity since the last set of accounts you filed;
(3) Write/or call your company PAYE tax office, to advise them the PAYE account is no longer required as the comapnu will shoirtly be dissolved (you may need to file a final PAYE return for your company also);
(4) And if your company is still registered for VAT, complete the VAT7 form to get the VAT account closed down;

Keep a record of all correspondence with the HMRC - it might take 2-3 attempts to get your tax accounts shut down properly - they can sometimes 'lose' paperwork.

[xoggoth]

In process of closing mine.

1) Ensure any payments/loans etc settled including any money owed to/by HMRC.
2) Write to Employer Processing Office, Newcastle to be removed from PAYE etc.
3) Dereg from VAT, this is probably most complicated bit. Form VAT 7.
4) Write seperately to tax office that deals with your CT and enclose necessary declarations re ESC C16, you will find suitable templates on net. They should write back within week or two giving permission to distribute any assets under that scheme.
5) Revalue any assets realistically if necessary and distribute.
6) Close bank accounts, usually just a letter and enclose any cards/cheques suitably cut up.
7)Send form DS01 to Co Hse - they will acknowledge but it takes 3 months+ while they advertise in London Gazette in case of objectors.

[CU63]

Don't forget the £10 cheque that goes to Companies House with the DS01 form.

[Aman]

Thanks all. The accountant said it was straighforward but after recultantly settling in part with me they said they can no longer represent the company, not that I would let them.
Corrp Tax are already aware of intention to close, I called to confrm.

It all just seemed a bit to straighforward.

[Clare@InTouch]

When can I get rid of all accounts and correspondence for the last 7 years? I could really use the space.

You can scan it all and shred the originals, no need to keep boxes of paperwork everywhere. Just make sure you have it all backed up.

[Aman]

I notified HMRC and Companies House of the intention to dissolve the company filed the DS01. HMRC and Companies House said there was nothing else to do.

The company has not traded in the period they are requesting accounts for July 2010-Jun 2011 and in fact has had no bank account since Jan 2010.
Yesterday I received a notice to submit a Corporation Tax Return.

I'm flat broke, can't afford an accountant and have no idea how to do annual accounts .

What to do?

[Clare@InTouch]

I notified HMRC and Companies House of the intention to dissolve the company filed the DS01. HMRC and Companies House said there was nothing else to do.

The company has not traded in the period they are requesting accounts for July 2010-Jun 2011 and in fact has had no bank account since Jan 2010.
Yesterday I received a notice to submit a Corporation Tax Return.

I'm flat broke, can't afford an accountant and have no idea how to do annual accounts .

What to do?

What period does the CT return cover?

If it's a dormant period, just call HMRC and say "It was dormant" - job done