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Closing a UK Limited Company Part 2: File A DS01 with Companies House
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- เผยแพร่เมื่อ 7 ธ.ค. 2022
- Part 1: Closing A UK Limited Company! Avoid These Mistakes Now!: • Closing A UK Limited C...
Part 2:
Closing a UK Limited Company! Use a DS01 to Close the Company: • Closing a UK Limited C...
In this comprehensive guide, we delve into the intricacies of closing a UK limited company using Form DS01. Whether you're winding up your business or transitioning to a new venture, understanding the process is crucial. We'll walk you through each step, highlighting key dates and essential tax forms you need to be aware of to ensure a smooth closure.
Key Dates:
Companies House Filing Deadlines
HMRC Tax Obligations
Tax Forms:
Form DS01: Striking Off Application
Final Corporation Tax Return (CT600)
VAT Deregistration Form (VAT7)
Examples:
We'll illustrate the process using a hypothetical scenario of a software development company ceasing its operations and closing down officially.
Additionally, we'll explore the closure of a small retail business to provide a broader perspective on the steps involved.
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Closing a UK Limited Company Part 2: File A DS01 with Companies House
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We request online closing of company
But not send any notice to HRMS
Source: Companies register activities 2020 to 2021, Companies House. During 2020 to 2021 there were 10,438 compulsory liquidations, a year on year decrease of 36.6%. In the same year, there were 14,910 members' voluntary liquidations, an increase of 29.7% compared with 2019 to 2020.24 Jun 2021
Interesting facts. Thank you for sharing
Hi, i have a ltd. I stopped trading, deregistered from VAT. Got my corporation tax refund. Now do i strike the company off if i want to move the business to property investment?
Please rewatch the video as the content is available there
ow many limited companies are there?
There were around 3.5 million sole proprietorships (59%) in the UK at the start of 2019, 414,000 partnerships (7%), and 2 million limited companies (34%).
Out of the 2 million actively trading limited companies in the UK (2020), around 990,000 were employers, whereas 891,000 companies were not. Therefore, just over half of limited companies are employers and just under a half are one-man-band businesses.
Unlike sole traders, it is much easier to pinpoint precise numbers of limited companies, as the relevant data is captured centrally at Companies House.
Again, interesting facts. Thank you 🙏
how to close a company when I don't know the Authentication code and I can't provide it in any way!
You complete a DS01 form, which does not require an authentication code 👍
@@Simon-Misiewicz-US-UK-Taxes send me direkt link please 🥺
@user-ns6oz9xk7b just type DS01 into Google and magic ✨
Hiya, I have an Ltd business thats been open since September 2022, trading since April 2023, very little, only £1-2k in sales/ 1/3 of that in profit. I have just submitted my September - September accounts for the first time. Now can I close down my ltd business? Will this only cost me £10? My friend had one and didn't trade and said it cost her £150 to close it down.
Also is there anything else I need to declare/do about my earnings or is this ok to close? I'd be so grateful for your advice, thanks.
Given the number of questions that you have, may I suggest that you speak to your accountant or a local accountant to go through this process? There are many trip hazards along the way that could cost you a lot more than just £10.
I just opened a LTD company 2 months ago. I don't have a business bank account yet. The company is just a self-employed individual. Now that I close my company, will I have to pay any money? If I don't close the company, will I have to pay business tax? Thanks u
A company is its own legal entity. Self-employed references your personal tax position.
A limited company will pay corporation tax and self employment will result in income tax
You will need to pay to close the company even if it has not traded.
That helped alot! Thanks!
My pleasure 🙏
"Good morning,
I'm interested in closing my limited company along with its registered brand. While I'm familiar with the process of closing a limited company, I'm uncertain about the implications for the brand.
If I close the company, will the brand automatically be closed as well?
If not, could you please advise me on the procedure for closing a registered brand in the UK?"
A brand may be taken over by another limited company or by you as an individual
So what happens when you want to close the company but still have money in the business account? (Small company with one director who is the sole shareholder) Is there a specific hmrc form you need to fill?
Please do not close the company whilst you have money in the bank account. If you close the company before you clear the bank, it will go to the royal family
I am UK citizen living in the UK but planning to move to Spain. What is my tax responsibility and best structure, with a limited company in the UK once I become a resident in Spain and want to continue working remotely with clients in the UK?
A great question but forgive me but it is not going to be answered on here in a few lines, sorry 😞
What if i am only Director with no shareholders, no debts and have £100,000 in my business Bank account? Will HMRC hit me with taxes?
No tax can be charged just because you have money in the bank account. A company must have shareholders
I have submitted the application of close the company, at the moment we don't have any creditors like suppliers, former employees, landlords or tenants, guarantors, HMRC and Department of work pension and any employee as well, so should I inform all the them still? i have written a letter to send HMRC and email to shareholders, anyone I should inform? Thanks a lot!
You do not need to do any more than complete the DS01 form. You have done more than enough with your communication 👍
I have create aa Pvt LTD Company in 2020 i have never trad and never open bank account i have fill 1 time confirmation statement. Now i want to close down my company forever. What's the process please anyone tell me
Please search Google for a DS01 form to close down the company
What about a dormant company with 1 director & PSC that has never traded with late fillings fees under £500.00
These should be fine with one director
@@Simon-Misiewicz-US-UK-Taxeswhat would be different with two directors
ive just filled for a strike off online but havent informed anyone yet. im the only director, but which address do i send the letter informing im closing the company to?, in terms of hmrc and the department of Work and Pensions. please and thanks
Watch the video in full. All the details are contained within.
do i need to tell hmrc or anyone else that i plan/close my company?
All the details you seek are in the video. Please watch it fully
Only suppliers with long term contracts. No one else though
Is compulsory to send HRMS LAEETER
I started a Ltd company with one other person (50% each) no trading yet. Can I just strike off?. He doesn’t put in any effort at all and before we start earning I would like to go on my own
Sadly not. You will need to involve a lawyer to exit them or resign as a director and give up your shares
need to close down my company! I am the only director with no employees etc. I have not earned more than 500 pounds in an year and now want to close down the company, will I have to pay any taxes other than that 10 pound fee? And as I don't have anyone in my company, all I have to do is, fill the ds form and that's it! right?
If you have and £500 you will need to complete a set of accounts and submit those to companies house and HMRC before you use DS01 form to close the company
@@Simon-Misiewicz-US-UK-Taxes i have withdrawn the money
Do you still need to file Accounts and pay tax on the profit you have made?
@@Simon-Misiewicz-US-UK-Taxes i dont think so because i didn't reach the threshold and closing my company in just one year. Moreover it wasn't the profit, if i calculate spendings on ads and products, i was in loss 😂 this is the reason i am closing the company.
Very clear and useful. Next - how to close down a company with assets > £25000...?
You need a liquidation specialist
It's mendotory to send copy to HRMS?
It is always worth sending them a letter to confirm
I spoke to hmrc. They told me they get automatically informed so don't need to bother. Still worth ringing them to inform and note. You need to do end of year accounts and to note they are final accounts to hmrc. Oh, and empty your business account before closing it else you lose your monies.
@ghazalamalik6980 the last point is super important