• slider-1.jpg
  • slider-2.jpg
  • slider-3.jpg

Why choose us?

Latest News

What does the Queen’s Speech mean for employment law?
16/10/2019 - More...
The Queen’s Speech 2019 outlined...

New £20 note unveiled
15/10/2019 - More...
The Governor of the Bank of England,...

National Living/Minimum Wage entitlement
15/10/2019 - More...
A reminder that the current National...

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

P&A taxapp

Using the latest technology, our app has been developed to provide you with useful tax tools and information via your mobile device. Download the apps below for FREE:

Google Play App Apple App

Search News

Options to close down a limited company

Source: HM Revenue & Customs | | 10/09/2019

There are a number of reasons why a limited company may no longer be required and can be shut down. This may be because the limited company structure no longer suits a client's needs, the business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down the company.

The method for closing down a limited company depends on whether it is solvent or insolvent. If the company is solvent, you can apply to get the company struck off the Register of Companies or start a members’ voluntary liquidation. The former method is usually the cheapest. You should also make sure that no business assets are left as any funds in business bank accounts could revert to the Crown.

Where a company is insolvent, the creditors’ voluntary liquidation process must be used. There are also special rules where the company has no director, for example if the sole director has passed away.

A company can also elect to become dormant. A company can stay dormant indefinitely, however there are costs associated with this option. This might be an option if, for example, a company is restructuring its operations or wants to retain a company name, brand or trademark. The costs of restarting a dormant company are typically less than forming a new company.



Registrations

Company Registration No: 06706416
VAT Registration No: 395 9462 91

Our Address

P & A Accountancy Services (1984) Limited
32 Thorpe Wood
Thorpe Wood Business Park
Peterborough
PE3 6SR

Contact Us

tel: 01733 373100
This email address is being protected from spambots. You need JavaScript enabled to view it.