Youtor
🆘 Closing Down Your Ltd Company 🆘
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https://help.directorfirst.co.uk/help... • https://meetings-eu1.hubspot.com/shau... 🆘 Closing Down Your Ltd Company 🆘 • This week I will be doing videos that explain all the different ways that you can close down your ltd company. • If anyone has any questions that they would like answering please let me know. • Today we are talking about Striking Off a Company • This is a simple and cost-effective way of closing your company and you can do it yourself for £10 • You strike off your company from the register at Companies House by filling out and submitting a DS01 form. • Certain conditions must be met when dissolving a company and you can’t have significant debts. • Here are the requirements to dissolve your company. • ✅ You haven’t traded in 3 months • ✅ The company has no cash or assets • ✅ If you do have creditors, you have informed them and requested their permission to dissolve the company. • ✅ Your creditors are given 3 months to object to you striking the company off, if they don’t the company gets dissolved • ✅ You haven’t tried to move assets such as property, plant, and machinery out of the company. • Here is a typical example. • ‘James ltd company owes HMRC £8k in corporation tax, he has no way to pay it back and the company has no assets, he’s not traded for 3 months and is worried about HMRC turning up at his door. He files a DS01 form to Companies House and also sends a copy of the DS01 form to HMRC. He also sends a covering letter informing them that the company has no assets or cash and inviting them to liquidate the company if they wish. At this level it’s highly likely HMRC will not respond within 3 months and the company will be struck off the register. The debt to HMRC will dissolve also as the company no longer exists. • There are disadvantages to this idea • ❌ The companies that you owe money to may object • ❌ The company could be reinstated for up to 20 years. • ❌ This process is open to abuse if done incorrectly your company could be reinstated and you being made personally liable for the company debts • ❌ It’s highly unlikely that you will be able to dissolve a company that has taken a Bounce Back Loan • ❌ If you choose to dissolve a company you will not be able to make a claim for redundancy, the average claim for directors is £9,000 so check this with me before you make a decision. • I’ll be explaining other methods of closing your company later this week. • Any questions please let me know. • Chris • • https://meetings-eu1.hubspot.com/shau... • Call 08000862766 • https://meetings-eu1.hubspot.com/shau...
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