Company Laws Help!

mikey21_2

Hello Everyone,

I own a small business, only me, I want to shut it down can I just resign as the Director and Company Secretary? My accountant is making a lot of noise about it I think he wants a fee. Is it so simple that i can just resign and then the company is dead? Would be grateful for any help i am a bit stupid with this kind of stuff!
Thanks
Mikey

Bamber19

As far as i'm aware if you are a registered company you must notify companies house(their website will help you with the relevant info) and if you're a sole trader(not registered woth companies house) then their is no line between your own finances and the business so merely ceasing to trade should be sufficient.

WHA

No, you can't just resign and walk away.

At the very least, HM Revenue & Customs will want a corporation tax return, VAT return and employers' annual return for the final period of trading, and you need accounts preparing to do that.

Only when HMRC are happy that the company's tax returns and tax payments are up to date will they allow Companies House to wind up the company.

There is a simplified procedure for winding up the company so you don't need to appoint formal liquidators.

Any money/assets left in the company (or its bank account) etc have to be properly transferred over to you (on tax consequences dealt with) otherwise they become Crown property and you forfeit them.

None of the above is a particular problem and neither should it be particularly time consuming but someone has to do it and you are responsible for making it happen.

richt71

WHA wrote:

No, you can't just resign and walk away.

At the very least, HM Revenue & Customs will want a corporation tax return, VAT return and employers' annual return for the final period of trading, and you need accounts preparing to do that.

Only when HMRC are happy that the company's tax returns and tax payments are up to date will they allow Companies House to wind up the company.

There is a simplified procedure for winding up the company so you don't need to appoint formal liquidators.

Any money/assets left in the company (or its bank account) etc have to be properly transferred over to you (on tax consequences dealt with) otherwise they become Crown property and you forfeit them.

None of the above is a particular problem and neither should it be particularly time consuming but someone has to do it and you are responsible for making it happen.

Good post. This indeed what you need to do then call companies house and tell them you no longer want the company otherwise they'll just keep sending notices for no officers of your company.

Raksha

WHA wrote:

No, you can't just resign and walk away.

At the very least, HM Revenue & Customs will want a corporation tax return, VAT return and employers' annual return for the final period of trading, and you need accounts preparing to do that.

Only when HMRC are happy that the company's tax returns and tax payments are up to date will they allow Companies House to wind up the company.

There is a simplified procedure for winding up the company so you don't need to appoint formal liquidators.

Any money/assets left in the company (or its bank account) etc have to be properly transferred over to you (on tax consequences dealt with) otherwise they become Crown property and you forfeit them.

None of the above is a particular problem and neither should it be particularly time consuming but someone has to do it and you are responsible for making it happen.

Can I ask what happens when a company is dissolved by Companies House (as opposed to voluntarily)- is there any claim by anyone (including HMRC) on anyone/anything AFTER it has been dissolved?