I want to close my business.

anigma

why close the business? maybe it can be revived from it's near-loss point.
make up your mind before going into such decisions.

Seanymph

I've just closed mine.

I repaid myself the start up costs out of what was left (no tax then) - closed the bank account - and closed the account. I had to tell the VAT dept and file my final zero return. Tell the Revenue no more PAYE and issue all the P45's.

It was very easy though really. And I'm really pleased I did too.

Barry_Luxton

When you say you repaid yourself - how simple was that process? Is it a case of writing yourself a cheque?

Barry

GillsMan7

I'm not an accountant, but I know that where Corporation Tax is due (and it doesn't appear to be due in this case, so this post may well be irrelevant), you can apply for Entrepeneur's Relief if it's your first company or something, which is a tax-efficient way of taking money out of the company when you close it down.

chrismac1

I suspect we'll discover that Sean's company is very much still alive if we were to visit Companies House. This in turn means that action is needed to avoid a £100 fine from HMRC plus a £150 one from Companies House when filing time comes around - unless Sean has struck off or liquidated the company without telling us about having done so.

adi2402

I would say:

Pay any VAT and de-register for VAT, pay any corporation tax and lodge the associated CT600 to avoid any complications with HMRC.

Ensure all debts paid and take all money from the company before winding up.

Apply to wind up the company with companies house.

Capital gains tax may be due on the winding up, but sound minimal or unlikely. This will be declared on your personal tax return.

Speak to an accountant re the above, wont take long and will help you with the process and the various forms and calculations.

As someone mentioned above watch out for any filing deadlines that you might be approaching with both companies house and HMRC.