Closing new business (never traded)

fopa

Hi,

I am looking for some simple straight forward advice.

I registered a new business November 2012, registered for VAT on the advice of an accountant even though I advised that I would not hit the threshold etc and naturally registered for corporation tax etc.

The business never really got up and running for one reason or another, and I have cancelled the lease for the office. I want to close the business or at least leave it in a dormant state.

I need confirmation around the steps I should follow for closing the business:

1.Cancel office lease
2.Inform the vat (done this already, but they have sent me a default letter which is nice of them. Sent a letter to the vat, explaining the business has not traded and will be closing therefore please de-register the business for VAT.)
3. Phone the tax office and cancel the corp tax?
4. Close bank account
5. Request closure via companies house (non-electronic)

Is there anything else I would need to do? Company has never traded and has no assets.

If I was to leave the company as non-trading, what are my paperwork commitments?

Any advice greatly appreciated.

Fopa
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BargainHunters

Hi

I have been in the same position before. I would simply close the bank account and apply to strike the company off at Companies House (costs about £10).

It will be published in the London Gazette and assuming no objections from creditors within a 3 month period the company will then be dissolved. After which there is nothing HMRC can do. If they do keep writing or issuing penalty notices just send a confirmation that the company has dissolved.

Hope this helps.

Wywth

fopa wrote: »

Hi,

I am looking for some simple straight forward advice.

I registered a new business November 2012, registered for VAT on the advice of an accountant even though I advised that I would not hit the threshold etc and naturally registered for corporation tax etc.

The business never really got up and running for one reason or another, and I have cancelled the lease for the office. I want to close the business or at least leave it in a dormant state.

I need confirmation around the steps I should follow for closing the business:

1.Cancel office lease
2.Inform the vat (done this already, but they have sent me a default letter which is nice of them. Sent a letter to the vat, explaining the business has not traded and will be closing therefore please de-register the business for VAT.)
3. Phone the tax office and cancel the corp tax?
4. Close bank account
5. Request closure via companies house (non-electronic)

Is there anything else I would need to do? Company has never traded and has no assets.

If I was to leave the company as non-trading, what are my paperwork commitments?

Any advice greatly appreciated.

Fopa
--

I suggest you go back to your accountant for advice

Are you sure the company has never traded if you have an office lease in place?
Was that not put through company books? If not, why not?

If you registerd for VAT, you need to return VAT returns for the period you were registered, even if nil returns

fopa

Many thanks for the replies.

The office space was rented out of my own pocket before the business was formed. My accountant is failing to return my phone calls or to respond to emails. Therefore i would rather sort this myself and then they can go whistle.

Ironically, i phoned the vat this morning and queried where my de-registration was up to, they have stated they have not received it, i also completed assessment requirements online only to be told that, that data has not been recorded? Which is nothing short of pathetic.

Mistral001

fopa wrote: »

Many thanks for the replies.

The office space was rented out of my own pocket before the business was formed. My accountant is failing to return my phone calls or to respond to emails. Therefore i would rather sort this myself and then they can go whistle.
.

Accountants can take a while to respond, even if you have paid them what you owe them. I would keep trying.