Double Check - Closing Limited company

dothenumbersaddup

please could I check if this is a pathway to closing my limited company.  My year end is 31 October and the company has not issued any invoices for work since May.  If I paid employees, issued P45, de registered VAT, then produced CT600, then paid tax, then paid dividend to empty the account, then closed bank account - all by or on 31/10 - could I then send in DS01 form to companies house and start the process?  Would I need to produce a further set of accounts?  Have I missed anything? Thankyou

Bookworm105

what does your accountant advise?
there is a tax efficient way to close a company and there is a (very) tax inefficient way to close the company depending on its balance sheet value and timescale required. Taking all the money as dividend and running may not be it.

uknick

What Bookworm says as they know all the factors involved.

I will say, we had a client who gave us about a month's notice they wanted to cease trading a Ltd; told us in February they wanted to cease trading before the 31 March year end.   This was not the best option for them as their final VAT return for period ending 31 March was going to generate a refund which wouldn't be received until May.  We advised them to extend their year end by a couple of months to allow for the refund to be banked.  Only downside was they needed to submit 2 final CT returns.