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Umbrella Sign-upClosing your company
If you decide you want to close down your company you will need to follow the right procedure.
Obtain form DS01 ('striking off application') from Companies House. You will need to have ceased trading at least 3 months before. All liabilities must have been settled.
If there are funds left in the company you will need to decide how to take them out. There are 3 options:
- Take the money as a dividend
- Take the money out as capital
- Make a company pension contribution
However the funds are taken out of the company there is likely to be a tax liability that must be settled. HMRC will not allow a company to be struck off until they are satisfied that no further liabilites are outstanding.
It is important that you carefully plan your exit in order to reduce the tax payable.