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COMPANY CLOSURES

Closing Your Limited Company

Closing a limited company is not as simple as closing the bank account and walking away; certain formalities need to be followed.

What determines the route your closure takes is the level of your reserves and whether or not a formal liquidation is needed.

You can find out more about the options here  Opus

Need a Liquidator?

We have worked closely with Opus Business Services Group for some time. Whatever your circumstances they can help.

Closing your company to return to permanent or enjoy retirement, we along with Opus can save you £'000s in tax.

Worried that your company cannot meet its tax liabilities or that you cannot repay a director's loan, Opus can talk you through your options.

If you would like to talk to Opus about your situation, please ask your accountant to introduce you. An initial chat to see what your options are is free of charge.

What Does it Cost to Close Your Company?

It depends on the optimal route for your circumstances. Our table below sets out the most common scenarios.

If none of these quite fit your needs, we are happy to discuss individual circumstances to suit.

Solvent Liquidations

 

COMPANY STRIKE OFF - NO CHARGEABLE GAIN

FORMAL LIQUIDATION

 

Minimal reserves, under the Capital Gains Tax Annual Allowance

Reserves under £25,000 – ESCO 2012 Route

Reserves over £25,000 – liquidator required

  From £250 plus VAT From £500 plus VAT From £2,500 plus VAT and disbursements
Undertake tax planning including considering the utilisation of the annual Capital Gains Tax Allowance and Entrepreneurs relief X Y Y
Preparation and filing of final VAT Return Y Y Y
Reconcile and close down VAT account - ensure taxes paid or refunds requested Y Y Y
Prepare and file final payroll RTI submission Y Y Y
Issue P45 Y Y Y
Reconcile and close down PAYE account - ensure taxes paid or refunds requested Y Y Y
Amend company year-end where necessary Y Y Y
Preparation of cessation accounts for approval Y Y Y
Filing of cessation accounts with Companies House and HMRC Y Y Y
File final company CT600 with HMRC Y Y Y
File DS01 with Companies House requesting strike off Y Y Y
Prepare pre liquidation accounts and pass to the liquidator X X Y
Liaise with the liquidator to complete liquidation formalities X X Y
Opus complete the formal Liquidation process X X Y

For more information click here

Prepare final Self Assessment return and report capital gain

Additional charge £150 plus VAT

Y Y

Insolvent Liquidations

If your company is insolvent and you are unable to meet your tax liabilities or repay

a directors loan you will need bespoke advice from our Insolvency partner.

Creditors Liquidation from £4,000 plus VAT

Please call one of our accountants on 01296 468 185 or email info@orangegenie.com for more information

 

Why Orange Genie Accountancy?

Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.

We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.

Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:

  • Unlimited accountancy support
  • Face to face meetings so we can get to know you and understand your contracting goals
  • Proactive contact
  • Director and employee payroll
  • Annual Return
  • Self-Assessment Return
  • A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations

​And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning. 

If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com

Request a Call Back from Orange Genie

If you would like to find out how Orange Genie could help you. Please fill out the form below and one of our new business team will be in touch.

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