This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Closure of Ltd Company

ackersj
Posts: 16
Joined: Wed Aug 06, 2008 3:43 pm

Closure of Ltd Company

Postby ackersj » Sat Jan 11, 2020 2:26 pm

I have worked as an IT contractor through a Ltd Co for 5 years and I am about to retire and close the Ltd. My accountant had initially said they would prepare the final accounts as normal ( ie. included in my monthly fee ) and I could close the company down myself via the less than £25K route. They inferred it was just a couple of forms required. This has now changed to charging me circa £500 for the closure. I am not averse to paying for peace of mind but just want to know how complicated it would be to do it myself. My worry is the final accounts would not be accepted and I have gone DIY.

jerome.lane
Posts: 126
Joined: Mon Aug 12, 2019 8:41 am
Location: Camberley, Surrey
Contact:

Re: Closure of Ltd Company

Postby jerome.lane » Mon Jan 13, 2020 9:32 am

Once the company is no longer active for over 3 months, you can just send a form DS01 (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/771476/DS01_V7.2.pdf) to strike off and this costs £10. Anything less than £25k in the company bank account can be taken as a capital distribution. It is relatively easy to manage this yourself although the fee mentioned seems reasonable and its worth it for peace of mind.
Jerome Lane
Tax Advisor
jerome.lane@stewartco.co.uk
Stewart&Co.
Chartered Accountants
Telephone: 01276 61203


Return to “Business Tax”

cron