Change name of the company OR register a new one?

[JamesBrown11]

As a business (PSC) - after many painful lessons learned over the last 10 years - I would like to start afresh. With new name, new logo/branding, new accounts, and all the gained knowledge. Sector would remain the same.

Are there any benefits to starting anew, with all bridges burned behind?

[ladymuck]

Could be accused of phoenixing if you close down wrongly.

Just change the name. It's far simpler. Only those that can be bothered to look at CoHo will see the name history.

[cojak]

I changed the name of my company. It was very simple to do and didn’t cost much.

Also remember to change any business codes if you are doing anything radically different, you may be paying too much VAT if you don’t.

[JamesBrown11]

Thank you for the swift response guys. You are the best

[oilboil]

Could be accused of phoenixing if you close down wrongly.

Just change the name. It's far simpler. Only those that can be bothered to look at CoHo will see the name history.

So long as you close it down and pay the correct corporation tax and distribution tax on any leftover capital (either dividend or PAYE/NI) then there is no phoenix issue.

Phoenixing is only an issue if you take advantage of Entrepreneurs Relief, do some weird stuff with Capital Gains or use it to artificially keep your VAT income under the thresholds

[BolshieBastard]

As a business (PSC) - after many painful lessons learned over the last 10 years - I would like to start afresh. With new name, new logo/branding, new accounts, and all the gained knowledge. Sector would remain the same.

Are there any benefits to starting anew, with all bridges burned behind?

Depends if the 'many painful lessons' are specifically related to the existing company. If they are and you want a 'fresh' start, close the existing company and start a new one.

There's no phoenixing risk unless you are specifically looking to empty the company or avoid company debts. Doing the exact same business with a new company isnt a phoenixing issue unless it is being done to avoid taxes or bad debt etc.

Be aware if starting a new company then, that company has no track record as regards delivery of products or services, might be taken that you, yourself are new and inexperienced and, if wanting finance in the first 3 or 4 years of existence, may find it more difficult to secure than a pre existing company.

[ladymuck]

So long as you close it down and pay the correct corporation tax and distribution tax on any leftover capital (either dividend or PAYE/NI) then there is no phoenix issue.

Phoenixing is only an issue if you take advantage of Entrepreneurs Relief, do some weird stuff with Capital Gains or use it to artificially keep your VAT income under the thresholds

Hence why I said "if you close it down wrong"

Fine example of mansplaining