Reply to: How to close down my company..?

[northernladuk]

Not sure this is appropriate in a professional forum

It's a wholly appropriate response based on the OP and question. You'll know if you know. DT commands a certain response to his questions. Check his other posts and responses. There is such a thing as a stupid question despite what people say and even on a professional forum pointing out how dumb that question is is still appropriate sometimes. Try asking a dumb question on Mumsnet

If you check the Netiquette guide here - https://forums.contractoruk.com/welc...r-newbies.html
Cojak specifically states

So basically, we will help where we can but we dislike lazy posting. If you find the above steps too much of a hassle, you deserve all you get.

In general yes you are right. In the case of the OP then wholly appropriate.

[Snooky]

We've seen you ask some pretty dumb questions and are well aware that tying your shoelaces is a challenge but you never cease to take it down a level when we think you've finally hit rock bottom.

You need to stop posting and leave that gem as your legacy. People that have to ask questions like that shouldn't be in charge of anything.

Not sure this is appropriate in a professional forum

[jamesbrown]

People that have to ask questions like that shouldn't be in charge of anything.

Not even best practices for parking etiquette?

[northernladuk]

But if I am closing down my Ltd company that means my accounting firm is going to loose another customer..why should they help me..?

We've seen you ask some pretty dumb questions and are well aware that tying your shoelaces is a challenge but you never cease to take it down a level when we think you've finally hit rock bottom.

You need to stop posting and leave that gem as your legacy. People that have to ask questions like that shouldn't be in charge of anything.

[Snooky]

But if I am closing down my Ltd company that means my accounting firm is going to loose another customer..why should they help me..?

Because they're not doing any of it for free, so they'll be paid for that help. I'm also closing down my company and my accountant couldn't have been more helpful, but then I've been with him for over 25 years and get on very well with him. But I'm under no illusions that it's still a paid service.

[Lance]

Their job is to be accountants. It's not to hold personal grudges against people.
If they do a good job, you are more likely to recommend them, or even to use them the next time you decide to set up another company.
You pay them an annual fee to do their job. They do their job.
Just make sure you pay them, and don't try to cut corners.

And if you've asked them as many questions as you ask us, they will probably be glad to see you go.

ouch.......

[WTFH]

But if I am closing down my Ltd company that means my accounting firm is going to loose another customer..why should they help me..?

Their job is to be accountants. It's not to hold personal grudges against people.
If they do a good job, you are more likely to recommend them, or even to use them the next time you decide to set up another company.
You pay them an annual fee to do their job. They do their job.
Just make sure you pay them, and don't try to cut corners.

And if you've asked them as many questions as you ask us, they will probably be glad to see you go.

[Darren_Test]

Speak to your accountant - as I'm sure there's pieces you're not telling us.
Then you will probably end up doing it exactly the same way you should have closed down your last couple of companies.
Just make sure that you're not phoenixing for a tax advantage - your accountant will explain that to you.

You'll still need to do self assessments, you don't get out of them that easy. Again, if you're unsure, pay an accountant to help you. Don't be a skinflint when it comes to sorting this out.

But if I am closing down my Ltd company that means my accounting firm is going to loose another customer..why should they help me..?

[WTFH]

After submitting 31/01/2023 final account balance of my Business account is down to 10K now. So the steps I should do are..?

pay HMRC any tax owed, --> This is from previous submissions anything is pending, right..? , Or anything else to do..?

close the bank accounts and submit the DS0 --> OK

Once this is done do still need to self assessment for this year..?

Speak to your accountant - as I'm sure there's pieces you're not telling us.
Then you will probably end up doing it exactly the same way you should have closed down your last couple of companies.
Just make sure that you're not phoenixing for a tax advantage - your accountant will explain that to you.

You'll still need to do self assessments, you don't get out of them that easy. Again, if you're unsure, pay an accountant to help you. Don't be a skinflint when it comes to sorting this out.

[cojak]

Yes, go into your tax portal and it will tell you there.

[Darren_Test]

Again, if you have £26k in the account, no need for an MVL, a strike off works fine. Take your outstanding dividend payment from the DL account, pay any outstanding debts, submit any final accounts and pay HMRC any tax owed, close the bank accounts and submit the DS01. It will take about 3 months to complete the strike off, assuming HMRC doesn't object.

After submitting 31/01/2023 final account balance of my Business account is down to 10K now. So the steps I should do are..?

pay HMRC any tax owed, --> This is from previous submissions anything is pending, right..? , Or anything else to do..?

close the bank accounts and submit the DS0 --> OK

Once this is done do still need to self assessment for this year..?

[jamesbrown]

I will loose themoney left in the account if I go to liquidation/MVL or strike off route..? thanks.

Again, if you have £26k in the account, no need for an MVL, a strike off works fine. Take your outstanding dividend payment from the DL account, pay any outstanding debts, submit any final accounts and pay HMRC any tax owed, close the bank accounts and submit the DS01. It will take about 3 months to complete the strike off, assuming HMRC doesn't object.

[jamesbrown]

In that case how many months I need to wait for strike off request..? Thanks.

If you have £26k in retained profit (and perhaps a dividend outstanding on the DL account), it's a non-issue. You can strike off with £25k or less.

[Darren_Test]

There is a degree of common sense to all this. Making large payments immediately prior to strike off doesn't pass the common sense test, imho, although I have no cases I can point to to back up that opinion. By all means, seek other, actual professional, opinions. If Maslins can be bothered, perhaps he has a view, for example. Personally, I would go the liquidation/MVL route if there is something substantially north of £25k in retained profits immediately prior to closure.

I will loose themoney left in the account if I go to liquidation/MVL or strike off route..? thanks.

[Darren_Test]

Not trading for a long period and then paying large expenses or dividends immediately prior to a strike off to ensure retained profits are below £25k for a strike off? Could be a problem. But YMMV, as always.

In that case how many months I need to wait for strike off request..? Thanks.