Prepare

Cease trading and sell off any remaining fixed assets/stock (to yourself if applicable).

Prepare accounts, corporation tax and VAT returns at least up to the period your company ceased trading.

Submit final CT/VAT/PAYE returns, deregister for VAT, deregister as an employer.

Collect in any debts owed to the company and settle all company liabilities (including clearance of director loans), including tax liabilities.

Check you understand and discuss with your accountant to ensure it’s best for your personal circumstances. Ask us any questions about things you may be unclear of in the service/process.

Process

Start the liquidation and we’ll check your details then send out a Declaration of Solvency, letter of engagement and our invoice. Then you get ID certified and the Declaration signed in front of solicitor. Post these to us, e-sign letter of engagement and pay invoice.

Documentation to get the liquidation underway sent out by us to be signed by you leading to Companies House filing and statutory advertising of liquidator appointment, and for creditors to submit claims.

HMRC clearance requested for CT, PAYE, and VAT. Any Company funds transferred to liquidation estate account.

Final documents filed with Companies House leading to the Company dissolved and struck off Register.

Profit

Declare the distributions on your personal tax return(s) as appropriate.

About the Author:

Elliot Green
Elliot Green FCA FABRP Director and Licensed Insolvency Practitioner

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