Company Closure
Close your company by the overall cheapest and most tax efficient way.
You may qualify for Redundancy Payments, which can cover costs and leave money over for you.
What You Need to Know
You may have reached the end of the road, but there are still costs to cover and taxes to pay.
By getting the correct advice from the offset, you can save time and money by finding the most cost-efficient root to restructuring or closing the business.
You and your staff could be eligible for redundancy payments from the National Insurance Fund.
You could walk away and make a fresh start, but to do any of this you need the right expert help.
Whether you have chosen to close your company and wind-up its affairs or you have creditors threatening to take action against it, we can provide guidance and reassurance on the best way forward.
3 Ways To Close A Company
Dissolution
If your company is -
- Inactive, or
- Solvent with assets of less than £25,000, or
- Insolvent with creditors unlikely to object,
- then dissolution is usually suitable and typically costs a few hundred pounds.
learn moreMembers Voluntary Liquidation (MVL)
If your company is solvent with assets over £25,000, then a Members’ Voluntary Liquidation is probably best.
This enables proceeds to be taken as capital gains tax rather than income tax - so it can be the overall most cost-efficient exit route.
learn moreCreditors Voluntary Liquidation (CVL)
If your company has creditors who are likely to object to a dissolution then a Creditors’ Voluntary Liquidation, which is initiated by directors, is usually most suitable.
Redundancy Payments may be claimable from the National Insurance fund.
Please contact us for your personal quote.
Take the first step and find out which type of closure is appropriate for your company by getting in touch with us. way forward.
Advantages Of Voluntary Liquidation
Keep more control - close your company on your terms
Gives directors a clean break
Allows you to close a potentially insolvent company with no further liability (unless debts have been personally guaranteed).
Quick and cost effective
Can be funded using company assets such as cash at bank, sale of assets, book debts etc.
Your duties as a director
It shows creditors you have done the right thing by taking professional advice and can steer you away from the implications of wrongful trading.
Claim redundancy payments
Employees and potentially directors can make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and redundancy.
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Company Closure.
Discover the best route to take your business. We can look at all the options. Speak to one of our experts today.