Company Dissolution Services
It’s essential to have a company dissolution experts who understands how company dissolution work.
Company dissolution services in Birmingham
When it comes to dissolving your company, your options are limited and it’s easy to get stuck in a never-ending cycle of trying to figure out what to do. That is why it’s essential to have a company dissolution services and expert who understands how these things work and can provide you with all the options available. We make sure your company files its accounts and tax returns at Companies House. Our team of chartered certified accountants will keep them compliant and updated as per the Companies House standards.
How long does it take to dissolve a company?
It takes Companies House two to three months to dissolve a company. Several documents must be signed by the director(s) to dissolve a company. If there are no such personnel involved, then one of the designated partners of the company may sign the document.
When the Registrar of Companies receives an application to dissolve a company, they post it in the newspaper. Anyone who objects can write a letter and send it to them within three months. If no one gives any objections during the appropriate timeframe, the Registrar of Companies will dissolve the company.
How Naseems Accountants can help
We at Naseems Accountants, are here to ensure that your DS01 submission is adequately made on time. After receiving your DS01 forms from you, our team of company dissolution experts will review and complete the form to submit it to Companies House. We will monitor the process through to completion.
Our company dissolution service process
- The Board of Directors will receive your Dissolution Application by email within 3-5 working hours.
- Once signed, we will send you an email with a link to store the document for safekeeping.
- We will file the documents with Companies House.
- We will notify you by email when the dissolution application is accepted.
- Companies House will send you a letter informing you that the company is now dissolved.
We will help keep things exceptionally organised while also getting everything that needs to be done efficiently.
What are the main reasons for dissolving a company?
If you consider dissolving your company, it is essential to consider the main reasons. Many factors can contribute to the decision. Still, the following are the main reasons why companies dissolve:
- When a company no longer wishes to pursue future activities and would instead distribute the remaining assets to shareholders, it is called voluntary liquidation. This can be due to retirement, a change in the direction of business, unprofitable operations, or any other factors that might prompt Directors or Officers of said company to decide it’s time for them to move on.
- When going through a challenging period financially and having trouble settling debts, sometimes the only way to restore order is to file for company dissolution.
- When a company fails to file its financial documents in time.
- The company has been in operation since its formation and was never profitable. The business model used by the company isn’t viable.
- Team members are no longer interested in running the business.
Book your free consultation with one of our company dissolution experts today!
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Get in touch with one of our professional company dissolution accountant in the UK and book your free consultation.
Talk to an expert
Our company dissolving accountants will ask you to provide relevant information to complete company dissolution. The process can be done via phone or email.
Get a fixed quote
Once you have given us the details, we’ll propose a fixed fee price depending on the work demand.
FAQ’s
How do you dissolve a company?
Dissolving a company is one of the most used legal methods to close a company down. This way, the company ceases to be a legal entity and is no longer protected by law. A liquidator is appointed to oversee the dissolution process.
Is dissolving a company the same as liquidation?
Dissolution is when a business is removed from the register of companies for being dormant, not trading. Liquidation is a formal way to close a company with assets and liabilities.
What happens if you close a Ltd company with debt?
If the company is insolvent, it can seek a voluntary creditors liquidation. This means that the company will no longer make new loans. It can also ask the courts for orders to pay creditors and settle all its debts and liabilities. If these aren’t met, the company will be forced into compulsory liquidation.
What is the most tax-efficient way to close a limited company?
The most tax-efficient way to close a limited company is to transfer your shares in it to another person. This is because the business itself is not liable for corporation tax. You can still be liable for income tax on any capital gains. You can still be taxed on dividends you receive from the business. The only exception is if the shares are transferred to a spouse or civil partner.
Do I have to pay Corporation Tax if I dissolve my company?
No, you do not. You only must pay Corporation Tax on the net profit that your company has made in the last year. This is known as your annual taxable income. If you have been paying Corporation Tax, this may be the time to stop. If you have been paying the higher rate of 20% and are an individual, you can claim back any tax you have paid over the last three years.
What happens to retained earnings when a business closes?
When a business closes, the retained earnings can go one of two ways. Retained earnings can either be used to pay off any outstanding debts or transferred to another entity.