Retiring and require to close my Limited Company.
Having operated your business thrive and yield the fruits of your time and cash investment, you may be considering how to cost-effectively close down after entering the event of retirement. Providing your business remains solvent and profitable. So it remains important to prepare your exit strategy from your business ensuring you choose the most suitable closure method and adhere to formal guidelines by asking for assistance from a licensed insolvency practitioner.
Therefore, i’m Retiring and require to close my Limited Company. So what is my next move?
Sometimes, perfectly sound, solvent companies require to be wound up for purposes such as retirement, or because they are no longer needed. In these situations, the process must be carried out correctly to avoid future regulatory and tax issues.
What’s the most reliable way to dissolve a company which doesn’t need to trade any longer?
If the limited company is dormant, with no creditors, no shareholders and no assets, it may be possible to dissolve the company through a Companies House form.
Suppose, however, the company has been trading recently, and there are creditors, shareholders and cash or assets to be distributed. In that case, a more structured procedure in the form of a Members’ Voluntary Liquidation will be necessary. An MVL can be carried out very quickly, but that does not mean it is a simple process. It is advisable to have the MVL overseen by a licensed Insolvency Practitioner and seek advice from a professional tax adviser regarding the tax implications.
Performing an MVL will need disbursements to perform the process by third party entities. They include legal notices, such as a notice in the Gazette. The notice advertises your intention to conclude your business while cease trading, allowing the world at large to object. A further disbursement requires payment of an Insurance bond protecting your money held by the Insolvency Practitioner until distributed.
How can HBG Advisory assist me to wind-up my solvent company?
HBG Advisory are experienced at overseeing Members’ Voluntary Liquidations. We can put the wheels in motion virtually immediately, providing the most cost-efficient and most immediate voluntary liquidation and shareholder distributions.
At HBG Advisory, we are happy to offer you a free and confidential initial discussion to decide whether a Members’ Voluntary Liquidation is the right path for your company.
During these troubled times over the Coronavirus COVID19 Pandemic. Operating is difficult enough during normal times. So wishing to retire without any worries is essential for peace of mind.
So, why not handle your business affairs correctly while entering into retirement, safe in the understanding that your limited company has been closed down in the most tax-effective legal manner.
We require personal or company details to explain initial inquiries on your situation: