Closing down a business
Whatever the reasons for closing your business, you will need to inform various people and organisations of your decision, and tell them the timescales involved. Depending on the size and nature of the business, and your status - eg sole trader, limited company, partnership - this could involve quite a lot of planning and organisation.
To find out more about the necessary statutory procedures and form filling to resolve any outstanding tax and National Insurance contribution matters, contact HM Revenue & Customs.
If your business is a company or limited liability partnership (LLP), you'll need to inform Companies House that you are closing it down. For more information on applying to close your company, see our guide on company and LLP strike-off, dissolution and restoration.
If you have employees, you may need to inform them about their impending redundancy and termination of any pension arrangements. See the page in this guide on employers' responsibilities when closing down a business.
You may also have to inform:- suppliers, so they can make arrangements to reduce and end deliveries
- creditors who have a claim on any assets remaining in the business
- existing customers, so you can collect any outstanding payments they owe you
- This will help you finalise your accounts for tax-reporting purposes.
Business debt solutions
Formal Agreements UK insolvency legislation provides two kinds of 'formal' protection for companies in difficulty:What next?
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