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I’ve Stopped Trading and Want to Close My Limited Company - Do I Need a Liquidator? - #AskAMS

Peter Bromiley ACA from AMS Accountancy is on hand to answer those tricky financial questions. This time, focusing on whether or not you need a liquidator.

If your Company has paid off its creditors and has less than £25,000 cash in the business, you could save liquidator fees of £3,000 or so by:

By applying to Companies House, you can elect for it to be dissolved using form DS01.

Paying out the funds as a Final Dividend or as a Capital distribution, whichever is more tax efficient for you. N.B. Dividends attract Income Tax and dividend tax, while Capital attracts Capital Gains Tax and is only applied to annual gains (i.e. pay outs) in excess of £11,100. (It is important to take advice from your accountant to see if Entrepreneur’s relief is available.).

If funds exceed £25,000 - take advice from your accountant before distributing any part of the amount as Capital.

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I’ve Stopped Trading and Want to Close My Limited Company - Do I Need a Liquidator? - #AskAMS

Peter Bromiley ACA from AMS Accountancy is on hand to answer those tricky financial questions. This time, focusing on whether or not you need a liquidator.

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