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Struggling To Strike off Your Business
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Unable To Repay Debts e.g HMRC and More
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Who do I tell when striking off a business?
Before jumping into this, we advise that you talk to our compassionate experts, who will make the best decision for you and your business.
Fill in an application to strike off and send a copy within 7 days to anyone who could be affected. This includes:
members (usually the shareholders)
creditors
employees
managers or trustees of any employee pension fund
any directors who didn’t sign the application form
What can I do if creditors have opposed by decision to strike off?
You might find that your request has been blocked if you have made the decision to strike your company off by submitting the DS01 form to Companies House.
This is usually because you have outstanding creditors who are set to lose the money that they are owed from your company if your company is struck off and taken off the register.
It could be a supplier chasing an unpaid invoice, HRMC looking to gather unpaid tax, or even the bank relating to your bounce-back loan.
Companies have two months to oppose your strike-off, following your initial application. Your company will remain active if Companies House verifies these objections, and your strike-off will of course be suspended.
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Company Strike Off Related FAQs
Employees
If your company employs staff, you must:
follow the rules if you make staff redundant
pay their final wages or salary
PAYE and National Insurance (NI)
You’ll need to tell HMRC that your company has stopped employing people.
Business assets
You should make sure that any business assets are shared among the shareholders before the company is struck off.
Anything that’s left will go to the Crown – you’ll have to restore the company to get anything back.
Final accounts
You must send final statutory accounts and a Company Tax Return to HMRC.
You don’t have to file final accounts with Companies House.
Prepare your final accounts and company tax return.
File your accounts and company tax return, stating that these are the final trading accounts and that the company will soon be dissolved.
Pay all Corporation Tax and any other outstanding tax liabilities.
If you’ve made a loss in your final year of trading, you might be able to offset the tax against profits from previous years – this is known as ‘terminal loss relief’. You can claim this on your final tax return.
Capital Gains Tax on personal profits
If you take assets out of the company before it’s struck off, you might have to pay Capital Gains Tax on the amount.
You might be able to get tax relief on this through Entrepreeurs’ Relief.
You will work this out on your personal Self Assessment tax return.
If the amount is worth more than £25,000, it will be treated as income and you’ll have to pay Income Tax on it.
Keeping records
You must keep business documents for 7 years after the company is struck off, eg bank statements, invoices and receipts.
If the company employed people, you must keep copies of its employers’ liability insurance policy and schedule for 40 years from the date the company was dissolved
What happens next
You’ll get a letter from Companies House to let you know if you’ve filled in the form correctly. If you have, your request for the company to be struck off will be published as a notice in your local Gazette.
If nobody objects, the company will be struck off the register once the 2 months mentioned in the notice has passed.
A second notice will be published in the Gazette – this will mean the company won’t legally exist anymore (it will have been ‘dissolved’).
Withdraw your application
You must withdraw your application if your company is no longer eligible to be struck off, eg it is trading or has become insolvent.
You can withdraw your application if you change your mind. You can only do this if your company is still on the Companies Register.
Only one director needs to sign the withdrawal form.