Limited company dissolution

Let Your Company Formations handle the complex dissolution of company procedure on your behalf.

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Limited company dissolution

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Company dissolution procedure – summary

From shareholders deciding they wish to retire to the assets and goodwill of a company being sold to a new owner (as opposed to a share sale), there are many reasons why business owners choose to dissolve a company.

Voluntary dissolution, sometimes called striking a company off or winding a company up, is a slow process that can be taken by any business as long as it has not, in the previous three months:

  • carried out its normal business activities
  • changed its name
  • carried out any activity not related to the winding up of the business. Activities which do not obstruct an application to dissolve a company include selling property or rights that a company needed when it traded and settling its debts
  • been threatened by creditors with liquidation
  • entered into a credit agreement like a company voluntary arrangement
  • been the subject of any legal proceedings

If any of these situations apply to your business,Companies House will require you to file for voluntary liquidation to close operations instead of filing for company dissolution.

For help and advice on company dissolution, please callus on +44 (0) 207 689 7888 or email us at info@yourcompanyformations.co.uk

Company dissolution service UK – our service

Completion and submission of DS01 form and payment of the fee to Companies House

Companies House require a payment of £10 and the completion and submission of form DS01 to start the company dissolution process. We make this payment on your behalf when you use our service.

Completion of board minutes documentation

Our legal experts write up the minutes of a board meeting showing that a vote has been passed to dissolve the company. You will need to hold onto these records as well as others (detailed below).

Dissolution of company UK – frequently asked questions

Who needs to know that I’m dissolving the company?

Under the requirements of the Companies Act 2016, you must, within seven days, inform anyone with an interest or stake in the continued running of your business. These people and companies include but are not limited to shareholders within the business, banks, creditors, landlords,suppliers, guarantors, HMRC, employees, any person suing for a personal injury claim against you, employee pension fund managers, and directors who have not signed the DS01 form.

Can I change my mind?

Once you have started the dissolution process, you can stop it by using a DS02 form from Companies House – this can be done online or with a paper form.

You will also need to fill in a DS02 form if you start trading again, change your company name, carry out an activity that’s not related to the dissolution of your business, or your business becomes subject to insolvency proceedings or a section 900 application.

Are there any tax considerations I should know about?

If your business assets are worth £25,000 or less, you may distribute them prior to your company’s dissolution. This might be treated by HMRC as a capital gain. If your business assets are worth over £25,000, you may pay it to yourself and other shareholders in the form of a dividend. In both cases, Entrepreneur’s Relief might be applicable and, if so, you would only pay 10% tax (subject to a lifetime limit of £10m).

This is a complicated area of taxation so we recommend that you consult with an accountant before deciding on a course of action.

How long does the process take after the submission of the DS01 form?

Between three to six months.

What support do I get from Your Company Formations?

We’re committed to providing our customers with the highest level of support. Please feel free to contact us before, during, or after you have used us to change your company name by phone or email.

Frequently asked questions

We gathered all questions you may have about our company, process, packages and pricing.

What is company formation?

Company formation, or company registration, incorporates a business in the UK with Companies House, the official registrar of companies for England and Wales. The process creates a legal entity with a separate identity from its shareholders.

Do I have to live in the UK to form a company?

No. You do not have to live in the UK to register a UK company. The law allows foreign individuals and businesses to form companies in the UK subject to the following requirements —

  • Have a registered UK office address for the company

Consider engaging the services of a solicitor, accountant or agent like Your Company Formations to help you comply with all the requirements of forming and running a successful enterprise in the UK as a foreigner.

What do I need to register a limited company in the UK?

When you form a company using our service, we only require you to complete the online forms. A new limited company formation also requires a registered office address, a director and a shareholder holding at least one share. You can use our professional address services if you would prefer to keep your business or personal Director’s address private.

Are there any hidden costs?

There are no hidden costs for any of our packages. We advertise a fair, transparent cost for our services, so no unexpected fees are added at the end of the checkout process. We include the Companies House charge of £13.00 with all our formation packages. This fee is charged on all new formations and is included in the price you see.

How many shares does a company need?

A Limited Company requires at least one share per shareholder, with a minimum of one shareholder. There is no limit to the number of shares held by a shareholder.

How can I receive my cashback offer?

When you form a company through us and opt for an introductory bank or merchant account offer, we will send your details directly to the company. A representative will then contact you to set up a meeting. Once your account is open, you can claim your cashback by logging back into our company manager account.

What happens after your company is registered?

Once your application is completed, we will set up your company within 3 working hours, dependent on companies house workload on the day. You will receive a notification telling you that your application has been approved. Digital copies of your company documents in PDF format will be sent to your email address. Once this is completed, you can immediately begin trading with your company.

One person can form a limited company?

Yes, You can form your limited company - it can be owned, managed and run by one person. The person would act as the sole director and shareholder of the company.

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