Proposal to strike off
Discussion
If a company has ceased trading, the cheapest option for closing it down is to apply to Companies House to have the company struck off the register. The striking off application can be blocked if any aggrieved parties are still owed money - ususlly suppliers or the tax authorities.
If no objections are received within six months of the striking off application being submitted, the company will cease to exist.
It is normal for any assets remaining in the company to be withdrawn by the shareholders/directors before the finalisation process is complete.
The Revenue and VAT people are usually interested to find out exactly how such assets have been removed as there may be VAT, PAYE, Capital Gains Tax and/or Corporation tax issues arising.
If no objections are received within six months of the striking off application being submitted, the company will cease to exist.
It is normal for any assets remaining in the company to be withdrawn by the shareholders/directors before the finalisation process is complete.
The Revenue and VAT people are usually interested to find out exactly how such assets have been removed as there may be VAT, PAYE, Capital Gains Tax and/or Corporation tax issues arising.
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