Submitting a DS01 form to strike off your limited company
Understanding the DS01 form for company strike-off Considering your company’s financial situation, you can shut it down by applying for striking off through the submission of a DS01 form. The majority of directors need to agree on the company’s striking-off. Once the DS01 application is submitted, it is publicised in the Gazette, making it known […]
PAYE Arrears – What happens when my company has HMRC debts?
What to do when your company falls behind in paying PAYE Under the Pay As You Earn (PAYE) system, employers must establish an official payroll scheme to record details of employee payments, covering salary, wages, bonuses, and statutory sick pay. As an employer, it is your duty to gather the accurate income tax and National […]
Obtaining company finance – is business credit based on personal credit?
Does business credit rely on my personal credit record? If you run a limited company, your individual credit score won’t impact your business finance prospects. Your company will possess its own credit history, crucial for lenders deciding to grant a loan. In contrast, as a sole trader, there’s no legal separation between you and your […]
Understanding LPA Receivership for Limited Companies
What is LPA Receivership? Law of Property Act Explained If your company has a loan secured on property and you fail to make payments, the lender might have the authority to appoint an LPA receiver to reclaim their funds. The chosen receiver assumes control of the asset, prioritising the interests of the secured creditor. LPA […]
How to strike off or dissolve a limited company
What is a limited company strike-off? Limited company strike off, also referred to as dissolving a company, is the procedure for concluding an undesired company and eliminating its registration from the Companies House record. Following the striking off or dissolution, the company ceases to exist as a legal entity, and all trading activities come to […]
Late VAT Payments: Surcharges, Penalties and Fines: Advice for limited company directors
What are the penalties for paying VAT late? HMRC will assign penalty points for the delayed or non-submission of your limited company VAT Return. This system, introduced in 2023, replaced the VAT Default Surcharge scheme. Under the updated system, penalty points accumulate until reaching the threshold, triggering a £200 fine. Further fines of £200 each […]
How to take money out of a limited company
What is the best way to extract funds from a business? Many company directors grasp the significance of maintaining a distinction between their personal and business finances. However, when the need arises to withdraw money from the company, various options are available. While it may not be deemed ideal, you can withdraw money from a […]
Restoring a dissolved company to the Companies House register
Restoring a dissolved company (administrative or court restoration) A company that has been dissolved may be reinstated on the Companies House register by a company director or shareholder, provided specific conditions are met. Restoration is possible if the company was struck off within the last 6 years or if it was actively trading at the […]
How does HMRC debt collection work?
Dealing with HMRC debt collection agencies If your company is grappling with HMRC arrears, such as unpaid VAT, corporation tax, and/or PAYE, you may be facing increasing pressure to settle the outstanding amounts. HMRC typically initiates the collection process by sending reminder letters, urging prompt repayment. In the absence of payment, your company might receive […]
HMRC Bailiffs: What Are Their Rights?
What happens if you are visited by a HMRC bailiff and what can they take from your property? While HMRC is the most common creditor for businesses in the UK, falling behind on tax payments can pose a serious problem for your company. Persistent late or missed payments will not go unnoticed, and HMRC is […]