Can I close a limited company and start again?

In short, yes you can close a limited company with debts and start again, however, there are strict rules to be followed and if there is a claim that it has been done in a fraudulent way the consequences can be severe.

Can a company have the same name as a dissolved company?

This means that a dissolved company name can be registered by a new or existing company. There are no legal restrictions in place to prevent the use of these names, aside from the standard company name rules and regulations set out in the Companies Act 2006 and secondary legislation.

Can a company be reinstated after being dissolved?

If a company has been voluntarily dissolved and removed from the register at Companies House, then it can be restored in some cases, but only by a court order. The restoration by court order process can be lengthy, and in some circumstances costly.

Can I open a new company after liquidation?

There are legal restrictions for using the same company name, or a similar company name following the liquidation of your old company, and starting a new company. Each creditor of the previous insolvent company must be informed that you are the director of a new company which is of the same name, or a similar name.

How do I inform HMRC of a closing company?

If your company has never received a ‘notice to deliver a company tax return’, you can tell HMRC it’s dormant by phone (0300 200 3410) or post (Corporation Tax Services, HM Revenue and Customs, BX9 1AX, United Kingdom).

Can I walk away from a limited company?

As long as you did not act outside of the law whilst in your post as director, you are free to walk away from the company for good.

Can a dissolved company name be reused?

Can I use a dissolved company name? The names of dissolved limited companies can be registered by new and existing companies. There are no legal restrictions when choosing such a name. However, one important point you should consider is the reputation of the dissolved company.

Can a company still operate if dissolved?

When administrative dissolution occurs, a business can still operate, have bank accounts, and accept payments. However, a creditor cannot go after any possible assets of that entity. Businesses can continue to operate for years without applying for reinstatement.

How do I reinstate my dormant company?

How to restore your dormant limited company

1. Send a set of accounts to Companies House within nine months of your company’s year end.
2. Pay Corporation Tax within nine months and one day of your company’s year-end.
3. Forward a completed Company Tax Return to HMRC within 12 months of your company’s year end.

Can a director start a new company after liquidation?

Can I start a new company post-liquidation? The general answer is that you can be a director of as many companies as you like at the same time. It can lead to criminal action against the director or being held liable for all of the debts of the new company should it too go into liquidation.

Can HMRC pursue a dissolved company?

HMRC can indeed pursue a dissolved company, particularly if they feel they have tried to evade responsibility. These investigations may happen up to 20 years after the fact. That will also bring serious questions regarding director conduct in the form of a formal investigation by the Insolvency Service.

How do I get my company back on Companies House?

You can only apply to Companies House to get your company restored (known as ‘administrative restoration’) if: it was struck off the register and dissolved by the Registrar of Companies within the last 6 years it was trading at the time it was dissolved Otherwise you’ll have to get a court order to get the company restored.

How do I restore a company I have dissolved?

You can only apply to Companies House to get your company restored (known as ‘administrative restoration’) if: you were a director or shareholder. it was struck off the register and dissolved by the Registrar of Companies within the last 6 years. it was trading at the time it was dissolved.

What happens if you close a company under IR35?

If the reason for closing the company is to avoid the correct treatment of a contract under the IR35 legislation, then very serious problems could result under tax avoidance/evasion regulations. The expert was Kate Cottrell, managing director of Bauer & Cottrell , an IR35 advisor to IT contractors.

Can a contractor close their company?

Any contractor considering closing their company should seek the advice of their accountant, as much will depend upon the extent of any remaining funds in the company and how the closure should proceed. Whatever route is chosen, it should always be remembered that the action of closing the company has its own risks.