Need to close your company?

Are you thinking of closing your company? How you move forward will largely depend on whether your company is solvent or insolvent.

If your company can meet all its financial obligations and has net assets of over £25,000 a Members Voluntary Liquidation (MVL) is likely the best option for you. An MVL is an extremely tax-efficient way of closing down your company, where you often only pay 10% tax, which can save you thousands.

Alternatively, if you can no longer meet your financial obligations, are unable to pay your debts, such as a bounce-back loan or HMRC bills, your company is likely insolvent and you need to consider the most viable way to close it down by either a Creditors Voluntary Liquidation (CVL) or strike off/dissolution.

We’ve teamed up with SFP – one of the UK’s premier liquidations provider. Their award-winning team are the preferred choice for the majority of contractor accountants. Whether you need an MVL, CVL or general guidance, their team is on hand to get you the support you need - you can be sure you’re in safe hands with SFP!