Company Closure FAQs
When should I request closure?
We recommend that you request closure 2 weeks before you expect to stop transacting through the company. The final reconciliation of your company’s bank account can only take place once all final invoice payments have been received.
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How long does the closure process take?
Generally, the process of getting the final bank statements, preparing a final reconciliation and drawing up the company's closure accounts takes 6 - 8 weeks. If you have internet banking and are able to download the business bank statements and email then through to your accountant, this will help speed up the process.
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Who will issue me with a P45 and when do I receive this?
We will issue you with a P45 once closure has been requested and we have completed the reconciliation of the account. Therefore we would need the business bank statements showing that all payments have been made in full and there are no discrepancies. If you have internet banking and are able to download the business bank statements and email them through to your accountant, this will help speed up the process.
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How much does it cost to close my limited company?
We, at 1st Contact Accounting will quote you to close your company based on the expected time taken. For ongoing clients, i.e. those on pay monthly services, the charge is usually a maximum of £150 + VAT.
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Once my company is closed will 1st Contact Accounting still assist me with my self-assessment form?
Yes, your accountant will be able to assist you with the submission of your personal tax return, although this is usually dealt with as a separate service.
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