What do I need to do if I want to close my limited company
What do I need to do if I want to Close my limited Company If you are thinking of closing your company you have to make sure that you are well aware of all the necessary steps that are required to close the company. This blog contains information that you will need if you want to close your limited company. You might be closing your business for the following reasons: ● You think that your business is not making much profit and you will be better off in running the business as a sole trader. ● • Your business is not making profitable anymore and you want to start some other business altogether. ● You want to close your business because you are starting a full time employment. Once you have decided to close your company, you have to consider whether your company is solvent or insolvent. If your company is solvent there are two option available to you: Table of Contents Informal strike off De Register from VAT Corporation Tax PAYE SCHEME Members Voluntary Liquidation Informal strike off Making Tax Digital for VAT is an HMRC initiative that requires VAT registered businesses to: ● You have to make sure that you let everyone who have stake in the business know of your intentions. Pay all your outstanding bills. ● You should also make sure that you are on the same page with HMRC. ● To strike off the company, the director of the company needs to inform the Company’s house by filling in DS01 form. ● In this form the director will need to give information such as Company`s registration number, the details of the company`s directors and also provide a cheque of £10. ● After all the formalities by the company`s house You will have to wait for 3 months for your company to be struck off from the register. ● Due to coronavirus the removal from the register is paused till 10 Sep 2020. De Register from VAT If your business is VAT registered, make sure that you inform HMRC that you no longer want to continue your business and fill in the form to de register the VAT. A de registration date will be given to you by HMRC and till that date you will account for all the VAT. Fill in the Final VAT return up to this date and submit it to HMRC. Corporation Tax You must make sure that all your corporation tax bills are paid. Get your final accounts prepared and submit your corporation tax return to HMRC and Companies House. If you want help in preparing your final accounts, contact Taxaccolega at 020 8127 0728 . PAYE SCHEME If you are using PAYE scheme for your employees you must inform HMRC that you are not using this scheme any more. Make sure that you have paid all the wages to your employees. Distribution of the Profit All the profits are distributed to the shareholders as dividends. Members Voluntary Liquidation This process is carried by an insolvency practitioner. In this process of liquidation the assets are sold and distributed to the shareholders as capital and not as divided. These distributions are taxed as capital gains and not dividends. The tax implications that arise in each case will be discussed in the next blog. Other options available to you are making the company dormant if you think you would want to continue your business in the future. In the mean time you have to fill in tax returns as nil. If you working as a sole trader in the meantime don’t forget to fill in Self Assessment tax return If always better seeking professional advice as there is no one solution which fits everyone. We at Taxaccolega analyse each situation and advise accordingly. So you can close your limited company in most tax efficient way. Please do not hesitate to contact us at 020 8127 0728 . or drop us a message by visiting contact-us we will be very happy to help you. We provide accounting services at very reasonable rates. You can have a look at our packages CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts
How AI Is Changing Accounting Education – And How Taxaccolega Is Leading the Way in Croydon, London
How AI Is Changing Accounting Education – And How Taxaccolega Is Leading the Way in Croydon, London Artificial Intelligence (AI) is changing the way the world works and accounting is no exception. Technology is helping accountants to work faster, smarter, and more accurately, from simple bookkeeping to complex tax planning. For all this to work properly, however, it is not simply a case of having the latest software. It’s also a case of making sure people know how to use it. At Taxaccolega, London, Croydon, we recognise that accounting is no longer a numbers game alone. It is about combining the best human expertise with the most advanced technology to deliver the best to our clients. And it all starts with education both for accountants and for our people. Table of Contents AI and automation in accounting schools How AI is changing accounting What Taxaccolega Is Doing Differently How This Helps Our Clients Why Choose Taxaccolega? The Future Is Now – Let’s Build It Together AI and automation in accounting schools AI stands for Artificial Intelligence. It is a term that describes machines or computer software that can “think” and “learn” like human beings. Role of AI in modern accounting education Here are some key roles of AI in accounting ● Automatically scan and process invoices ● Match and sort receipts and payments ● Identify errors or fraud more effectively ● Use data analysis to give business insights ● Prepare tax returns and reports faster This takes less time, reduces errors, and allows accountants to focus on more important tasks like advising clients and helping companies grow. How AI is changing accounting AI is now a big part of accounting, learning accounting has changed too. In the past, students essentially learned to post transactions, make up accounts, and comply with tax law. All those are still necessary but these days’ students also learn accounting curriculum and AI integration ● How to use cloud-based accounting programs like Xero and QuickBooks ● How to analyse and verify reports produced by AI systems ● How to utilise data for better business decisions ● How to be responsible and ethical when using technology This helps new accountants keep up to date and ready for modern work environments. What Taxaccolega Is Doing Differently At Taxaccolega, we’re not just watching these changes we’re part of them. We believe that well-trained staff lead to happy clients. That’s why we invest time and resources into educating and upskilling our team. Here’s how: ● We have regular training sessions in new accounting software ● We show our people how to use AI tools to do their job faster and more accurately ● We help them stay up to date with UK tax laws and digital technology ● We encourage continued learning so that our staff keep pace with the profession As a result, our employees are assured, capable, and ready to assist clients with the best advice and service every time. How This Helps Our Clients When our team is technically skilled and well-trained, our clients are the beneficiaries and that’s how the impact of AI on accounting becomes real: ● Faster turnaround times – We have your accounts done quickly ● Fewer mistakes – AI helps us spot problems before they become huge issues ● More insights – We use data to help you grow your business ● Peace of mind – You know your money is in capable, safe hands Whether you are a Croydon-based company, a London-based freelancer, or a business based in any part of the UK, we’re here to assist you. Why Choose Taxaccolega? There are many accounting firms in the UK but at Taxaccolega, we stand out because: ● We combine human brilliance with cutting-edge technology ● We invest in our people so they can give you their best ● We offer personal, professional service for every client ● We always plan ahead to make your life easier We aim to build long-term relationships with you through the creation of real value, not just by filling out forms. We are committed to your success. The Future Is Now – Let’s Build It Together AI is not something to fear it’s a tool that we use to make life easier on both accountants and clients. At Taxaccolega, we embrace these AI-powered tools for accounting education and make sure that our employees are knowledgeable about using them. If you’re looking for a contemporary, approachable, and reliable accountancy practice in Croydon, London or anywhere else in the UK get in touch today. We’ll help you grasp your numbers, grow your business, and stay one step ahead of the game. CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *
Reduce Capital Gains Tax When Selling Shares – 4 Tips
4 ways you can Reduce your Capital Gains Tax Bill When Selling Shares Images What is Capital Gains Tax? When you make a profit on the sale of an asset (although there are few exemptions), you will have to pay tax on it. HMRC emphasises that you need to pay tax on the profits and not on the proceeds of the sale. If you own shares and you want to sell them when they have increased in value you will have to pay CGT on the profit that you will make from disposing them 1. Making use of the Annual Capital Gains Tax Allowance Each individual is given an annual allowance of £12 300. If you sell your shares and you earn a profit which is £12 300 or less then you will not have to make any tax on it. 2. Splitting the sales over 2 years Since you are not allowed to carry the Capital Gains Allowance to the next year, sometimes it is a good idea to spread the selling of your shares over 2 years, instead of selling the shares in 1 year. In this way you sell your shares without paying any Capital Gains Tax on the profits for upto £ 24, 600 in total. 3. Transferring the shares to your wife Transferring the shares of a company to your spouse is tax free. This means that you can sell or transfer the shares to your wife. The profit that you will make will be free of Capital Gains Tax. Transferring the shares that you own to your wife can be advantageous if you are a higher rate taxpayer and your wife is not. She either falls in the Basic rate taxpayer band or if she has no income at all she might have her unused annual personal allowance. If she is a basic rate taxpayer she will be paying tax at 7.5%. The dividend allowance for the couple will also increase, and so will the annual capital gains tax allowance when she is selling the assets, therefore reducing the overall tax. 4. Making use of the losses If you made any loss during a tax year don’t forget to offset it against the gains during that tax year. This will help you bring down the profit and the capital gains tax bill. You might consider selling the shares at a loss during a tax year in which you have made a gain if that reduces your overall tax bill. The losses can be carried forward to the next tax year and can be used against the future gains. You should report the losses within the 4 years of making the disposal. The loss is reported in the self assessment tax return. You might need to hire an accountant to sort out the taxes for you. You might be in the position to claim other reliefs as well and reduce your capital gains tax bill. We at Taxaccolega will give you tax advice depending on your individual situation. Simply call us at 020 8127 0728 or drop us a message here and our expert team of accountants based in Croydon and South hall will be happy to help you. CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *
I am running a charity – what are my accounting requirements?
I am running a Charity – What are my accounting requirements? Do I need to prepare my accounts? All charities ( whether they are registered with the commission or not)should prepare annual accounts and should be made available when requested. The way you prepare your accounts depends on the type of your charity and also the size of your charity. For example if your charity is also a company and it earns upto £25 000 per year you should prepare annual accrual accounts. The accrual accounts include information like ● How did your charity gets its money ● How your charity gets its money ● Money in your charity bank account ● Assets ● Liabilities ‘ ● Any other information such as related party transaction Will I have to get my accounts audited? You will have to get your accounts examined independently either by an independent examiner or by an auditor if your charity is also a company and earns over £25 000 to £50 000. You can choose how you want to get it examined, either by an independent examiner ( which is less thorough) or by the auditor. However, if your governing document states that your accounts need to be audited then you do require an auditor. Look at this table below which summarizes the accounting requirements according to the type and size of the charity. If your charity is a Company A charitable company will have to be limited by guarantee rather than shares. Your charity is considered a company if it is registered with the companies house. If your charity is also a company, what will be your accounting liabilities with different incomes: Income Should I prepare Annual accounts ? Type of annual account Do I need to have them checked by an independent examiner or auditor Do I need to submit an annual return? Upto £25 000 yes Accruals account No Income under£ 10 000 -you only need to submit income and spending(between £10 000-£25 000)-you will only have to answer questions about your charity the annual return £25 000 to £250 000 Yes Accruals account Yes Yes and submit additional documents as well £250 000 to £500 000 Yes Accruals account Yes. If the assets belonging to the charity is more than £3.26 million then you need to have an auditor. Yes and submit additional documents as well £500 000 to 1 million Yes Accruals account Yes. If the assets belonging to the charity is more than £3.26 million then you need to have an auditor. Yes and submit additional documents as wellFor details click here Over 1 million Yes Accruals account Audit required Yes and submit additional documents as well You must submit your annual return within 10 months of the end of the financial year. If your charity is not a company If your charity is not a company and the income is below £ 25 000 you can prepare either receipts and payments or accrual accounts. Between £25000 to £ 250 000 you still have the option in preparing your accounts but have to get them checked. Above £250 000 you have to prepare accrual accounts and also have them checked. If you are looking for a charity accountant, accountant in croydon, please don’t hesitate to call Taxaccolega and our team of accountants will be happy to help you, Source: https://www.gov.uk/prepare-charitys-annual-accounts/y/no/over-250-000-to-500-000/no CTA Box See How Much You Can Save CALL NOW Take the stress out of UK taxes and accounting today — speak with a top-rated Taxaccolega chartered accountant for personalised advice tailored to your business or personal needs. Book a free Consultancy Related Posts ID Verification × ID Verification Form For Companies House From 18 November 2025, UK law will require all company Directors and Persons with Significant Control (PSCs) to verify their identity with Companies House. Companies House will issue a personal code to PSCs. Taxaccolega (ACSP) can help collect data and assist. Please answer the questions and upload documents. Personal Details Fornames * Last Name * Date of Birth *