Ceasing Trading - What Are My Options?

If your business has ceased to trade then in this video we explore your options as to what next. Closing down your company is not the only option available and it's well worth taking a step back to think about your next steps, in light of future plans.

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Time Stamps:
Repurposing Your Limited Company - 0:49
Making Your Limited Company Dormant - 1:34
Solvent Liquidation (FREE DOWNLOAD) - 3:12
Insolvent Liquidations - 4:19
Selling Your Business - 5:14

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One of the lesser known options available to you when facing ceasing trading through your limited company is repurposing your company for a different trading activity. For example, if you are a one fee-earning contractor of your limited company and your contracts have ended and you're not looking to go back into it, you could start a new business, an e-commerce business for example, and repurpose your limited company for this trading activity.

You may also consider making your company Dormant. Your company must meet certain criteria and be considered 'small' by definition if it is to meet the dormant company filing requirements. In addition, let's say for example you ceased trading through your limited company 2 months before the end of your company year, you would still have to submit your returns to companies house and HMRC for that particular company year. However, if your company remained dormant for your next company year, that is having no significant transactions (explained in the video) then you do not need to file a return to companies house. You will need to inform HMRC that your company is dormant.

We also cover solvent and insolvent liquidations in this video including the 2 main types of each. There are different options available that will be more suitable for companies with generally less than £30,000 of distributable cash and assets, and likewise some options will be more suitable for companies with larger amounts of distributable assets.

Finally, in our professional experience the most under-considered option when ceasing trading through your limited company is selling your business. Many directors, when their business has stopped generating viable revenue to continue trading, view their company as not worth it and devalue their own business. However, your assets both tangible and intangible may be extremely valuable to a potential buyer, including your company name, branding, client lists, client relationships etc. Even if your company is insolvent you would be surprised just how many buyers are out there looking for the opportunity your business may present.

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Видео Ceasing Trading - What Are My Options? канала Tony D | The Chief Finance Officer