Winding down without a company.
WHAT DIFFERS
There is no separate legal person, so debts are personally yours regardless.
WHAT THAT MEANS
Closing the business does not end the obligations.
WHAT TO ESTABLISH
Everything owed, and to whom.
WHAT TO DO
Settle what you can, and arrange the rest.
WHAT TO DEREGISTER
Business name registration Tax registrations, where required Local authority permits Any sector-specific registration
WHY DEREGISTER
Registrations left active can attract continuing obligations and assessments.
WHAT TO NOTIFY
The tax authority, formally.
WHY
Otherwise returns remain due and penalties accrue.
WHAT TO FILE
A final return covering the period.
WHAT TO CANCEL
Subscriptions Utilities and services Insurance, after exposure ends Bank facilities
WHY INSURANCE LAST
Liability can arise from past work after you stop trading.
WHAT TO CONSIDER
Run-off cover, where the work carries lasting liability.
WHAT TO DO ABOUT EQUIPMENT AND STOCK
Sell it, and record what was received.
WHY RECORD
It is income and it must be accounted for.
WHAT TO DO ABOUT CUSTOMERS
Complete outstanding work or refund Tell them clearly Provide anything of theirs
WHAT TO KEEP
Records, for the retention period.
WHY
Assessments and queries arise years afterwards.
WHAT TO PRESERVE
Relationships, since you may work again.
