Closing my business. Who do I need to inform and how?

Question

I've had a part-time business for the past 2 years and have just completed this year's self-assessment tax return online. I've decided that I want to close my business, but I'm not sure who I need to inform or how. I'm not VAT-registered as the turnover wasn't high and I'm a sole-trader. Could anyone point me in the right direction please? Is there a website with a good checklist? Thanks very much.

Answer 1

In the UK, you should tell:

* Your customers, suppliers and any other people or organisations who you work with.
* HM Revenue and Customs, they know you are self-employed, so they need to know you'll no longer be self employed.
* Any professional bodies or business organisations you joined.
* Your bank if you open a business account

You might want to approach other businesses to see if they would be interested in taking over your company, this might bring in some valuable cash.

Good luck.

Answer 2

Inform your clients and any business associates you use. Any suppliers. Then call the IRS and inform them. They will send you another tax form for 2007 , it takes awhile for them to catch up. Just file it out and put no profits and write on this year 2006 you are closing, there should be a section. And you can find info on the IRS website.

Answer 3

An accountant should be able to advise you. I remember you need to inform Companies House, and they will advertise in various newspapers to make sure that there isn't anyone to whom you owe money before closing down your company.

Answer 4

notify your supplier's,

post a sign on window of your business, or send to your customer's a letter telling them
you are closing your business
notify service provider's, irs for taxes, employee taxes

notify any employee's or workers that you have hired...

notify insurance company, city clerk for you business, county clerk for dba.
your bank for your accounts.