Closing Your Business Down
If you are ceasing to operate you will need to do some, or all, of the basic things described in the next areas. Write to HMRC and tell them you have ceased trading. You will need to complete your final tax come back for tax. You can normally do that before 5 April following the date you cease trading. You should also review the ‘payments on account’ you are due to pay.
You might be able to ask for them to be changed given that you have ceased trading. For VAT you’ll need to de-register within thirty days of ceasing to operate. You need to complete your final return and, if you are a sole trader or partnership, make an agreement to pay any VAT that is owed still. If you’re a subcontractor under the CIS scheme you will need to inform HMRC which you have ceased trading. For taxes purposes, January following a day you ceased trading information must be kept for five years following the 31. Write to your neighborhood authority and inform them you have ceased trading.
If you are no longer the tenant or the occupier of a property, you might not have to pay business rates. If the property is empty, you might receive a discount on the rates, if you are prone to pay still. In the event that you trade from business premises, you shall need to provide your landlord notice to get rid of the lease.
Check your rent agreement to see if you are able to do that. If you’re tied into your lease, you may want to get hold of your landlord about selling or moving (that is, assigning) the lease to another person. If you’re incapable to do this you could be kept liable for lease then, and possibly business rates, for the rest of the term of the lease.
- Can lead to increased worker inspiration
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- Career Counselor at a Non-Profit
- Ask the right and wrong questions
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Write to your suppliers and tell them you have ceased trading. Give final meter readings for resources (for example, drinking water, gas, and electricity), and get final invoices from any suppliers. Write to any other lenders and tell them you have ceased trading. Inquire further for final invoices and statements.
If you are a exclusive trader or collaboration, you might find the Ceasing to trade sample notice helpful. Claims in the County Court. Contact anyone who owes your business money to set up payment. If you’re having difficulty collecting the money, contact us for advice. If you have employees, they may be entitled to wages, holiday pay, notice pay, and redundancy pay.
This depends upon how long they have worked for you. Your business may have a property such as stock, vehicles, or equipment. Check when you can return a few of your stock to the supplier to reduce your debt (this is known as retention of title). Consider holding a shutting down sale or selling your stock to a competitor. You can sell your stock online or at auction also. Utilize the money you raise to clear any priority debts first.
As the largest collaborative system for sharing moral supply string data, Sedex is a highly effective and innovative supply chain management solution, helping companies to reduce risk, protect their reputation, and improve source-chain practices. I could write reams about the essential importance of ethical supply chain management and the increasing risk as businesses become more global in range and more complex in range.
It’s also a gobbler-upper of resources. Monitoring, audits, training, marketing communications, evaluations, assessments in a framework of significantly strict regulatory requirements mean that both customers and suppliers must make investments significant resources to stay not only cost-effective but also low-risk. At the same time, the supply chain, if you treat it right, can be a fabulous source of innovation and creativity, enabling business growth and development.
And of course, no Sustainability Report is complete without critical supply chain disclosures. It seems that Sedex is in the right place at the right time. Sedex16), you will too be! Browse the agenda here. I posed a few questions to the Sedex CEO, Jonathan Ivelaw-Chapman, about source chain sustainability and the conference.