Closing down a company - anyone else done this?

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14 years 6 days ago #13201 by reggit
Getting very frustrated at the moment trying to close down my company of the last 10 or so years. I've been on at our accountant to sort this out, and 12 months later, still not done. There was a bit of 'two steps forward, one step back' with ACC premiums and stuff that had to be sorted, but that is all behind us now.

But now I have the IRD chasing me for an unfiled GST return for this company that hasn't traded for 12 months, and I'm about at the end of my tether [:(!]. Accountants will get a rocket on Monday.

How do I close/deregister a company? I can't see that option on the companies website - anyone else done this before??

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14 years 6 days ago #203656 by Kiwismum
Try ringing IRD and de-registering with them and go from there. In the meantime just file a nil GST return

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14 years 6 days ago #203657 by reggit

Kiwismum;177106 wrote: In the meantime just file a nil GST return


I thought the accountant had sorted this out - obviously not - and now the bill is what we used to pay per 6 month period PLUS use of money interest. Sooo frustrating, especially receiving it on a Saturday when I can't do anything [:(!]

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14 years 6 days ago #203665 by arnie.m
Forget about your accountant, you have to sell any plant the company has (lowest price possible) play GST on that then if no other income or expences apply to IRD to deregister for GST. THEN get on to your accountant to file a final tax statement. Don't worry about deregistration of the company, just don't pay the annual fee and it will fall of the companies list itself at no cost to you. Easy eh(apart from your slow accountant)

arnie
88 Valley
Nelson

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14 years 6 days ago #203666 by reggit
Thanks arnie, I did wonder about just letting it lapse as the notice to file a companies return has just arrived [}:)] but wasn't sure if that would be a black mark against me if I wanted to register another company in future.

The companies assets were all sorted before we stopped trading, so nothing to account for there.

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14 years 6 days ago #203672 by max2
From my aussie experience Tigger I would be contacting the call centre for the Companies corporation and not IRD to begin with.

To my mind IRD will want to see proof from the companies corp. that you have done what you are saying you are going to do.

I am about to shut my Pty Ltd company as well, never traded with it, and all I have to do is fill in a form, declare there are no debts, pay a fee and then they do the rest.

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14 years 6 days ago #203722 by ccrk9
Talk to the Companies Office - we havent closed our company, just suspended business so we got the company de registered. That way we can start up again if we want to. There are certain papers you need to fill out with IRD - dont panic about them pushing for unpaid tax as when the final papers get filled out they adjust all the tax and penalties (or they did with us). My biggest problem is now I'm on PAYE, IRD keep sending me provisional tax bills...even when they can see we are no longer self employed. Seems I need more paperwork to fill out to sort this out...sigh. We did it all ourselves on line. Althoughif you are totally closing the business you will need the accountant to do a final set of books.

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14 years 6 days ago #203760 by GrantK

tigger;177103 wrote: How do I close/deregister a company? I can't see that option on the companies website - anyone else done this before??

Yes, I have done it twice now. Once about 6 years ago, and the other company is in the process of being closed down at present.

My accountant explained that there are 2 ways to go about it:

1) Don't file any Company Returns for 2 years and you will be automatically struck off at no cost to you. However, during this 2 years, you will have to keep filing NIL returns for GST as well as a NIL set of accounts each year.

2) Voluntarily Liquidate the company. This involves placing 3 advertisements in a newspaper as well as other fees to be paid, accountant's time etc.

For the company closure we are working on at present, this is the route we are taking, as we made a substantial capital gain on sale of the company, and if we don't liquidate, we will be liable to pay tax on the capital gain. In the meantime, the entire sale proceeds are "locked up" inside the company, earning interest, but nonetheless, we cannot access the money.

If none of the considerations in method (2) apply to you, then I would definitely choose method (1). It is much more drawn out, but is free, and there is minimal work involved.

HTH,

Grant :)

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