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Closing Sole Trader Business

If you operate as a sole trader, then the time may come when you decide that it is right to cease trading.

When you cease operating as a sole trader, you may also want to consider the benefits of officially closing your business. Although some sole traders simply cease trading and think no more about it, this can lead to problems down the line both in terms of potential liabilities from work you might have undertaken as well as from HMRC and personally secured business debt.

As such, seeking the full closure of your business as a sole trader is often the more advisable option. Whether you are seeking a business closure because you have retired or stopped being self-employed by taking up a newly employed position, Salient Insolvency is on hand to offer impartial professional advice.

FINANCIAL ASSISTANCE

Some sole traders need to wind their business up because they have run into debt management problems.

If cash flow difficulties are making it hard for your business to continue trading, then a business rescue service may be the best option. We can help you to deal with matters like handling creditors, for example. However, it is also possible that you will want to proceed with a closure of your business given the financial circumstances you are in. Our expertise can be brought to bear to handle your sole trader business closure in an effective manner with no unwanted loose ends.

Ask Salient Insolvency for guidance in all matters relating to closing a sole trading enterprise.

Handling HMRC debt
Dealing with creditors
Capital allowances
National Insurance Contributions (NICs)
VAT registration, where applicable

Looking To Close Sole Trader Company

If you think that closing your sole trader business is the only viable option to avoid mounting debts, then we are here to provide expert assistance.

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Closing Other Business Types

Ask us about other forms of company closures, such as limited company closures and winding up business partnerships.

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ASK SALIENT INSOLVENCY ABOUT…

How to close a sole trader business the right way.

At Salient Insolvency, we have been working with small enterprises for many years, offering them help and expert guidance in all sorts of areas of their businesses. We can do the same for you and help to make sure that if you decide to close your sole trader business, everything is done in the correct manner with no undesirable legal consequences. Why not reach out to us to see how we can help?