Going out of business

If you intend to close down your business, as a PAYE employer you have to:

  1. Inform HM Revenue & Customs about your decision as soon as possible.
  2. Pay HMRC any PAYE Income Tax and National Insurance contributions (NICs) due within 17 days of the last tax month of your business activities.
  3. Provide your employees with forms P60 or P45.
  4. Complete your yearly PAYE forms.
  5. Complete your tax returns up to the date you stopped trading.

If you plan to go out of business, contact Capital Business Links Ltd to assist you in sorting out all PAYE issues. We are available on telephone number 0208 567 99 44 or at our e-mail address.