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  1. #11

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    Quote Originally Posted by Maslins View Post
    What ASB said.

    A Ltd Co is not a suitable vehicle for very short term contracting stints.

    You can't set up a company, register it for VAT as an employer, trade for a couple of months then make it dormant/put it on hold cos you've taken on a PAYE role elsewhere. You've basically got to either keep it going with all the ongoing responsibilities (and hence costs if you want assistance with them), or shut it down in which case you've basically got to reverse everything done at setup, file a corporation tax return with full accounts negligibly different to had the company traded a whole year. If you want your "pay monthly" accountant to assist with the latter when you'd only been trading and paying them a couple of months, expect a hefty additional charge.
    PAYE can simply be closed with a letter. VAT deregistration takes 15 min online. I don't see how he can incur a hefty bill for this. Though, depending on how many months he paid his accountant, he may have to pay additional fee to prepare a full set of accounts. The OP can also keep the company dormant instead of closing it down if the OP is planning to trade again in the near future. However, if he takes the first available opportunity to work as an employee and switch back to contracting in the near future, it may become a concern with regard to IR35.

  2. #12

    TripleIronDad

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    Quote Originally Posted by Chart Accountancy View Post
    PAYE can simply be closed with a letter. VAT deregistration takes 15 min online. I don't see how he can incur a hefty bill for this. Though, depending on how many months he paid his accountant, he may have to pay additional fee to prepare a full set of accounts. The OP can also keep the company dormant instead of closing it down if the OP is planning to trade again in the near future. However, if he takes the first available opportunity to work as an employee and switch back to contracting in the near future, it may become a concern with regard to IR35.
    Most accountants rely on a year's worth of income.

    QDOS are very good - if you are not invoicing you pay a lower rate. Highly recommended.
    Katy Perry - don't be afraid to catch feels. Taylor Swift - feels $1 a go.

  3. #13

    Lord of the Vectras

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    Quote Originally Posted by Chart Accountancy View Post
    PAYE can simply be closed with a letter. VAT deregistration takes 15 min online.
    It's easier than that (I've just done it). It's part of the PAYE EPS/FPS to close the scheme (I use Payroo and it was easy), and VAT takes far less than 15 minutes online to deregister.

    I'm surprised nobody has popped up to promote FreeAgent yet, but there are accountants that will do just the difficult year end part for 150 if you use FreeAgent for everything else. Obviously you won't get any hand holding, but it'll be a lot cheaper than 170pm.
    Will work inside IR35. Or for food.

  4. #14

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    Quote Originally Posted by VectraMan View Post
    It's easier than that (I've just done it). It's part of the PAYE EPS/FPS to close the scheme (I use Payroo and it was easy), and VAT takes far less than 15 minutes online to deregister.

    I'm surprised nobody has popped up to promote FreeAgent yet, but there are accountants that will do just the difficult year end part for 150 if you use FreeAgent for everything else. Obviously you won't get any hand holding, but it'll be a lot cheaper than 170pm.
    Unfortunately, you can not close a payroll scheme via FreeAgent and this can be done either the old fashioned way of sending a letter or using the basic hmrc tool or another free software. I have not heard of payroo before. I like another free cloud payroll software but will also have a look at this one, thanks.

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    Quote Originally Posted by BrilloPad View Post
    Most accountants rely on a year's worth of income.

    QDOS are very good - if you are not invoicing you pay a lower rate. Highly recommended.
    I can not see any prices listed on their website.

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