the cost has gone up a lot now. the accountant is charging me the fee for the full year even though I am closing down the company three months before that. on top of that the insolvency practitioners are charging £6000 plus VAT and extra disbursements cost around £1500 + VAT, to get the Entrepreneur's relief. so the company closure is costing me close to £10000. not sure if this would have been the same if I had chosen a different accountant.
-
-
Insolvency practitioner??
So this isn't a simple closure because you've decided to go permie?
I guess the question we should have asked is why are you closing the company, because that doesn't sound like it's real to me..."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
-
This is way over the top, my accountant is indicating £3500 and I have seen someone on here mention £2000, disbursements should be hardly anything. You could get your accountant to do the final accounts and then source your own liquidator.Originally posted by ramap View Post"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
-
I am closing the company, because I am moving abroad permanently and I got only two weeks left now (I have already booked the tickets). they said I have to use insolvency practitioner if I need to get Entrepreneur relief and pay reduced tax rate (due to the new law came into effect from 01-Mar-2012). what are the options available to me now, since I can't go to another accountant now? the insolvency practitioner says he is actually charging me me less. he says he charges between £7000 and £10000 for his clients. I am not sure what I can do now. Please advise.Comment
-
You;ve left this all a bit late really.
This is going to be expensive because of your inability to plan properly."The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." CiceroComment
-
Pay the man his money?Originally posted by ramap View Post
As Waldorf says, you've left it too late to do anything else."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
-
How much capital is in the company to distribute? If it's less than £60k you might be better off taking a dividend to reduce this and then using entrepreneurial relief on the remaining £25k which you can then do without the use of an insolvency practitioner.It's about time I changed this sig...Comment
-
I can't comment on the later part of this thread talking about insolvency but just the £126 + VAT plus the £210 + VAT for closing the company down and doing year end accounts seems bloody expensive to me. Also I see that you're charged each time they have to fill out a reference.
I account with a small firm that charges me £60 + VAT a month and have never in 18 months asked for a penny more - even for the considerable work involved with my recent Tier-1 visa extension.Comment
-
You have not left yourself much time to give you many options.Originally posted by ramap View Post
We now have an arrangement with an insolvency practicioner who would charge £3500 and possibly get all the work done within a week, however that would depend on the remaining company accounts etc being in order.
There is not enough time, in my view to do this within 2 weeks if the accounts etc need to be prepared and then a formal insolvency prepared.
Sounds like you may be stuck with paying over the odds.Comment
-
Thanks for all your replies. my company account balance is much more than £60K, so taking dividends is not at all an option for me. my company year-end is in May and the accountant says the company closure takes upto three to four months. so I will have to be in contact with them through even after moving abroad (and probably send documents by post if there are any to sign). I informed about moving plans to my accountant much earlier, but they said I can manage this even from abroad through email and making payments online. and my contract expires next week and I can't close my company before that. if I had known about this high closure charges before, I would have gone to another accountant and saved lot of money. I came to know about this new law (going to insolvency practitioner to get Entrepreneur's relief) only recently and didn't have much time to explore other options.Comment
Comment