Dormant or Closing Limited Company.

[Bumble79]

Hi,

I run my own limited company, however have not worked recently because of extended maternity break.
am looking for contracts but nothing coming in my way. Is it benefical to make the company dormant or
close the company if i choose to work after a year.

Advice/suggestions please.

Thanks in advance.

[BolshieBastard]

Hi,

I run my own limited company, however have not worked recently because of extended maternity break.
am looking for contracts but nothing coming in my way. Is it benefical to make the company dormant or
close the company if i choose to work after a year.

Advice/suggestions please.

Thanks in advance.

If your co has money left in it, you can still draw a wage and claim your NI conts. If you close it, you have to sign on to maintain you NI conts record. Of course, if there's no money in the company you cannot draw a wage.

Whether you close the company or make it dormant, you will still have to file at least one set of accounts at end of company year.

Id be inclined to keep company going as you'd have to set up a new co if \ when you find a new contract.

[Bumble79]

If your co has money left in it, you can still draw a wage and claim your NI conts. If you close it, you have to sign on to maintain you NI conts record. Of course, if there's no money in the company you cannot draw a wage.

Whether you close the company or make it dormant, you will still have to file at least one set of accounts at end of company year.

Id be inclined to keep company going as you'd have to set up a new co if \ when you find a new contract.

Thank you. Theres no money left in the company so am not drawing a wage. And its maintained by an accountant to whom am paying every month. I think i cant afford to do it anymore. If i dont avail the service anymore, I would have to maintain the accounts. What would i have to do to keep the company running ? Any pointers to where i can look.

[stek]

Thank you. Theres no money left in the company so am not drawing a wage. And its maintained by an accountant to whom am paying every month. I think i cant afford to do it anymore. If i dont avail the service anymore, I would have to maintain the accounts. What would i have to do to keep the company running ? Any pointers to where i can look.

What about your CT obligations? All discharged?

[BolshieBastard]

Thank you. Theres no money left in the company so am not drawing a wage. And its maintained by an accountant to whom am paying every month. I think i cant afford to do it anymore. If i dont avail the service anymore, I would have to maintain the accounts. What would i have to do to keep the company running ? Any pointers to where i can look.

If there's no more in the co, what about your end of year corp tax? Unless the co hasnt traded for over a year you will likely have to meet this commitment out of your own pocket.

Its pointless paying an accountant a monthly fee if there's nothing in the co but even so, you'll end up having to pay out of your own pocket.

In the circumstances, I'd say bite the bullet, close the co and pay what needs to be paid out of your own pocket.

Id also suggest in future, you leave sufficient money in the co to meet any future corp tax, possible VAT and accountancy fees rather than suck all the money out then wonder what to do.