offered permy.. what to do with ltd company

[AMH]

been offered a permy role which is financially better off than I am now in my current role. Not seen any sight of a change of scenery as contract roles are few & far between without an hours or so commute each way.

So going back to the security of permy role (and hopefully all the nice perks of not being in the private sector)
I have decided to take it.

Now I am not 100% sure what to do about my ltd company.
My year end is end of this month, so would give me an ideal opportunity to draw a line under everything.

I have enough in my account to pay my VAT bill & my Corporation tax Bill for next December if needed.

I was thinking of going down the striking off route for £10

Just wondering what to do with the cash in my account & any assets (laptop, desk, chair, etc - about £3k worth).
I also have a section 455 rebate due in December which is worth about 1/2 of my estimated Tax bill. Which I guess I will kiss goodbye to.

Dont want to ask my accountant as I plan on doing it myself for as cheaply as possible.

[garethevans1986]

Speak to your accountant as they will know best - thats what your paying him for.

[northernladuk]

offered permy.. what to do with ltd company

Dont want to ask my accountant as I plan on doing it myself for as cheaply as possible.

IMO this is pretty stupid statement particularly when you have admitted you know next to nothing about what to do. Cost of doing yourself cheap, amount of money possibly lost not getting it right is much more. Get your account to do it cost is not a lot but peace of mind you are doing it the most efficiently and saving Max money priceless.

[AMH]

IMO this is pretty stupid statement particularly when you have admitted you know next to nothing about what to do. Cost of doing yourself cheap, amount of money possibly lost not getting it right is much more. Get your account to do it cost is not a lot but peace of mind you are doing it the most efficiently and saving Max money priceless.

there is so little there, I am not bothered if I lose it all. In fact, I would be happy enough to walk away with nothing owed to me & nobody chasing me for money in a few years & it all closed down. As I said, draw a line under it all.

Prob wouldnt be enough there to pay an accountant either.

I have read about getting struck off, paying £10 fee to companies house, etc.
I was just not sure about clearing down any money owed out before doing so.
I read that I should pay outstanding VAT & Corp tax, complete year end, etc.
Just not sure what I do with the assets - do I transfer them to myself, do I sell them, do I keep them, etc.

I run my business pretty tight with very little distribute profit left at the end of the year.

[vadhert]

Do it properly and save yourself the hassle in the future.

[AMH]

Do it properly and save yourself the hassle in the future.

Did you not read my post? I am trying to do it properly, but not enough money in the business to pay an accountant.
There is enough there to pay what I will owe in Corporation Tax, Vat & a small business loan.
That part is not a problem. Enough money to pay my creditors.

I am not sure what I should do with the business assets. Do I need to sell them or do I keep them or what?
What would be the tax implications & what is best to do about my schedule 455

[JRCT]

Did you not read my post? I am trying to do it properly, but not enough money in the business to pay an accountant.
There is enough there to pay what I will owe in Corporation Tax, Vat & a small business loan.
That part is not a problem. Enough money to pay my creditors.

I am not sure what I should do with the business assets. Do I need to sell them or do I keep them or what?
What would be the tax implications & what is best to do about my schedule 455

Sell the laptop and the chair in order to raise funds to pay an accountant.

[d000hg]

Maybe the "post thread" button should just take you to a page "ask your accountant" in this sub-forum as that appears to be the stock response to any question

[AMH]

Maybe the "post thread" button should just take you to a page "ask your accountant" in this sub-forum as that appears to be the stock response to any question

Isnt the 'ask your accountant' a running joke to see who get it in first?


Think I will call HMRC and see what their dimwits tell me

[TheFaQQer]

well that comment is about as useful as the condom in your dads wallet 9 months before you was born.

How so?

You need professional advice on how to shut down your company. The company may not have the cash assets, but has assets worth more than enough to pay for professional advice.

Therefore, it's not beyond the realms of possibilities to sell the assets, and spend some of that money to get the advice you obviously need.

If you don't want to get professional advice, then that's clearly your choice - maybe someone will be kind enough to come along and tell you what you need to do for free. Or maybe you'll get it right anyway. Or cock it up completely.

One of those scenarios will happen. Good luck with it all.