Closing my Limited Company

[magnus29]

Hello

I started a Limited company one year ago and worked for like 10 months. My contract expired 2 months ago and no plans to work in near future so I decided to close my company and requested my Accountant to start closure process. They will do the required things to close the company on my behalf.

Could anyone please advise me the list of documents/certificates I need to get to make sure a proper company closure is done?

Also, please advise me on how to make sure that they have done proper filing for tax returns of me/my company for the last year (which is due now)


Thanks
Magnus

[NotAllThere]

...

Could anyone please advise me the list of documents/certificates I need to get to make sure a proper company closure is done?

Isn't this something your accountants will handle?

btw - if your company has only lasted one contract, you cannot claim travel and subsistence expenses. (Well, you can, but they'll be BIK).

[magnus29]

Isn't this something your accountants will handle?

I guess I can use this forum as second opinion Yes they will certainly handle but I have very limited knowledge so I'm taking your help make sure my accountant is doing job correctly.

Please advise. Thanks

[JB3000]

I guess I can use this forum as second opinion Yes they will certainly handle but I have very limited knowledge so I'm taking your help make sure my accountant is doing job correctly.

Please advise. Thanks

Ask for a:
P45
Cessation accounts and corporation tax return to be made up to the trade ceased date
Final VAT return
You can submit your own DS01 form to Companies House
Personal tax return covering the tax year in which you closed your company; once this has been submitted you can call hmrc to let them know nothing further is due

[breaktwister]

btw - if your company has only lasted one contract, you cannot claim travel and subsistence expenses. (Well, you can, but they'll be BIK).

First I've heard of this. I have read a lot of HMRC guidance recently and not come across such a restriction. I am here to learn though so would be eager for the source of your information.

[northernladuk]

First I've heard of this. I have read a lot of HMRC guidance recently and not come across such a restriction. I am here to learn though so would be eager for the source of your information.

It's the 24 month rule. You can only claim subsidence for a temporary location. Past 24 months it is considered your permanent location. If you only have one location it has to be your permanent one so you can't claim either. I thought the same could be said for your last location when you close a company after multiple gig's but some argued this and I can't remember the answer.

[TheFaQQer]

It's the 24 month rule. You can only claim subsidence for a temporary location. Past 24 months it is considered your permanent location. If you only have one location it has to be your permanent one so you can't claim either.

Clarified that - the reference to 24 months is irrelevant in this case. You claim based on a temporary location - if you've only had one location then it must have been permanent.

I thought the same could be said for your last location when you close a company after multiple gig's but some argued this and I can't remember the answer.

It was the case that your last engagement became your permanent place of work. However, LisaContractorUmbrella got clarification on this and it's not the case any more - as long as you have had multiple locations, the last one will still be seen as temporary.

[Maslins]

It was the case that your last engagement became your permanent place of work. However, LisaContractorUmbrella got clarification on this and it's not the case any more - as long as you have had multiple locations, the last one will still be seen as temporary.

Does seem a bit of common sense to me. Do you always know that a contract will be your last whilst doing it? I'd imagine you often wouldn't until right near the end (eg when that brill permie job offer comes in, or change in family circumstances dictate a change of working style).

[AnotherGuy]

You can only claim subsidence for a temporary location. Past 24 months it is considered your permanent location. If you only have one location it has to be your permanent one so you can't claim either.

Is that location based on what it says in your "schedule", or let's say the schedule has a location but more than 50% of the time a week, you are not in that location, and othertimes you are even working from home?

What is applicable here?

[northernladuk]

Is that location based on what it says in your "schedule", or let's say the schedule has a location but more than 50% of the time a week, you are not in that location, and othertimes you are even working from home?

What is applicable here?

I'll let you try and work that one out.....