no work/close company?

[diesel]

My contract finished last week. Nothing else on the horizon as industry appears pretty much dormant.

Thinking of taking any other job even a career change for any pay to be honest if I need to.

I have Ltd Company which has accrued quite a few funds saved in company accounts over 10 years.

Is it better to keep open for few months or close up now? As I want to know if its worth signing up (even for just No stamps). Note I current pay myself a monthly wage from company accounts of £830pm plus divis and could still do this for many more months if need.

any advice welcome thanks

[northernladuk]

Really depends on what happens next. If a gig appears out of nowhere you are gonna be a bit buggered if you've closed the company down too early. Wait until you know exactly what you are doing first.

[Maslins]

WNLUKS
I'd suggest do nothing with the Ltd Co until you know what your next role will be.
- If it's a contract, continue as you were.
- If it's a PAYE role, I'll still suggest keeping the company going as is for a few months, at least until you're through your probationary period. If after that all's going well, then look to close it down.

[LondonManc]

Ask your accountant - if drip-feeding out of your business account is the most tax efficient way and you don't need the capital from it immediately to pursue a new direction then it may be the best option.

[diesel]

thanks for the quick replies.
I have enough funds to keep paying myself a wage and minor dividends for a few months ahead. I though I might have close company if I need to sign on.
Does one still need to register with the job centre, for NI stamps ( I don't need their job search help)

[VillageContractor]

Any particular reason why after 10 yrs contracting you've only got a war chest for a few months?

[northernladuk]

And if you do have a warchest why aren't you divi 'ing up to the threshold early in the company year and putting it somewhere it earns some interest?

[diesel]

And if you do have a warchest why aren't you divi 'ing up to the threshold early in the company year and putting it somewhere it earns some interest?

Hi Northern Lad,
I do have business savings held in a higher interest business account. I also have personal savings in ISAs, high interest bonds.
Thanks for the tip to pay up rest of divi to the thresholds now. I could even top up my SIPP too.

[yakitoo]

Any particular reason why after 10 yrs contracting you've only got a war chest for a few months?

Paying mortgage, bringing up family maybe?

[psychocandy]

Keep company open, issues yourself P45 (or get accountant to do it), claim JSA.

You will obviously have to stop paying your salary and dividends are probably not wise either. If you have any dividends to pay do it before claiming JSA.

Of course, a humungous warchest will possibly prevent you claiming JSA. But think you can still claim but get £0 and get credited NI - maybe worth it