Closing my company

[northernladuk]

If you think you'll use it in the future then yes keep it going, however most accountants offer free formation and can have the company ready within a week, so may not be worth it.

This. I'd just shut it to get rid. One less thing to worry about particularly when it's so easy and quick to get one going.

[gables]

This. I'd just shut it to get rid. One less thing to worry about particularly when it's so easy and quick to get one going.

Yup defo get it shutdown, unless the company name is something you want to keep. Also, I set mine up in two days for £15 all on the Companies House website.

[Yonmons]

I am exactly the same position as the OP, DS01 has been submitted and my Ltd Co is due to be struck off by companies house today after the 3 months Gazette post. I dont see any point in putting it dormant, I dont like the legal aspect of companies house chasing me to submit forms under threat of financial penalty if not done. Its easy, and cheap enough to set up a new Ltd Co in the future if I require one.

[JB3000]

Thank you, all, for your helpful advice.

I've spoken to a few people and there seems to be no real benefit to closing down the company and I should just do the submission of accounts online for £13 and just fill in the self assessment which is rather small.

Keeping in dormant then is just a matter of paying each year for the submission of accounts.

If your HR is anything like mine was, they will do a director's search and start questioning what are you doing with the other company.

You are just chucking £13 away each year for no reason (annual return fee). Plus the time spent completing the dormant accounts to Companies House. However, as someone else mentioned in other thread, if you like doing this type of thing in your spare time........

[SueEllen]

If your HR is anything like mine was, they will do a director's search and start questioning what are you doing with the other company.

In some sectors they need to know if you have a conflict of interest and in others they need you to confirm your working hours in all jobs.

I remember being at a client where a woman was a director of her spouse's company but did sod all except randomly sign some paperwork. Due to the company having industrial plants where workers couldn't work over certain number of hours a week they insisted she listed her weekly working hours. This was amusing simply because they weren't allowed to distinguish purely office based work due to some roles in their plants being a mixture.

[mudskipper]

Thank you, all, for your helpful advice.

I've spoken to a few people and there seems to be no real benefit to closing down the company and I should just do the submission of accounts online for £13 and just fill in the self assessment which is rather small.

Keeping in dormant then is just a matter of paying each year for the submission of accounts.

It's the Companies House return which is £13, not the submission of accounts. The cost of getting things wrong can be expensive (penalties), so, if there is anything you are uncertain of, your best bet is to close it, and open a new company if and when you need it.