Closure fees - Is this reasonable?

[bluedrop]

Hi all,
I stopped trading in Nov 2015. I've now decided to liquidate my company. Year-end is in December. I've been paying my accountant full fees until now. They asked for £400 closure fees. Does that sound reasonable? They are including 2016 accounts with 2015 accounts to submit it as one set of accounts.

[northernladuk]

Brooksons?

Are you liquidating or just closing?

[dx4100]

I was charged £180 to close a company

[bluedrop]

I'm liquidating it. The accountant needs to do the closing before my liquidator takes over?

I'm with Nixon Williams.

[northernladuk]

There are a couple of threads asking this over the years and they all appear to be in that ballpark so I'd say you are most definitely being ripped off. Might be a little more than others but not unreasonable.

https://www.google.co.uk/search?q=fe...KOTWgAaK0I6IDA

You've gone permie??

[ContrataxLtd]

Hi all,
I stopped trading in Nov 2015. I've now decided to liquidate my company. Year-end is in December. I've been paying my accountant full fees until now. They asked for £400 closure fees. Does that sound reasonable? They are including 2016 accounts with 2015 accounts to submit it as one set of accounts.

I'd say it's probably at the more expensive end of the scale given the fact that you've been paying full fees for a good few months since trade ceased and the year end can be extended so that only one set off accounts needs to be produced not two.

However, I doubt you'd be able to go elsewhere to get it done cheaper as a new client that is closing so probably have to bite the bullet and pay it, unless of course you can negotiate with them to offset some of the fees you've paid since trade ceased against this.

They will probably clear down the balance sheet i.e. leave it with just cash at bank (less a provision for CT) equaling shareholder funds, close down the VAT, PAYE and CT schemes and then let the liquidator take over.

Martin
Contratax Ltd

[dx4100]

Isn't liquidation a more expensive and complex thing ?

£180 I was charged was for a simple accounts closed.

[ContrataxLtd]

Isn't liquidation a more expensive and complex thing ?

£180 I was charged was for a simple accounts closed.

I've assumed that the liquidators fees will be on top of the £400 OP has been quoted and is simply to prepare the accounts etc. to the point where the company can be placed into liquidation.

[dx4100]

I've assumed that the liquidators fees will be on top of the £400 OP has been quoted and is simply to prepare the accounts etc. to the point where the company can be placed into liquidation.

Yeah I think that is the case... So its probably no different ?

[ContrataxLtd]

Yeah I think that is the case... So its probably no different ?

Correct, probably no different to a simple closure other than perhaps a few questions from the liquidator.

Martin
Contratax Ltd