Originally posted by wattaj
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Accountant fees for closing Limited Co
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Originally posted by ladymuck View PostI'm thinking more of a cross between Keith Floyd (but with vodka rather than wine) and DIY SOS---
Former member of IPSE.
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Many a mickle makes a muckle.
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Originally posted by wattaj View PostDid you expect them to do this for free?
REALLY?
Did not say I expected it for free. As I said, the self assessment cost me £60 before, so thats expected. So is the £10 fee to Companies House. The accounts have never incurred an additional cost when filed in previous years, last one as recently as January 2020. So £315 to submit a DS01 and issue a P45. Seems legitComment
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Originally posted by ih8ir35 View PostSo £315 to submit a DS01 and issue a P45. Seems legit
- de-registration for VAT,
- submission of final VAT return,
- de-registration as an employer (typically a separate step to marking you personally as leaving hence issuing P45),
- possibly doing accounts/CT return for a short period rather than a full year (ie so they won't have had 12 monthly payments towards it),
- advice around closing, eg assessing final net assets, considering tax planning options such as pension/MVL.
Personally I do feel "closure fees" are a bit unfair. Firms will tend to offer all kinds of stuff for free at the outset to lure you in, despite it taking time for (hence costing) the accountant. However, when you're towards the end, no accountant would be prepared to take you on from scratch at this stage, and do all the closing bits for £315. Hence the existing firm has an advantage, and can "get away with" charging an extra fee. You'll grumble, but virtually always your most sensible option will be to suck it up and pay it. They know that...plus they do have some legitimacy in it given the multiple extra tasks required.Comment
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Originally posted by Maslins View PostTypically there's also:
- de-registration for VAT,
- submission of final VAT return,
- de-registration as an employer (typically a separate step to marking you personally as leaving hence issuing P45),
- possibly doing accounts/CT return for a short period rather than a full year (ie so they won't have had 12 monthly payments towards it),
- advice around closing, eg assessing final net assets, considering tax planning options such as pension/MVL.
Personally I do feel "closure fees" are a bit unfair. Firms will tend to offer all kinds of stuff for free at the outset to lure you in, despite it taking time for (hence costing) the accountant. However, when you're towards the end, no accountant would be prepared to take you on from scratch at this stage, and do all the closing bits for £315. Hence the existing firm has an advantage, and can "get away with" charging an extra fee. You'll grumble, but virtually always your most sensible option will be to suck it up and pay it. They know that...plus they do have some legitimacy in it given the multiple extra tasks required.Comment
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Originally posted by ih8ir35 View PostWouldn't have batted an eyelid if I was still contracting but I have to save the pennies now that I'm a permieComment
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Originally posted by Maslins View PostOnly thing I'd say to that is you still have a company, so still have obligations even if there's currently no income going into it. Creating a company is a bit like getting a dog. You've taken on a responsibility, which doesn't disappear as soon as you no longer want it. It needs to be disposed of properlyComment
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Originally posted by ih8ir35 View PostSo I'm a Limited Co providing services to financial insititutions. I have recently given my accountants notice that I would like to close my company. My company ceased trading end of July 2019 when I went permanent employed. My previous tax year ran from April 1, 2018-March 31, 2019, so I still have Corporation tax and Self Assessment due for April-July 2019. The company has no assets.
So to produce the final accounts, file my self assesment, submit a DS01 form (strike off a company from the register), and issue a P45, I'm being charged a grand total of GBP 385+VAT as part of their (appropriately named) "wind-up" procedure.
I pay £84 monthly fee and additional £60 year for Self-Assesment.
Apart from the £10 to Companies House, has anyone else had to pay accountancy fees to close their Limited Co ?
LBH the accountants want to draw the process out for as long as possible. I started things rolling about 6 weeks ago. They got back to me last week saying that I must pay the last VAT payment and it will be automatically sent via direct debit at end of June. I say 'hang on a minute can't I just pay it now and save 6 weeks in time?' They say yes you can. ehhh so why didn't they recommend this to begin with? ... you know why.
They have already taken £395 + vat to close the company ... will take a further £134 a month till accounts created ... which I am told today will likely be 12 weeks .... 12 weeks.
It's a rip off.
The thing is I have been incredibly impressed by these accountants up to the closure of the company. I won't be recommending them to anybody else....thats for sure.Comment
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Originally posted by mogga71 View PostI am in the same boat as you. May I ask how long they say it will take to prepare the final accounts?
LBH the accountants want to draw the process out for as long as possible. I started things rolling about 6 weeks ago. They got back to me last week saying that I must pay the last VAT payment and it will be automatically sent via direct debit at end of June. I say 'hang on a minute can't I just pay it now and save 6 weeks in time?' They say yes you can. ehhh so why didn't they recommend this to begin with? ... you know why.
They have already taken £395 + vat to close the company ... will take a further £134 a month till accounts created ... which I am told today will likely be 12 weeks .... 12 weeks.
It's a rip off.
The thing is I have been incredibly impressed by these accountants up to the closure of the company. I won't be recommending them to anybody else....thats for sure.
I was in the process of closing before I was told I could continue outside of IR35, my closure fee was £250 + VAT but no further monthly charges.Comment
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Originally posted by JHamp82 View Post£395 + VAT seems expensive, and surely they shouldn't continue to charge monthly until the accounts are completed.
I was in the process of closing before I was told I could continue outside of IR35, my closure fee was £250 + VAT but no further monthly charges.Comment
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