What happens if work visa expires for a limited company contractor

[deneme6]

Hi,

I am not a British citizen and I have a temporary visa that allows me to reside and work in UK.
I am currently contracting via my limited company in UK. I am the single shareholder and single director of this limited company.

My UK work visa will expire next year, unless it is extended for another couple of years.
I am wondering what happens if my visa is not extended and if I do not continue to reside or work in UK anymore after visa expiry date.

1 - Will I have to close my limited company or can it still stay?
2 - Can I still continue to be the official director of my company, but without getting any salary and without effectively working in UK?
3 - If I have enough retained earnings in the company, can I continue to pay dividends to myself while I am not working in UK?
4 - While I am not working in UK, but earning dividends from my limited company, will I have to continue to make self assessment returns and pay personal tax for any dividends earned?
5 - When I am not residing and working in UK, can I continue to have my personal bank account in UK or will I have to close it?

I would appreciate any useful information. Thanks in advance.

Regards,

[northernladuk]

Do you not have any forums in your home country that deal with questions like this. You can't be the only person that has had a visa expire and there is usually some kind of forum to help others like yourself.

[stek]

Your on tier 1 or HSMP yeah?

No problem with doing all the thing u list, plenty of people own property, companies, shares in other countries where they have no right to work. U might struggle with point 5 though...

Obviously you have tax issues with you home country's rules, double taxation etc, so you need to cover that.

[Greg@CapitalCity]

Hi deneme6,

Here are some brief answers for you;
(1) Your company can stay;
(2) Yes;
(3) Yes;
(4) Depends on your tax status in the UK - will you still be a UK tax resident? If so, yes. If not, no (but there are also other factors that determine whether you must file a personal tax return or not);
(5) Yes, it can stay open;

Its not clear why you are planning to keep the company open after you have left the UK. If you continue to use it whilst abroad it raises a fresh set of taxation issues for you. If you clarify exactly what your plans are, I might be able to give you some more guidance.

[Ketchup]

Personally i would like the money to stay in the UK not be taken back to (India?) with you.

[satu]

Hi,
I am in UK on Tier 2 - Dependent VIsa and started my own limited company and now our visa is getting expired and it is not extending, so travelling back to home country.
I am aware that i can close my limited company after the last cash flow into my business account.

Need advice on the following :

But, before closing my company, can i come back to UK with business visa, as a representative of my own company to give service to my client only for a month or 2? Or can i request my client to issue a letter to my limited company for business visit?

It will be great help to me..

Thanks in advance !!

Cheers..