Closing Ltd co. and leaving the country

[mikedarv]

In December of this year I'm going to be ending my contract and off travelling for around 9/10 months. For those that have had the experience in closing a company down how feasible is it that I would be able to do this whilst out of the country and have limited access to emails/sign documents etc and no post?

I would expect there to be little money left in the company so that should be fine, it's just the logistics of submitting a final invoice then getting out of the country the next day

Leaving the company dormant is an option although paying my accountant a reduced fee over 9 months might be quite costly. I'd look for a new contract on my return so that still my be the best option.

Thanks.

[Martin at NixonWilliams]

In December of this year I'm going to be ending my contract and off travelling for around 9/10 months. For those that have had the experience in closing a company down how feasible is it that I would be able to do this whilst out of the country and have limited access to emails/sign documents etc and no post?

I would expect there to be little money left in the company so that should be fine, it's just the logistics of submitting a final invoice then getting out of the country the next day

Leaving the company dormant is an option although paying my accountant a reduced fee over 9 months might be quite costly. I'd look for a new contract on my return so that still my be the best option.

Thanks.

How quickly do you go travelling after ending the contract? It can be done, we have done it for clients many times.

A good option is to appoint a secretary to sign off certain paperwork for you but most things can be sorted via email.

I hope this helps.

Martin

[TheCyclingProgrammer]

Can't you negotiate a lower fee with your accountant? If you close down your payroll you shouldn't have much to do. File your nil VAT returns (or deregister if you can), file your own annual return and get your accountant to do your accounts and corporation tax return.

Edit: saw you mentioned a reduced fee, missed that.

[mikedarv]

How quickly do you go travelling after ending the contract? It can be done, we have done it for clients many times.

A good option is to appoint a secretary to sign off certain paperwork for you but most things can be sorted via email.

I hope this helps.

Martin

Thanks. Not too sure yet, contract end date is yet to be decided and nothing booked so I can be flexible but it would probably be a week or two.

A secretary is a good option I hadn't thought of. As you say email should be fine, good to know it has been done before.

[mikedarv]

Can't you negotiate a lower fee with your accountant? If you close down your payroll you shouldn't have much to do. File your nil VAT returns (or deregister if you can), file your own annual return and get your accountant to do your accounts and corporation tax return.

Edit: saw you mentioned a reduced fee, missed that.

I did ask them last year as I was initially going to be away for 5/6 months and they said about £50 a month reduced fee. I'd certainly negotiate something lower for 9 months, I'd have to maybe look up the start up fees etc again which might make it worthwhile and less hassle keeping it open.

[Martin at NixonWilliams]

Thanks. Not too sure yet, contract end date is yet to be decided and nothing booked so I can be flexible but it would probably be a week or two.

A secretary is a good option I hadn't thought of. As you say email should be fine, good to know it has been done before.

I see. If your accounts are relatively straightforward & you pay your accountant and provide invoices, expenses, bank statements etc. straight away then it can be done that quickly - It depends on the accountant really especially if it runs into January as that's a very busy month for many.

Appoint a secretary to be on the safe side

[Maslins]

A week or two is likely to be cutting it fine, especially as I imagine you'll have plenty of other things to worry about at that point.

As long as you can access emails at least every couple of weeks I wouldn't have thought it'd be much of a problem. I appreciate you probably don't want to be stressing too much about your company's situation whilst you're travelling, but if you've got all the bookkeeping nice and tidy before you go it should just be a case of answering a couple of queries and confirming your agreement to things.

[Jessica@WhiteFieldTax]

Although I understand the imperative to save money on professional fees, I have a unease about situations of closing a company immediately one contract ends and starting another one in a years time for the next contract. Although there is nothing in the employment status tests which contradict it, and therefore it should be OK, to me it always looks very evident of discused employment rather than genuine business. As I say, this is perception rather than fact.