Closing my LTD company?

[simplicity]

I'm on an FTC and thinking of closing my LTD company. I've never earned the much contracting and really struggled to keep afloat on around £200 per day for last couple years. I took the FTC to give me a chance of more experience and higher daily rate in future jobs. I'm owing corporation tax and wondering if I should make my company insolvent seeing as I am not currently trading? I can't afford to pay it off and it's Abigail worry.

If I want to contract in future and open a new company will this go against me?

[Scruff]

The answer to your first question is no.
The answer to your second question is yes.

These answers are predicated by your statement.

[Kess]

Good questions for your accountant...

[oliverson]

That's a pretty dreadful day rate you've got there!

The obvious solution to me is to land a new contract on a higher rate. The good news is that the rate can only go up, surely?! The extra good news is that the corporation tax bill can't be massive on that kind of rate so it should be very easy to resolve that issue. The benefit of contracting, even on an average rate, is that you have the capacity to turn things around quickly, financially speaking.

[stek]

What's an Abigail worry?

[simplicity]

A big worry! Not Abigail...predictive text 😁