Biting The Bullet

[l35kee]

So, had a 3 month extension on the table as well as a permie position. £75k vs £450, BA up north. Looks like I'll probably take it.

Struggled with the decision, the turning point was browsing LinkedIn and seeing quite a lot of (good) former colleagues having lost their contract or permie role and struggling to get anything.

Obviously going to be speaking to my account, but my intention is to see out this financial year and see what the market looks like in 12 months.

Any of you guys done anything similar before? I imagine it's better to keep the company open?

[ladymuck]

You could keep the company open as it's still viable to put expenses through it that you would ordinarily incur for its day to day operation.

It's fine to have no revenue and post a loss for the year.

I would definitely keep my company open for a year to see how things pan out before deciding whether to go dormant or shut up shop completely. With the latter you need to be sure that you don't fall foul of phoenixing if you decide to open a new company within two years. I'm not sure how you evidence things to stay on the right side of the rules as I've never done it.

[LondonManc]

Take the permie job, deregister for VAT once you've completed your probation period and get your accountant to set your company as dormant.

[ladymuck]

Take the permie job, deregister for VAT once you've completed your probation period and get your accountant to set your company as dormant.

I would deregister for VAT and PAYE but I wouldn't go dormant as I'd still put some expenses through the company

[Old Greg]

So, had a 3 month extension on the table as well as a permie position. £75k vs £450, BA up north. Looks like I'll probably take it.

Struggled with the decision, the turning point was browsing LinkedIn and seeing quite a lot of (good) former colleagues having lost their contract or permie role and struggling to get anything.

Obviously going to be speaking to my account, but my intention is to see out this financial year and see what the market looks like in 12 months.

Any of you guys done anything similar before? I imagine it's better to keep the company open?

Looks like you're going to economically survive the Apocalypse. Well done!

[Dhrucku]

I would deregister for VAT and PAYE but I wouldn't go dormant as I'd still put some expenses through the company

What kind of expenses? Examples...

[Old Greg]

What kind of expenses? Examples...

Miscellaneous sundries.

[gables]

So, had a 3 month extension on the table as well as a permie position. £75k vs £450, BA up north. Looks like I'll probably take it.

Struggled with the decision, the turning point was browsing LinkedIn and seeing quite a lot of (good) former colleagues having lost their contract or permie role and struggling to get anything.

Obviously going to be speaking to my account, but my intention is to see out this financial year and see what the market looks like in 12 months.

Any of you guys done anything similar before? I imagine it's better to keep the company open?

Yep, accepted job offer Xmas eve and started January 20th, still 1 week probation left, wfh all the time now - feel a bit lucky.

[ladymuck]

What kind of expenses? Examples...

Mobile phone is invoiced to and directly paid by my company. Annual software licenses the same.

Insurances would need to be maintained.

[SueEllen]

What kind of expenses? Examples...

Insurances - check your contracts for any clauses where if you don't maintain insurance for a certain time period liability can be transferred to you

Software licenses

Accountant

Business Broadband and Mobile phone contracts - you can't just end these if you are still in the minimum period without paying up.

Misc - anything else such as filing your company's existence at Companies House.