• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.

Biting The Bullet

Collapse
X
Collapse
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Biting The Bullet

    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?

    #2
    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.

    Comment


      #3
      Take the permie job, deregister for VAT once you've completed your probation period and get your accountant to set your company as dormant.
      The greatest trick the devil ever pulled was convincing the world that he didn't exist

      Comment


        #4
        Originally posted by LondonManc View Post
        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

        Comment


          #5
          Originally posted by l35kee View Post
          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!

          Comment


            #6
            Originally posted by ladymuck View Post
            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...

            Comment


              #7
              Originally posted by Dhrucku View Post
              What kind of expenses? Examples...
              Miscellaneous sundries.

              Comment


                #8
                Originally posted by l35kee View Post
                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.

                Comment


                  #9
                  Originally posted by Dhrucku View Post
                  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.

                  Comment


                    #10
                    Originally posted by Dhrucku View Post
                    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.
                    "You’re just a bad memory who doesn’t know when to go away" JR

                    Comment

                    Working...
                    X