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Not using Ltd Company but don't want to Close it...How to reduce costs..?

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    Not using Ltd Company but don't want to Close it...How to reduce costs..?

    Hi All, I am not using my ltd company /contracting for last 1 year now. Taking into current troubles (covid, IR35..) in mind may not planned to be back as contractor for another year. Currently I am paying...
    • £10-15 per month for Business Banking
    • £80 per month for my accountant
    What I could do to reduce my cost while keeping Ltd in hibernation..?

    Moving from accountant to QuickBook or similar software? Can I completely avoid need of accountant by using software/online? Software seems to cost £10-15/month maximum. Will I be able to do VAT, self assessment as well as company returns with these software..?? Please help..

    Moving company to Dormant ? Do I need to move all fund away before making it Dormant..? Do I still need to file self assessment if the company is Dormant..?

    #2
    Originally posted by Darren_Test View Post
    • £80 per month for my accountant
    So why the bloody hell are you not asking them?

    Can I completely avoid need of accountant by using software/online?
    You? No.

    Will I be able to do VAT, self assessment as well as company returns with these software
    You? I doubt it.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Originally posted by northernladuk View Post

      So why the bloody hell are you not asking them?
      there's no car park at their office??

      Comment


        #4
        Originally posted by BR14 View Post

        there's no car park at their office??
        He must be sick of pushing paper bags full of 80 pound coins through his accountants letterbox..
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          Originally posted by Darren_Test View Post
          £10-15 per month for Business Banking
          Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

          Comment


            #6
            Originally posted by hobnob View Post

            Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.
            Don't ask him difficult questions. He's in a pickle already.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Originally posted by northernladuk View Post

              He must be sick of pushing paper bags full of 80 pound coins through his accountants letterbox..
              Originally posted by northernladuk View Post

              Don't ask him difficult questions. He's in a pickle already.

              Comment


                #8
                Originally posted by hobnob View Post

                Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.
                Starling - it's free.
                merely at clientco for the entertainment

                Comment


                  #9
                  Yes, changing bank is an option, I know some banks give 1.5 years free accounting as well. I will have to do that some point but savings in that is negligible.

                  What can be done on accounting fee side, full accounting fee is £150/month, currently since I ma out of contract they reduced to £80. But I am keen to find alternate where VAT, self assessment and corp returns covered..

                  (Yes, no parking issues fo rm now due to no need to travel to office!!)

                  Comment


                    #10
                    Some people are just not cut out for life...

                    Here are the main savings you could make:
                    • £10-15 per month for Business Banking
                    • £80 per month for my accountant
                    Free business banking is all over the place. Accountants with FA or similar are all over the place for less than £80pm, although not much less.

                    The biggest saving you could make is to close the company and forget all about contracting.

                    Your filing a SATR has nothing to do with whether your company is dormant (which means zero significant transactions in or out). If you have income that is chargeable to tax outside of your permie employments, then you'll need to file a SATR. As a director, you're expected to file one too (although this is not a legal requirement). If you're asked to file one, you must file one.

                    Comment

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