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

[Lance]

Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

Starling and Mettle are free.. And you get FreeAgent with Mettle.

[JHamp82]

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..?

You can switch your bank to Starling or Mettle, they are free!

£80 per month for dormancy accountancy seems excessive. Probably time to move accountant until you decide what you are planning to do with your Limited company. My accountant charge £50 I think for dormant clients so worth exploring your options here.

Thanks.

[SueEllen]

You can find free business banking yourself.

Find an accountant who will just charge you for doing your end of year accounts. Just make sure you have sufficient money in your company to cover this.

If you have no other costs you can deregister for VAT OR do if you don't want to then do it yourself using your accounting software.

[northernladuk]

You can find free business banking yourself.

You are talking to Darren_test here. That's not a safe assumption.

Find an accountant who will just charge you for doing your end of year accounts. Just make sure you have sufficient money in your company to cover this.

If you have no other costs you can deregister for VAT OR do if you don't want to then do it yourself using your accounting software.

Same as above.

[JHamp82]

Below is a link to recommended accountants. I would probably contact a few and then decide.

https://forums.contractoruk.com/acco...-requests.html

[billybiro]

So why the bloody hell are you not asking them?

Because you tend not to get the best advice from asking the very people you're seeking to reduce your spending with.

[northernladuk]

Because you tend not to get the best advice from asking the very people you're seeking to reduce your spending with.

That's true but finding out what they say first and then ask us. Going straight to a bunch of strangers (who think the OP is bordering on incompetent) isn't the best way.