Close limited company or not...

**dsc** · 3 October 2024, 12:03

Originally posted by Cookielove View Post

Not finding any outside roles and been on umbrella basis for my latest role. Accountant preparing my latest accounts and asking if I want to keep or close my company as I am not using it....doubt I will be for the foreseeable...it has been 18 months since I had an outside role.

Is it worth keeping it their advice is to close it given so few outside roles these days... lot of their clients ave thrown the towel in so to speak...any thoughts/advice? thanks

What are the yearly costs? I think the "outside" ship has sailed, I'd wait till end of 2025 and if the situation doesn't change ie. one random role per quarter is outside, with everything else inside (assuming there's any contracts at all), then I'd close it and be done. Besides, you can always just create a new one as you are not doing an entrepreneur relief which bans you for two years.

**hobnob** · 3 October 2024, 18:54

I think it mainly depends whether you have any money left in the company bank account. If you've already taken that out, and the company is just costing you money for accountancy fees etc., it would make sense to close it and then pay the £50 fee to re-open it if/when needed. If you're doing MVL, that's where the 2 year limit becomes significant. Bear in mind that you can still do an outside contract via an umbrella company to wait out those 2 years.

**northernladuk** · 4 October 2024, 08:48

Close it and get rid of the hassle. I was in the same position awhile back and just decided to close. I can open another if need be but with it gone it's another thing off my mind. No chance of investigations, history has gone, less to think about. Got the process done and haven't looked back.

If you've too much money in the bank I'd recommend Chris Maslin at MVLOnline who did the MVL for me. It's a lengthy process but they were excellent.

**dsc** · 4 October 2024, 10:14

Originally posted by northernladuk View Post

[...]

If you've too much money in the bank I'd recommend Chris Maslin at MVLOnline who did the MVL for me. It's a lengthy process but they were excellent.

How long was it overall? I heard the longest bit is awaiting confirmation all is good from hmrc, but the monies can be withdrawn fairly quickly, is this correct? asking as I'll be leaving the UK soon, but I'm still trading via my ltd, so can't yet kick it off.

**Cookielove** · 4 October 2024, 10:15

Thanks for the input I've decided to close it down as one less thing to worry about.....

**northernladuk** · 4 October 2024, 10:21

Originally posted by dsc View Post

How long was it overall? I heard the longest bit is awaiting confirmation all is good from hmrc, but the monies can be withdrawn fairly quickly, is this correct? asking as I'll be leaving the UK soon, but I'm still trading via my ltd, so can't yet kick it off.

Correct. Strike off takes ages but you've got to empty the accounts well before you start to strike the company off. I think I closed the bank and sorted money about a month ago and still waiting for the rest but nothing else to do so will just let it run it's course.

**oliverson** · 4 October 2024, 12:03

I think it's over now for outside IR35 roles. Take a look at the article on this site just a couple of days ago:

https://www.contractoruk.com/private...explainer.html

HMRC increasing OPW working checks via letters. You can see where this is all heading and it's not back to good old outside IR35 EVER.

It's gone. The (fake) Tories killed it and Labour are burying it. Bye bye the flexible workforce.

**SussexSeagull** · 4 October 2024, 12:16

I am up for an Inside contract at the moment, which would be my first time inside if I get it.

**ensignia** · 4 October 2024, 12:28

I've got two Outside contracts at the moment, might very well struggle to find even one when they both end early next year (assuming both clients don't give me the boot before then).

Where's TheGreenBastard, actually?

Close limited company or not...