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IR35 and pension
You could use the umbrella providers pension scheme to be the most tax efficient and transferring this into your own pension provider every year. Keep an eye on the umbrella pension providers exit fees.
Gorilla Accounting are ok if you get a decent experienced accountant assigned. So watch out you don’t get a junior accountant assigned as it’ll just cause unnecessary frustration as they seem quite overloaded and send generic emails not relevant to your company circumstances.
Great advice here. I too was in a dilemma what to do with an ever increasing warchest. I invested some into a SIPP, but will now look into the passive trackers via the company.
If you need to choose someone I’d go with who you’re most comfortable with. Ask to speak to an accountant to put your mind at rest.
Gorilla have recruited a number of experienced accountants from other well known firms. In my opinion the best employees always move first and don’t get too...
Also bear in mind accountancy monthly fees are usually comprised of annual fee / 12, so if you only pay 6 or 9 months of fees they may require additional top-up fees to produce year end accounts.
If Ltd is registered for PAYE and VAT then these submissions need to be made monthly and quarterly respectively so an accountant is recommended. They’ll also be able to advise on how to close Ltd and extract any profits tax efficiently.
Also I would get your existing accountant to confirm in...
I asked my gorilla accountant a similar question and he drew up two scenarios, 1) MVL and 2) informal closure. We also discussed reducing the retained profits to below £25k with a pension contribution.
As director the decision rests with me upon which of the two scenarios to take forwards...
If you are not happy, don’t take too long thinking about it and just do it. I too was unhappy and moved to a FreeAgent based accountant and the process was very easy. I’m now a happy customer of Gorilla Accounting and only regret not leaving NXW sooner. Speak to Natasha in the new business team...