Originally posted by mrtuk
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Reply to: Closing down ltd/starting up again
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Previously on "Closing down ltd/starting up again"
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Originally posted by northernladyuk View PostYou need to bear in mind that any cash currently held in the Ltd accounts would be less easy to conceal from the Job Centre, once it's in personal accounts.
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Originally posted by mrtuk View PostI am considering going perm, and so interested in this comment. If I leave the company dormant, would i need to also keep public indemnity and IPSE membership etc running in case an old client had a problem with something that was done under an old contract, or HMRC wanted to investigate IR35 status for a prior contract etc?? Would closing the company down, effectively mean that these things could no longer happen as the co is no longer active?
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Originally posted by mrtuk View PostI am considering going perm, and so interested in this comment. If I leave the company dormant, would i need to also keep public indemnity and IPSE membership etc running in case an old client had a problem with something that was done under an old contract, or HMRC wanted to investigate IR35 status for a prior contract etc?? Would closing the company down, effectively mean that these things could no longer happen as the co is no longer active?
http://www.contractoruk.com/ir35/con...ding_4706.html
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Originally posted by Fred Bloggs View PostClosing down a Ltd Co is a very easy thing to do and has advantages in closing off certain future tax issues that may otherwise bite you in the future.
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Originally posted by billybiro View PostIs it a full church wedding, or just the reception office for you two?
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You need to bear in mind that any cash currently held in the Ltd accounts would be less easy to conceal from the Job Centre, once it's in personal accounts.
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I agree that keeping your company going is a pointless expense. When I wanted a new company to accept a contract, I called the accountant at 9.00am and by 3.30pm I had the company registration certificate and was ready to start invoicing. No charge from the accountant.
I have closed two Ltd companies down recently. One accountant took over a year to manage this very simple process. The other accountant took three days. Neither charged me anything extra aside from the normal monthly fee. You need to check the terms of engagement from when you signed up for the service you are using. Closing down a Ltd Co is a very easy thing to do and has advantages in closing off certain future tax issues that may otherwise bite you in the future.
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Originally posted by gables View PostTalk with your accountant....... .
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Closing down is fairly easy, but you need to think about how you want to deal with any retained profits left in the business. If its a significant amount you'd really need to look at an MVL and capital distribution (with ER if eligible) to save tax but bear in mind the implications of the two year returning to the same trade rule.
If you don't have much then simpler to just distribute what's left as a dividend, you'll have no restrictions on starting up a new co. when you need one.
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Originally posted by northernladuk View PostWhy don't you ask your accountant seems they will know exactly what is involved and will know you exact circumstances. They also offer company formation services so will be able to tell you how much to start one up.
When will you attempt to handle one aspect of your company by yourself? Just one, even a small one! I mean, you say you have an accountant engaged and then ask a question that your accountant can answer. Jesus.
Lazy post PC, even by your standards.
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Originally posted by psychocandy View PostHaven't traded through ltd since start of company year (1st June). Looks like I'm going to be staying umbrella for the foreseeable future at least.
What are the costs associated with closing down the limited and then re-opening in the future if needs be? Also, assume Id still have to do a year end in May 2018 (or is this all done and dusted in company close down?)
Been paying accountant half fees since April, guessing there is work involved in closing down ltd so they're probably not going to process this based on pretty much 3 months 1/2 payments.
Other option is to leave company dormant, but means Im paying half accountant fees for this time. Bit of a waste.
You don't need an accountant to start up a ltd, I did mine in Feb 2015 for the princely sum of £15 on Companies House website and took no time at all, like a couple of days.
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Bore Da NLUK - how are you this fine August morning?
Im off on hols for two weeks after this week - I'll try and keep posting in case you miss me!
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Why don't you ask your accountant seems they will know exactly what is involved and will know you exact circumstances. They also offer company formation services so will be able to tell you how much to start one up.
When will you attempt to handle one aspect of your company by yourself? Just one, even a small one! I mean, you say you have an accountant engaged and then ask a question that your accountant can answer. Jesus.
Lazy post PC, even by your standards.
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Closing down ltd/starting up again
Haven't traded through ltd since start of company year (1st June). Looks like I'm going to be staying umbrella for the foreseeable future at least.
What are the costs associated with closing down the limited and then re-opening in the future if needs be? Also, assume Id still have to do a year end in May 2018 (or is this all done and dusted in company close down?)
Been paying accountant half fees since April, guessing there is work involved in closing down ltd so they're probably not going to process this based on pretty much 3 months 1/2 payments.
Other option is to leave company dormant, but means Im paying half accountant fees for this time. Bit of a waste.Tags: None
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