Pausing Ltd company

[Craig@Clarity]

What's the best way to pause Ltd company?
I've just moved to my country so I'm going to open the company here.
I don't wanna close my Ltd company, because maybe I will need it in the future. Can I pause the company in the UK for several months and don't pay for keeping it?

I have around 50k GBP earnt on my business account. I don't need this money badly. Should I keep it on my business account and withdraw somehow in the future?

'Pausing' the company is very simple. Since you don't want to close it down, it's simply a case of leaving it as it is to tick over. You don't need to do anything special. You just have to file the company accounts and corporation tax returns once a year to Companies House and HMRC and make sure you file a confirmation statement to companies house once a year too. Your accountant should be able to handle this for you of course. If you have a payroll and VAT scheme in place, these will need to be attended to on a monthly and quarterly basis. I'd recommend you keep these going for a few months until you're certain about what you want to do. Thereafter, you can make a decision as to whether you want to deregister from PAYE and VAT.

Then when you want to use the company again, you can pick up where you left off.

If you're talking about not wanting to pay for keeping it (not paying your accountant), then that's a discussion you have to have with them.

[rocketjet]

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.

Whilst I make up my mind Gorilla have reduced my monthly fees and I couldn’t ask for more.

[northernladuk]

The problem with Gorilla is that they are not willing to give advice. I asked what's the most tax efficient way to deal with closing the company and they answer was



[EDIT] I called him now and he is very helpful via phone, so worth to call instead of writing mails.

Doesn't matter how good your accountant is, if you can't communicate with him and have a modicum of knowledge he won't be able to help. He provides a service to you but you own that issue. Looking at your last couple of posts it sounds like you've just been throwing random questions with no supporting evidence. They can't give advice on fresh air, similar to on here.

[qbait]

The problem with Gorilla is that they are not willing to give advice. I asked what's the most tax efficient way to deal with closing the company and they answer was

I will not be able to confirm the most tax efficient way to extract funds from the company without confirmation of which option you wish to choose.

[EDIT] I called him now and he is very helpful via phone, so worth to call instead of writing mails.

[northernladuk]

Why don't you ask Gorilla? They are better placed to look in to your finances and situation to give you the best plan going forward.

You've given us so little information then anything is going to be a wild guess at best.

[qbait]

What's the best way to pause Ltd company?
I've just moved to my country so I'm going to open the company here.
I don't wanna close my Ltd company, because maybe I will need it in the future. Can I pause the company in the UK for several months and don't pay for keeping it?

I have around 50k GBP earnt on my business account. I don't need this money badly. Should I keep it on my business account and withdraw somehow in the future?