Originally posted by pegzyisdeed
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Previously on "Advice on Closing my Ltd Company without incurring excessive Accountancy Fees"
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750 seems cheap compared to what Im being advised by SJD.
I'm looking to apply for entrepreneurs relief as part of closing the company down. But they want something like £2000 to carry this out. Considering I've not traded this financial year. Surely I'd be best to get a quote from someone else?
Does anyone have any recommendations of a trust worthy firm who would perform this for a more reasonable fee?
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Originally posted by northernladuk View PostPay them to do it properly and never worry about it again. It's just to cheap to be messing around with IMO.
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Pay them to do it properly and never worry about it again. It's just to cheap to be messing around with IMO.
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Originally posted by Peoplesoft bloke View PostI am in the same (well a similar) boat. Accountants want a total of £930 + VAT to cover their "lost" fees and the admin to close the company. I guess they are all trying to recoup the costs of us all closing out Ltds and retiring/emigrating/going permie.
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Originally posted by eek View PostAs your accountant will need to submit those accounts (that's really what you pay their annual fee for them to do) £750 to do that and the rest of the items required doesn't seem that bad considering you were probably paying £1000+ + VAT a year for them to do that task before and there is additional work required.
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Originally posted by Peoplesoft bloke View PostI am in the same (well a similar) boat. Accountants want a total of £930 + VAT to cover their "lost" fees and the admin to close the company. I guess they are all trying to recoup the costs of us all closing out Ltds and retiring/emigrating/going permie.
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I am in the same (well a similar) boat. Accountants want a total of £930 + VAT to cover their "lost" fees and the admin to close the company. I guess they are all trying to recoup the costs of us all closing out Ltds and retiring/emigrating/going permie.
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Originally posted by Willy Win View PostIn the current situation I have recently taken a permanent job and have enquired with my Accountants, Clearsky, the fees for dissolving the company. There are no debts, no assets, it has not been trading for 6 months, corporation tax is all paid up and just a deferred balance of £65 in VAT remains to pay. My P45 was issued in June. Total dividends payable is just £4,300. Monthly accountancy fees were reduced to £60 a month for use of registered office address and VAT returns submissions.
My accountant has quoted me £750+VAT for them to fulfill all administration duties to process the closure which seems very high,
and has stated that after 6 months has lapsed that Companies House will then action and confirm the closure. I am not sure during this time whether they still expect a monthly fee of £60 as I was still reeling from being informed of the closure fee which is a big chunk of my dividends.
My question is, has anyone else had experience of closing their company and how did your fees compare? Is there a cheaper way to do this and, having always used an accountant, are the steps complicated? Is it worth stopping using this accountant and using another just for the closure if the fees could be less? I am not sure whether I will contract again given the future IR35 situation but if a really good gig came up I wouldn't completely rule it out.
Firstly you need to pay all debts, extract the cash as a dividend and get and submit a final set of accounts. Then you can follow the rest of the process there.
As your accountant will need to submit those accounts (that's really what you pay their annual fee for them to do) £750 to do that and the rest of the items required doesn't seem that bad considering you were probably paying £1000+ + VAT a year for them to do that task before and there is additional work required.
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Advice on Closing my Ltd Company without incurring excessive Accountancy Fees
In the current situation I have recently taken a permanent job and have enquired with my Accountants, Clearsky, the fees for dissolving the company. There are no debts, no assets, it has not been trading for 6 months, corporation tax is all paid up and just a deferred balance of £65 in VAT remains to pay. My P45 was issued in June. Total dividends payable is just £4,300. Monthly accountancy fees were reduced to £60 a month for use of registered office address and VAT returns submissions.
My accountant has quoted me £750+VAT for them to fulfill all administration duties to process the closure which seems very high,
and has stated that after 6 months has lapsed that Companies House will then action and confirm the closure. I am not sure during this time whether they still expect a monthly fee of £60 as I was still reeling from being informed of the closure fee which is a big chunk of my dividends.
My question is, has anyone else had experience of closing their company and how did your fees compare? Is there a cheaper way to do this and, having always used an accountant, are the steps complicated? Is it worth stopping using this accountant and using another just for the closure if the fees could be less? I am not sure whether I will contract again given the future IR35 situation but if a really good gig came up I wouldn't completely rule it out.
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