Originally posted by bourneagain
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: revive dormant or start new LTD?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "revive dormant or start new LTD?"
Collapse
-
-
Originally posted by Wanderer View PostHuh? Only 80% take home. You can get that with a LTD company. Or did you do this because you considered yourself IR35 caught?
Leave a comment:
-
Originally posted by ASB View PostIt is not clear if your intent is to keep old co even if you commence operations through new co.
As it stands old co is a valid target for hmrc due to its existence. I am not asessing likely, merely possible.
Sent from my Nexus 5 using Tapatalk
Leave a comment:
-
Originally posted by Wanderer View PostHuh? Only 80% take home. You can get that with a LTD company. Or did you do this because you considered yourself IR35 caught?
Sent from my Nexus 5 using Tapatalk
Leave a comment:
-
It is not clear if your intent is to keep old co even if you commence operations through new co.
As it stands old co is a valid target for hmrc due to its existence. I am not asessing likely, merely possible.
Leave a comment:
-
Well the company was kept dormant as I was moving to a loan based, 80% take home fantasy scheme. I wanted a quick backup in case that route went belly up eg. 6 months in and something smells fishy, I revive the company and invoice the next possible time worked under the old Ltd to avoid like company disappearing with my money etc
It's been couple of years now. I pay the accountant a small fee for the upkeep of the dormant company namely going nil VAT returns etc...
Northernlad raised my precise point. I am in Hector's shoot to kill list at the moment. We'll see how that goes. But clearly they are questioning one of my previous returns under that scheme so I don't want to continue operating that way even if it turns out to be one that hector, actually, can't bring down.
The upside of starting a new company is the following. I don't think I looked after my company properly. I declare myself outside IR35 but I wasn't strict about applying that to my day to day role. Worst case scenario if that ever gets picked up by hector for ir35 it could possibly go against me. If it does then I suspect they would come after everything that company traded including what I decide to trade in 2014, should I decide to keep the company. If i started fresh, I would in essence keep the damage of the bad years ring fenced if that makes sense?
Sent from my Nexus 5 using Tapatalk
Leave a comment:
-
Originally posted by VectraMan View PostWhat's the point in keeping a dormant company if you're just going to start a new one?
I doubt it makes any difference. Do you like the name? If so keep it, if not don't.
Leave a comment:
-
What's the point in keeping a dormant company if you're just going to start a new one?
I doubt it makes any difference. Do you like the name? If so keep it, if not don't.
Leave a comment:
-
Originally posted by northernladuk View PostWon't closing a LTD and opening a new one so close after raise some eyebrows at HMRC even if it is legitimate?
Leave a comment:
-
I assume you kept it dormant and did the paperwork rather than closing it for a reason, unless there's a reason to bin it now and start a new one I'd revert it to active.
Leave a comment:
-
Won't closing a LTD and opening a new one so close after raise some eyebrows at HMRC even if it is legitimate?
Leave a comment:
-
It's entirely up to you, but if you're after a fresh start then it would make sense to start a new company. These days it's not expensive or time consuming to start a new company.
There will be costs in closing down the old one, and potential tax implications if there are retained funds. You could keep it open if you prefer of course, no need to close it unless you want rid of it.
Leave a comment:
-
revive dormant or start new LTD?
i used to operate as LTD until i switched to an ebt/loan type scheme. it was clearly too good to be true and surprise surprise, it is now under heat so i need out. decided to go back to LTD.
the company was kept dormant at the time. wondering if it's better to revive to company and start trading again or start a new ltd given that hector is breathing on me right now. need to expand the war chest in case hector and his cronies come for it.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: