Close LTD, or leave for 6 months?

[northernladuk]

yeah that, and an influx of permies getting let go and deciding to try and have a go at being self employed

Don't need a business bank account if you are self employed

[ResistanceFighter]

That might have been due to the BBL scheme?

yeah that, and an influx of permies getting let go and deciding to try and have a go at being self employed

[ladymuck]

this is possibly not relevant now, but during lockdown I heard of some folk struggling to open biz bank accounts as the banks were getting overwhelmed with requests

That might have been due to the BBL scheme?

[ResistanceFighter]

this is possibly not relevant now, but during lockdown I heard of some folk struggling to open biz bank accounts as the banks were getting overwhelmed with requests

[ladymuck]

I'd keep it, switch accountants and just periodically review. Some accountants will offer a lower fee if you're not trading.

Depending on how much you ask of your accountant, there may not be much in the way of reduced work to justify the lower fee. VAT returns still need doing, PAYE still needs doing. You'd still need them to produce accounts at year end and work out the CT.

[Lance]

Keep it - IR35 will soon be a distant memory for us all...

Really?
They gonna repeal it you think?

Or failing that, what amazing nugget of foresight do you have that will make what you suggest come true?

[TheDude]

Keep it - IR35 will soon be a distant memory for us all...

[eek]

Depending on the retained profits, it may or may not be beneficial to close down the company. Best speaking to your accountant who would know the numbers of your company better.

Not if he is going back contracting in May 2022.

[JHamp82]

Depending on the retained profits, it may or may not be beneficial to close down the company. Best speaking to your accountant who would know the numbers of your company better.

[jamesbrown]

Keep it. It's going to cost you more hassle than £500 saved.

[Lance]

I'm probably going back into contracting next year in May or so. I'm wondering if its worth closing the company and starting a new one in 6 months? I'm paying my accountant about £70 just to manage this non trading company, and theres some small domain/hosting expensies coming out each money for the site that displays my services.

Not sure if its worth the hassle or not to save on accountanting costs? I've never closed a LTD before, is it a pain? is there any costs to be aware of?

Plus I'm not a huge fan of my current accountant, will probably try a new one when I start it up again

keep it....
To close the company you're going to have to get final accounts done anyway. And that's either going to cost you the same £70 a month, or a one-off larger sum.
You could just sack the accountant, and use the non-trading period to switchover. Find an accountant who does reduced fees when not trading.

But for the sake of £420 I wouldn't be bothering to close it.

[northernladuk]

How money you got in it? Personally I'd get rid and start afresh if I've opportunity to do so. Very easy to close and very easy to start up again.

[lofty]

I'm probably going back into contracting next year in May or so. I'm wondering if its worth closing the company and starting a new one in 6 months? I'm paying my accountant about £70 just to manage this non trading company, and theres some small domain/hosting expensies coming out each money for the site that displays my services.

Not sure if its worth the hassle or not to save on accountanting costs? I've never closed a LTD before, is it a pain? is there any costs to be aware of?

Plus I'm not a huge fan of my current accountant, will probably try a new one when I start it up again