Reply to: Not using Ltd Company but don't want to Close it...How to reduce costs..?

[northernladuk]

Because you tend not to get the best advice from asking the very people you're seeking to reduce your spending with.

That's true but finding out what they say first and then ask us. Going straight to a bunch of strangers (who think the OP is bordering on incompetent) isn't the best way.

[billybiro]

So why the bloody hell are you not asking them?

Because you tend not to get the best advice from asking the very people you're seeking to reduce your spending with.

[JHamp82]

Below is a link to recommended accountants. I would probably contact a few and then decide.

https://forums.contractoruk.com/acco...-requests.html

[northernladuk]

You can find free business banking yourself.

You are talking to Darren_test here. That's not a safe assumption.

Find an accountant who will just charge you for doing your end of year accounts. Just make sure you have sufficient money in your company to cover this.

If you have no other costs you can deregister for VAT OR do if you don't want to then do it yourself using your accounting software.

Same as above.

[SueEllen]

You can find free business banking yourself.

Find an accountant who will just charge you for doing your end of year accounts. Just make sure you have sufficient money in your company to cover this.

If you have no other costs you can deregister for VAT OR do if you don't want to then do it yourself using your accounting software.

[JHamp82]

Hi All, I am not using my ltd company /contracting for last 1 year now. Taking into current troubles (covid, IR35..) in mind may not planned to be back as contractor for another year. Currently I am paying...

• £10-15 per month for Business Banking
• £80 per month for my accountant

What I could do to reduce my cost while keeping Ltd in hibernation..?

Moving from accountant to QuickBook or similar software? Can I completely avoid need of accountant by using software/online? Software seems to cost £10-15/month maximum. Will I be able to do VAT, self assessment as well as company returns with these software..?? Please help..

Moving company to Dormant ? Do I need to move all fund away before making it Dormant..? Do I still need to file self assessment if the company is Dormant..?

You can switch your bank to Starling or Mettle, they are free!

£80 per month for dormancy accountancy seems excessive. Probably time to move accountant until you decide what you are planning to do with your Limited company. My accountant charge £50 I think for dormant clients so worth exploring your options here.

Thanks.

[Lance]

Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

Starling and Mettle are free.. And you get FreeAgent with Mettle.

[jamesbrown]

Some people are just not cut out for life...

Here are the main savings you could make:

• £10-15 per month for Business Banking
• £80 per month for my accountant

Free business banking is all over the place. Accountants with FA or similar are all over the place for less than £80pm, although not much less.

The biggest saving you could make is to close the company and forget all about contracting.

Your filing a SATR has nothing to do with whether your company is dormant (which means zero significant transactions in or out). If you have income that is chargeable to tax outside of your permie employments, then you'll need to file a SATR. As a director, you're expected to file one too (although this is not a legal requirement). If you're asked to file one, you must file one.

[Darren_Test]

Yes, changing bank is an option, I know some banks give 1.5 years free accounting as well. I will have to do that some point but savings in that is negligible.

What can be done on accounting fee side, full accounting fee is £150/month, currently since I ma out of contract they reduced to £80. But I am keen to find alternate where VAT, self assessment and corp returns covered..

(Yes, no parking issues fo rm now due to no need to travel to office!!)

[eek]

Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

Starling - it's free.

[BR14]

He must be sick of pushing paper bags full of 80 pound coins through his accountants letterbox..

Don't ask him difficult questions. He's in a pickle already.

[northernladuk]

Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

Don't ask him difficult questions. He's in a pickle already.

[hobnob]

£10-15 per month for Business Banking

Who are you banking with? Lloyds charge £7/month for small businesses, so you might be able to reduce those costs.

[northernladuk]

there's no car park at their office??

He must be sick of pushing paper bags full of 80 pound coins through his accountants letterbox..

[BR14]

So why the bloody hell are you not asking them?

there's no car park at their office??