Reply to: Close limited company or not...

[northernladuk]

Music to my ears all this talk of shutting down Ltd companies. Supply and demand. Means that should the market lift in 2025, there'll be fewer of us going for more contracts :-D

Couldn't be more wrong there. There is the same number of contracts (arguable) and the same number of contractors. All that has changed is the tax handling of said contracts i.e. outside to inside.

Even if the market uplifts it just means there will be more inside contracts and the above will still be true.

[avonleigh]

Music to my ears all this talk of shutting down Ltd companies. Supply and demand. Means that should the market lift in 2025, there'll be fewer of us going for more contracts :-D

Wouldn't have thought so. People are closing down companies cos they don't think there will be any outside roles anymore. They are still contracting. It takes minutes to start up a new ltd company too if they did find an outside gig.

[gables]

Music to my ears all this talk of shutting down Ltd companies. Supply and demand. Means that should the market lift in 2025, there'll be fewer of us going for more contracts :-D

Umm... maybe not; £50 quid and 30mins on Companies House to register, usually turned around in 24hours, bank account easy enough these days. Obvs those that have dissolved in the last 2 years are out (which is why I wouldn't be too hasty closing a ltd if I had one on the go), but plenty of us can do it if needed :-)

[oliverson]

Music to my ears all this talk of shutting down Ltd companies. Supply and demand. Means that should the market lift in 2025, there'll be fewer of us going for more contracts :-D

[Eirikur]

Closed mine end of last year, got an outside contract in July, so opened a new one. probably just made a profit out of going through the whole closing cycle and not having to pay an accountant for a while, but had I known I wouldn't have closed it.

[mogga71]

Its utterly disgraceful. How can one be a disguised employee, but simultaneously get no employee rights (holiday / sick pay / notice / redundancy) and have to pay the employer's share of NI? How can this not be laughed out of court?

I have often thought the same thing. We all know there are many 'unfair' taxes in life but this one surely takes the biscuit ... it's ludicrous and yet is seldom talked about.

[escapeUK]

I would close the Company. Outside is dead. I closed mine down a few years back as I knew I would never get another outside gig. It's a disgrace really .... let's not all forget what Outside actually means ... which is often forgotten .... 'you are not an employer .... you are a disguised employee .... but you have to play the employer NI .... not your disguised employee via an Umbrella Company.'

Its utterly disgraceful. How can one be a disguised employee, but simultaneously get no employee rights (holiday / sick pay / notice / redundancy) and have to pay the employer's share of NI? How can this not be laughed out of court?

[mogga71]

Not finding any outside roles and been on umbrella basis for my latest role. Accountant preparing my latest accounts and asking if I want to keep or close my company as I am not using it....doubt I will be for the foreseeable...it has been 18 months since I had an outside role.

Is it worth keeping it their advice is to close it given so few outside roles these days... lot of their clients ave thrown the towel in so to speak...any thoughts/advice? thanks

I would close the Company. Outside is dead. I closed mine down a few years back as I knew I would never get another outside gig. It's a disgrace really .... let's not all forget what Outside actually means ... which is often forgotten .... 'you are not an employer .... you are a disguised employee .... but you have to play the employer NI .... not your disguised employer via an Umbrella Company.'

[Cookielove]

My accountants have advised that I change my registered address to their offices before I close my company otherwise it stays as a public record for 20 years...currently have the registered address as my home address...anyone else had this when closing down? guess it makes sense....

[Cookielove]

that is dreadful! they dropped you after 6 weeks....i took the reluctant decision to shut my limited company....

[TheDude]

I closed my limited company after accepting I would probably never get another outside gig.

Six months later I got another outside gig - which due to sharp practice by a vendor is only going to last six weeks.

Not only do I have a Ltd company with very little capital in it, I lost 10k of business asset disposal relied when I opened the new company. I was willing to accept that for a years worth of work but not six weeks.

[ensignia]

I've got two Outside contracts at the moment, might very well struggle to find even one when they both end early next year (assuming both clients don't give me the boot before then).

Where's TheGreenBastard, actually?

[SussexSeagull]

I am up for an Inside contract at the moment, which would be my first time inside if I get it.

[oliverson]

I think it's over now for outside IR35 roles. Take a look at the article on this site just a couple of days ago:

https://www.contractoruk.com/private...explainer.html

HMRC increasing OPW working checks via letters. You can see where this is all heading and it's not back to good old outside IR35 EVER.

It's gone. The (fake) Tories killed it and Labour are burying it. Bye bye the flexible workforce.

[northernladuk]

How long was it overall? I heard the longest bit is awaiting confirmation all is good from hmrc, but the monies can be withdrawn fairly quickly, is this correct? asking as I'll be leaving the UK soon, but I'm still trading via my ltd, so can't yet kick it off.

Correct. Strike off takes ages but you've got to empty the accounts well before you start to strike the company off. I think I closed the bank and sorted money about a month ago and still waiting for the rest but nothing else to do so will just let it run it's course.