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Close of Ltd company

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    #11
    Originally posted by ContractingBrit View Post
    Okay thanks very much.
    I am being charged £390 by my accountant of 3 years. I thought that was reasonable .... £250 is cheap.

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      #12
      A LOT cheaper than Intouch!

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        #13
        Originally posted by MrButton View Post
        A LOT cheaper than Intouch!
        +1 I have been with Intouch close to decade and they still quoted 600+VAT for this.

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          #14
          Originally posted by bondboy203 View Post
          +1 I have been with Intouch close to decade and they still quoted 600+VAT for this.
          That's crazy I've been with InTouch for a similar amount of time and if anything the service lately has degraded, that seems an awful lot compared to what others charge.
          In Scooter we trust

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            #15
            Two things from my personal experience

            - That money from if your same accountant, is quite good. It will save lot of hassle of explaining everything from sctratch
            - You WILL have need to call them again for few months and query. So check with them if they can be reached for queries afterwards

            if both are true, £250 is a steal

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              #16
              Hi friends,

              Is it correct that once you close a Ltd company and made use of capitals gains allowance, you can't open another one, without tax/penalty, for 2 years?

              Also, can one's spouse who was a shareholder in the closed company, apply for a new ltd company without further tax implications?

              Thanks

              Comment


                #17
                Originally posted by ContractingBrit View Post
                Hi friends,

                Is it correct that once you close a Ltd company and made use of capitals gains allowance, you can't open another one, without tax/penalty, for 2 years?

                Also, can one's spouse who was a shareholder in the closed company, apply for a new ltd company without further tax implications?

                Thanks
                ah, so now we get the next part of the story. You’ve had this idea of closing your company, getting your spouse to open a new one with you as a shareholder.

                you might want to run that idea past accountants and lawyers. Don’t expect anyone on here to support it.
                …Maybe we ain’t that young anymore

                Comment


                  #18
                  Originally posted by WTFH View Post
                  ah, so now we get the next part of the story. You’ve had this idea of closing your company, getting your spouse to open a new one with you as a shareholder.

                  you might want to run that idea past accountants and lawyers. Don’t expect anyone on here to support it.
                  Well am sure am not the first one to think about this nor have I asked anyone to support it.

                  You make it sound like am guilty of doing something wrong when all I have done is ask a question.

                  Dont make assumptions when you dont know someone else's situation.

                  Comment


                    #19
                    Originally posted by ContractingBrit View Post
                    Well am sure am not the first one to think about this nor have I asked anyone to support it.

                    You make it sound like am guilty of doing something wrong when all I have done is ask a question.

                    Dont make assumptions when you dont know someone else's situation.
                    No assumptions necessary. You started the thread stating one thing, now you reveal your true intent.
                    …Maybe we ain’t that young anymore

                    Comment


                      #20
                      Originally posted by ContractingBrit View Post
                      Hi friends,

                      Is it correct that once you close a Ltd company and made use of capitals gains allowance, you can't open another one, without tax/penalty, for 2 years?

                      Also, can one's spouse who was a shareholder in the closed company, apply for a new ltd company without further tax implications?

                      Thanks
                      Broadly, yes. There's a TAAR in the Transactions in Securities legislation and you would likely fall within scope. Regarding your spouse, it would depend on the details, but the legislation accounts for avoidance via carrying on the same or a similar trade or activity with people connected to the individual (who received capital treatment). For example, if you were to work for the newly created company with your spouse, then you would be caught (other factors being equal). Likewise, if your spouse had benefited from a capital distribution and then engaged in the same or a similar trade or activity within two years, that would likely be caught too.

                      Sounds to me like you're trying to engineer something that the TAAR was precisely designed to tackle.

                      Comment

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