Director PAYE going Perm

[ChairmanMeow]

Hi All,

So I've been out of contract since the beginning of March..... I have now taken the plunge and have gone perm and I plan to close the Limited Company, its just not viable anymore.

I have always paid myself through a mix of Salary and Dividends, although this year I have not declared any dividends.

From a PAYE perspective is it best just to close the PAYE scheme now and issue the directors their P45 and commence the closure of the company?

I know I should ask my accountant, but I did away with them at the start of the pandemic thinking I could save a little cash and do it myself until I got a contract... wishful thinking I suppose

I appreciate any help with this.

Thanks

[northernladuk]

You didn't need to do away with them. Most have a reduced rate while there isn't much to do. HTH.

[ladymuck]

How much cash have you got in the company? That determines the closure method. Unless you're happy doing it yourself, you'll need an accountant to do the final accounts and calculate your liabilities so it's worth either re-engaging with your old one or finding a new accountant to help you manage the close down properly. PAYE isn't your only consideration here.

[ChairmanMeow]

You didn't need to do away with them. Most have a reduced rate while there isn't much to do. HTH.

I did ask for them to reduce the rate, but they weren't having it at the time, they certainly weren't reducing their rates and their closure fees were ridiculous.