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Restart trading after VAT de-registration

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    Restart trading after VAT de-registration

    I have a limited company and have already de-registered VAT and paid CT thinking about liquidation because I am settled with my permanent job. However, a new contract offer came today, which I may not want to reject.
    I haven't handed over to the liquidator yet. Can anyone suggest what is the best way to go ahead?
    1. Proceed with liquidation and start a new company in parallel?
    2. restart trading on the current company and register VAT again once started?
    3. At the moment I am paid a salary and myself and my wife takes 60/40 dividends. She has another 15K job. Is it ok to continue this way, in either of the cases 1 or 2 above?
    4. Is it possible to change the bank account and accountant before I start new trading? thinking of going for cheaper option since I may have to make the payment to minimum if I have to make it dormant at any time in future.
    Appreciate best answers as soon as possible, as I need to decide on liquidation and new Pension stuff before this month end.

    #2
    Would it be rude of me to suggest you speak to your accountant first thing in the morning? .... Or have you done this alone?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Liquidating then starting a new company to do the same thing almost immediately will smell a lot like a phoenix operation.

      Take proper advice off your Accountant, handled wrong it could be a world of pain.

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        #4
        not getting, much help as before from the accountant after clousure procedure started although they changed a big figure for finalising and filling CT

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          #5
          As I havent started liquidation, is it advisable to restart trading through the existing company?

          Comment


            #6
            Originally posted by clanas View Post
            not getting, much help as before from the accountant after clousure procedure started although they changed a big figure for finalising and filling CT
            That's to be expected as you are no longer a client. As soon as he realises you are back he should be back to normal.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Phoenix Operation comes when the assets are transferred to new company and write a debts? In my case there is no debt and I still have cash in the Company

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                #8
                how about the option 2 and 4 which I asked at the beginning?
                Only issue is that I have paid final CT early and deregistered vat

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                  #9
                  Keep things simple:

                  * Continue with liquidation as planned rather than trying to start undoing stuff
                  * Take extra contract on through an umbrella, take a small tax hit for the sake of keeping things simple and not jeopardising any claim to entrepreneurs relief on your capital distribution from your liquidated company

                  Of course, if you have little in the way of funds left in the company and aren't claiming ER, then all this talk of "phoenixing" (not actually the correct term but still...) is irrelevant and if you want to start a new company, go for it, but seems unnecessary for a single contract.

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                    #10
                    Originally posted by clanas View Post
                    how about the option 2 and 4 which I asked at the beginning?
                    Only issue is that I have paid final CT early and deregistered vat
                    phone companies house for advice I'm sure this has happened before.
                    Always forgive your enemies; nothing annoys them so much.

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