Contract got cancelled

**northernladuk** · 12 April 2012, 10:53

Don't want to be rude but if you were so close to going contracting should you not know how much these accounts and your business costs you? Wouldn't it be prudent to understand these issues before you start and therefor be able to answer your own questions.

That aside being a contractor you are on your own running a business. Wouldn't it also be your responsibility to be able to speak to your bank and investigate these options properly so you do know the answers for the future?

Sorry to throw these back at you but they are pretty basic questions and also easy to research and find out so think either of these points should at least be covered by yourself before asking??

P.s. Isn't your notice period hurting your chances of getting a contract? It isn't common a contract will wait 4 weeks for someone to start

**pmeswani** · 12 April 2012, 10:54

Originally posted by rockstar View Post

Hi ALL ,

I was about to start a new contract , I resigned from my current job and opened a new company and
a business bank account .

I have withdrawn my resignation and I will start looking for contracting again may be after 6 months.

My question is should I :

Close the company and business account with HSBC or should I just keep it .

If I keep it for sometime , will it be painful and costly if I don't move to contracting at all for another

say 6 months .

What will be the cost/legal implications of keeping the company and the bank account open ?

I am not sure at the moment what to do because I want to keep myself ready for next contracting offer in terms of having a bank account and a company to back it up but also want to make sure
its not very costly to maintain and hassle to do so . Please suggest as I am one of those who thought of doing a contracting and then the offer was turned down . Not a good experience but I realise this is common in the contracting world .

Because your current boss knows you want to leave, they will do everything they can to make sure you will leave or stop you from progressing, unless you know something that you are not telling us.

I don't know if you can put the LtdCo into dormant and bring it out of dromant when you find a new contract in a short period of time. If you are not going to be contracting in the next 12 months, then I would suggest closing it down.

**Clare@InTouch** · 12 April 2012, 10:59

If you haven't used it at all, and just want rid of it, then it's a simple case of submitting a DS01 to Companies House - it will cost you £10. Make sure you've closed the bank account and written to HMRC to let them know. Then you'll just have to start a new company again if you go back to contracting later, but that should cost only around £100. It's probably cheaper to do it this way rather than keep it open and have to get dormant account etc done.

**JamJarST** · 12 April 2012, 11:03

Originally posted by rockstar View Post

Hi ALL ,

I was about to start a new contract , I resigned from my current job and opened a new company and
a business bank account .

I have withdrawn my resignation and I will start looking for contracting again may be after 6 months.

My question is should I :

Close the company and business account with HSBC or should I just keep it .

If I keep it for sometime , will it be painful and costly if I don't move to contracting at all for another

say 6 months .

What will be the cost/legal implications of keeping the company and the bank account open ?

I am not sure at the moment what to do because I want to keep myself ready for next contracting offer in terms of having a bank account and a company to back it up but also want to make sure
its not very costly to maintain and hassle to do so . Please suggest as I am one of those who thought of doing a contracting and then the offer was turned down . Not a good experience but I realise this is common in the contracting world .

Why have you withdrawn your resignation? If you want to contract you are going to find it very hard to secure one while you are still permanently employed, if you have enought savings, bite the bullet and go through with the resignation.

Has your employer allowed you to come back, they are under no obligation to do so you know.

**swamp** · 12 April 2012, 11:37

Offer to work as a contractor for your current employer until they find someone to replace you.

**cojak** · 12 April 2012, 12:00

Originally posted by rockstar View Post

Hi ALL ,

I was about to start a new contract , I resigned from my current job and opened a new company and
a business bank account .

I have withdrawn my resignation and I will start looking for contracting again may be after 6 months.

My question is should I :

Close the company and business account with HSBC or should I just keep it .

If I keep it for sometime , will it be painful and costly if I don't move to contracting at all for another

say 6 months .

What will be the cost/legal implications of keeping the company and the bank account open ?

I am not sure at the moment what to do because I want to keep myself ready for next contracting offer in terms of having a bank account and a company to back it up but also want to make sure
its not very costly to maintain and hassle to do so . Please suggest as I am one of those who thought of doing a contracting and then the offer was turned down . Not a good experience but I realise this is common in the contracting world .

Any redundancies in the offing at your place?

Cos you'll be 1st on the list...

**BolshieBastard** · 12 April 2012, 12:16

Originally posted by rockstar View Post

Hi ALL ,

I was about to start a new contract , I resigned from my current job and opened a new company and
a business bank account .

I have withdrawn my resignation and I will start looking for contracting again may be after 6 months.

My question is should I :

Close the company and business account with HSBC or should I just keep it .

If I keep it for sometime , will it be painful and costly if I don't move to contracting at all for another

say 6 months .

What will be the cost/legal implications of keeping the company and the bank account open ?

I am not sure at the moment what to do because I want to keep myself ready for next contracting offer in terms of having a bank account and a company to back it up but also want to make sure
its not very costly to maintain and hassle to do so . Please suggest as I am one of those who thought of doing a contracting and then the offer was turned down . Not a good experience but I realise this is common in the contracting world .

Welcome to the world of contracting.

TBH, you sound like you think contracting is solid employment like permiedom. If you 'return' to permiedom just because a job offer has been withdraw and will look again in 6 months, then, to be frank, I dont think you are cut out for contracting.

If you think the withdrawal of a job offer is worth jumping back into permiedom, what are you going to do when there's a rate cut? What are you going to do when the project says you cant have that planned time off? What are you going to do if the project gets canned?

You need to re consider whether contracting is for you.

**psychocandy** · 12 April 2012, 14:31

Lucky employers letting you withdraw resignation....

Like someone said, cant imagine your down on the list as most promising employee any more. Then again if they have redundancies it might work out better if they want you gone because you might get some cash out of it.

**oscarose** · 12 April 2012, 15:31

Originally posted by JamJarST View Post

Why have you withdrawn your resignation? If you want to contract you are going to find it very hard to secure one while you are still permanently employed, if you have enought savings, bite the bullet and go through with the resignation.

Has your employer allowed you to come back, they are under no obligation to do so you know.

You don’t necessary have to quit your permanent job before starting contracting. I didn’t.
The main thing is that you have skills and experience that are attractive to agents and clients (and the stomach for contracting).

Contract got cancelled