Change of circumstance

[Payso]

Hi,

Having just set up my LTD and begun contracting for a few weeks i awoke this morning to find out that i have been ofered a perm job overseas in singapore. Did the final interview yesterday but did not think i would get it.

Having always wanted to work overseas i am inclined to take it.

I wondered what are the steps to wind my company up?

My scenario is this:

I have been working on contract for two weeks, not been paid yet as they have been slack sorting out their timesheet access.

Have not engaged an accountant but have incurred expenses getting to the client's office; travel, lunch etc.

Also have purchased insurance through QDOS which i assume can be cancelled as it is monthly payment.

Would it be easier/more cost effective for me to quit now having generated no revenue through the LTD or continue and get a few weeks more pay and leave at the last minute?

[chef]

Hi,

Having just set up my LTD and begun contracting for a few weeks i awoke this morning to find out that i have been ofered a perm job overseas in singapore. Did the final interview yesterday but did not think i would get it.

Having always wanted to work overseas i am inclined to take it.

I wondered what are the steps to wind my company up?

My scenario is this:

I have been working on contract for two weeks, not been paid yet as they have been slack sorting out their timesheet access.

Have not engaged an accountant but have incurred expenses getting to the client's office; travel, lunch etc.

Also have purchased insurance through QDOS which i assume can be cancelled as it is monthly payment.

Would it be easier/more cost effective for me to quit now having generated no revenue through the LTD or continue and get a few weeks more pay and leave at the last minute?

I'm assuming your contract is longer than a month? If you walk out then it is highly likely they will withhold payment due to breach of terms of your contract, unless you have documented in your contract and work your notice period. So that makes your ltd have no income and only expenses, plus the extra expenses to fill in 1st year accounts and wind down the company. It seems that this permie job abroad will end up costing you minimum 2 weeks lost pay plus setup and closure expenses.

What does your contract say about notice period? What are your payment terms?

If contract says nothing about notice period and payment terms are monthly with 30 days payment, my guess is you are unlikely to see that money due to a p!ssed off agent and client who will make it very difficult for you to jump ship AND get paid with a signed time sheet.

[Payso]

I'm assuming your contract is longer than a month? If you walk out then it is highly likely they will withhold payment due to breach of terms of your contract, unless you have documented in your contract and work your notice period. So that makes your ltd have no income and only expenses, plus the extra expenses to fill in 1st year accounts and wind down the company. It seems that this permie job abroad will end up costing you minimum 2 weeks lost pay plus setup and closure expenses.

What does your contract say about notice period? What are your payment terms?

If contract says nothing about notice period and payment terms are monthly with 30 days payment, my guess is you are unlikely to see that money due to a p!ssed off agent and client who will make it very difficult for you to jump ship AND get paid with a signed time sheet.

Payment terms are one week as is notice period.

Contract is for 3 months.

Yes i imagine that the agent will be extremely p1ssed off. Could not care less about him as he has treated me like tulip from day 1 with all of his lies.

[chef]

Payment terms are one week as is notice period.

Contract is for 3 months.

Yes i imagine that the agent will be extremely p1ssed off. Could not care less about him as he has treated me like tulip from day 1 with all of his lies.

so give your notice due to personal reasons, work the week and invoice and hope it turns out ok.

[malvolio]

Having just set up my LTD and begun contracting for a few weeks

Yes i imagine that the agent will be extremely p1ssed off. Could not care less about him as he has treated me like tulip from day 1 with all of his lies.

No possibility those two sentences are somehow linked, is there...


If you don't care about the agent and clearly have no interest in the client, and are still doing interviews having started a contract in good faith, your choice is walk now and drop a couple of weeks' pay or work your notice period as per the contract. However, I'm guessnig you putting in your notice will trigger the other clause on your contract, the one about immediate termination by the client, and you almost certainly won't get a signed timesheet to be paid against.

Either way, contracting is better off without you. Enjoy the sun.

[kaiser78]

Congrates on the permie role - overseas is a definitely a chance to be taken. This is you main focus now so do what you need to do wrt current contract, so you can best prepare for your new ventures. BOL.

[Greg@CapitalCity]

Would it be easier/more cost effective for me to quit now having generated no revenue through the LTD or continue and get a few weeks more pay and leave at the last minute?

(1) Easier to quit now with no revenue. Close the company down via a DS01 form, and absorb the cost of the expenses you have incurred to date;
(2) More cost effective to bill as much as you can through your company, prepare the accounts, pay your company tax, and keep the rest (assuming your contracting income less expenses is > 0);

[petergriffin]

Make sure you don't pee in an elevator in Singapore. You could be executed.

[Payso]

No possibility those two sentences are somehow linked, is there...


If you don't care about the agent and clearly have no interest in the client, and are still doing interviews having started a contract in good faith, your choice is walk now and drop a couple of weeks' pay or work your notice period as per the contract. However, I'm guessnig you putting in your notice will trigger the other clause on your contract, the one about immediate termination by the client, and you almost certainly won't get a signed timesheet to be paid against.

Either way, contracting is better off without you. Enjoy the sun.

Thanks.

It is a fixed term contract there.

The client is really sound, this role in Singa was dead in the water and unfortunately came around again after taking the contract. I only took it as i did not get the role there.

I do see your point, it does not sit well to leave so early on especially as the client is decent so thank you for contributing.

[Scrag Meister]

Make sure you don't pee in an elevator in Singapore. You could be executed.

Also