Ready to close solvent business.. then lots of work turns up

tamste

I was ready to retire, sent HMRC final accounts, shut down bank account and was poised to apply for voluntary strike off .. then approached by several clients wanting me to do work for them. Lucky me :-)

Questions I have are:

1. Have sent final accounts to HMRC and settled all monies, including VAT registration. Is there a formal process to reopen the business with them, and what are the pitfalls?
2. Have closed business current account with Natwest, so would need to ask them to reopen the account. Again, any experience or pitfalls here?
3. Need to setup business insurances, but don't see this as a big problem.

Can't be that difficult can it?

Any advice, positive or negative, very welcome.

magicmoneyportaloo

1. Did you register as dormant for Corporation Tax or at Companies House? If so you will need to let HMRC and/or Companies House know that you are no longer dormant: https://www.gov.uk/restart-a-non-trading-or-dormant-company
2. I doubt it would be an issue but even if it is you could use a different bank.
3. I agree.

You could review your structure anyway and complete the work as a sole trader if that is tax efficient and/or practical.

mlz1413

If you only intend to work for a short period then I'd suggest doing it as a sole trader.

Or if you HAVE to be limited company could you set up a new company? Irt could have a very similar name.