Shutting down a LTD company - never really traded
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Bionik
Posts: 32 Forumite
Hello all,
Back in September 2017, I set up a business that never took off. I made about 8 transactions within the first month - I invested £400 and spent this. No money was made.
I have researched what needs to be done i.e. DS01 form, final accounts and Tax returns. I sort of understand the basics of what needs doing.
I have had 2 tax form come through requesting the past year to be submitted. I am worried as it does not state a due date.
I have been quoted £400 to close this business down. I am wondering if this sounds fair? I made a mistake by starting the business and I understand the issue at hand. I am sure an experienced accountant would grab this and be done within a day.
Any advice would be greatly appreciated!
Back in September 2017, I set up a business that never took off. I made about 8 transactions within the first month - I invested £400 and spent this. No money was made.
I have researched what needs to be done i.e. DS01 form, final accounts and Tax returns. I sort of understand the basics of what needs doing.
I have had 2 tax form come through requesting the past year to be submitted. I am worried as it does not state a due date.
I have been quoted £400 to close this business down. I am wondering if this sounds fair? I made a mistake by starting the business and I understand the issue at hand. I am sure an experienced accountant would grab this and be done within a day.
Any advice would be greatly appreciated!
0
Comments
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So if the company was incorporated in Sept 17 it has to prepare accounts to the end of Sept or Oct 18 as its first "year" - companies house would have notified you of the date for the first accounts.
It also has to submit 2 corporation tax returns given it is more than 12 months old.
https://www.gov.uk/first-company-accounts-and-return
I appreciate £400 is a lot of money for what you have, but realistically unless you can research everything you need to do yourself, it will be a lot easier just to pay an accountant to get it done for you. Bear in mind the charge to you is not based on the fact there are 8 transactions, it is based on the fact it will take x hours to do the work and if s/he were not doing your accounts they would be doing someone else's who may have a thriving business but take just as long to do.0 -
I think it is a fair enough to be honest. There are loads of pitifuls in trying to do it yourself, so for £400 I would be inclined to get it done properly with less hassle. Also, remember not to leave money in your Ltd company bank account, as that automatically gets closed down when the company closes.0
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