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small limited company dilema


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Hi guy, Lets start by saying what a great forum this is, I have been reading for a few days now being registering.

Ok my problem is I have been advised to close my limited company by my accountant due to build up of fees etc from companies house for late filing, this will leave outstanding dept to VAT 3k and various creditors to a combined 3k. I dont have any loans and my premises agreement is on me personally not the limited company. What would be the process when companies house is imformed we are not submitting acounts and closing down?

 

I want to carry on my business in the same rented premises as a sole trader and non Vat registered as turn over is just under the thresshold for Vat now.

 

Next dilema....will my equipment be took away, if so how soon?

I need a new bank account so do I tell the bank what I am doing or just go and open a standard business account for a start up business? Do I contant the companies I owe and tell them I am returning to a sole trader and amend account name then agree payment plan?

 

Hope someone can give me an insite. :)

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  • 4 weeks later...

A very complex matter and dependant on numerous things, i.e who owns the equipment etc and whether the bank is owed money. Consult with your accountant as to the best course of action and follow his advice carefully.

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