Should I close my ltd company?

ash1511

As the title goes, I'm confused should I be closing down my ltd company or not. I'm an IT contractor and am moving to a full time position now. I wanted to know if it is better to let the company be open or just shut it down? I might return to Contracting in future

Trojan

Do you have an accountant? I'd talk to them about it, particularly the accounting fees which are probably your biggest ongoing cost if you're not trading but still open.

pedroeibar1

Close it down - properly. Annual filing along with the need to prepare accounts for the filing will cost you. Better (and cheaper) to kill it now and form a newco when/if necessary.

AvonEnniskerry

Personally we closed ours. The annual pain in the bum and stress of having to get accounts filed etc even when inactive was enough for us. (Both company and personal income tax returns). We inactived all the additional returns required by revenue (vat, etc for example) prior to making the decision as we left it open for 2 years after we seized trading

Homer

Close it and open a more simple sole trader setup (non vat registered) with an option to charge vat in the future?

AvonEnniskerry

We closed ours. The annual accounts weren't worth it unfortunately for it to lie dormant

L.Jenkins

Unless you're owed money, I'd close it.