I work for myself as a sole trader and was adivised to set up a limited company. I dont think this was a good idea and have now missed my ard. If i get my accounts and returns sorted and folded the company would i have to close my business account in my bank or can this remain open?
I'd agree with DB74. As a director of a company, ultimately you are the one responsible for filing the annual return.e
Alot of accountants are advising their sole trader clients to form limited companies ever since the increase in taxes last year pushed the top level of tax up to 55%. Even from a business point of view it makes sense to form a company purely for limited liability.