Badly advised to set up limited company

[davydublin]

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?

 

[jack2009]

you would have to close the bank account as it is in the name of your limited company.

Have you thought of liquidating the company as amembers voluntary liquidation. It willmean avoiding audit dees and late filing fees with cro?

 

[DB74]

Just because you missed your ARD doesn't mean that you were "badly advised" to set up the company in the first place.

 

[censuspro]

Just because you missed your ARD doesn't mean that you were "badly advised" to set up the company in the first place.

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.

 

[Liquidator]

You can liquidate the company as a members voluntary Liquidation you will be able to avoid filing returns for the last year or paying audit fee's.

Do a google seach for MVL and you will find people who will do this very cheaply