I left my previous employment in June to become a self employed bookkeeper. After talking to friends and researching on the internet i decided to set up a limited company. I have now been advised that as I only want to work around 20 hrs a week, i should have gone down the soletrader route. As it was explained to me I felt so daft for setting up the company.
Now, luckily, I have been quite lazy after having the summer off with my kids I have only issued 2 invoices, so the company accounts are very limited.
From what I now understand, once the company has been dormant for 3 months and the bank account closed i can fill in forms to windup the company - is this true??
Also, if I set up as a soletrader, i have 3 months from first transaction to inform HMRC of my self employed status? Can these 3 month periods overlap, ie can i start as a sole trader whilst waiting to windup the LTd co??

Thanks in advance for any advice, I really want to get things going now.

Cheers
Kerry
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I left my previous employment in June to become a self employed bookkeeper. After talking to friends and researching on the internet i decided to set up a limited company. I have now been advised that as I only want to work around 20 hrs a week, i should have gone down the soletrader route. As it was explained to me I felt so daft for setting up the company.
Now, luckily, I have been quite lazy after having the summer off with my kids I have only issued 2 invoices, so the company accounts are very limited.
From what I now understand, once the company has been dormant for 3 months and the bank account closed i can fill in forms to windup the company - is this true??
Also, if I set up as a soletrader, i have 3 months from first transaction to inform HMRC of my self employed status? Can these 3 month periods overlap, ie can i start as a sole trader whilst waiting to windup the LTd co??

Thanks in advance for any advice, I really want to get things going now.

Cheers
Kerry

yes you can overlap the sole trader and limited.
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Thanks Elaine,

Could you please tell me the best way to wind down the company - is it as easy as just filling out some forms off the HMRC website? Would I have to get an accountant involved as Ive done some trading will I have to submit some documantation to Companies House??

Thanks in advance.
Kerry
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Kerry you will have to submit Abbreviated accounts to Co House (can do online using their software), a CT600 (Corporation tax return)to HMRC with full accounts in the statutory format.
Get the bank account to stop paying interest on any money that might still be in there, as technically interest receipts are 'significant accounting transactions' (and if a company has these it can't be dormant).
You will want to chat to an accountant re getting any capital out of the company if you want to close it down.
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Just leave it dormant - you may need it later - you won't need it audited - just an accountants report for a small co for this year and a ct600, therefter no worries
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Just leave it dormant - you may need it later - you won't need it audited - just an accountants report for a small co for this year and a ct600, therefter no worries

Maybe not quite so easy - as Jenni says as the company has traded all be it 2 invoices then accounts and a CT600 are needed.

Can I just check one thing - when you raised the invoices did you put the name of the company on them?
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