I have a few IT contractor companies closing down mainly due to the changes next year.
All are one employee, maybe one laptop and less than 25K in the bank account. Most are not registered for VAT.
Do you charge and if so how much ?
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Charge for what? Drafting the DS01 for signature when they have emptied the bank account?
Preparing the final set of accounts, closing down vat paye etc and all the dissolution work... I imagine
I do it as part of our regular fee with the final set of accounts.
its not really any extra work our end.
I do it as part of our regular fee with the final set of accounts.
its not really any extra work our end.
Same here
Probably nothing, including it in the final set of accounts as others have suggested. If there has been any work to consider/advise on the closure of the company, then it would normally come to less than £150.
I charge my time costs - which generally is not a great deal.
There's not that much work, really.
We charge £300 + VAT for straight forward wind up of limited companies with net assets less than £25k as you have to deal with
1. Closing any PAYE scheme
2. Dealing with any final VAT returns and deregistering them for VAT
3. Advising the most tax efficient way to get any assets out of the company
4. Dealing with the actual wind up process of the company
5. Notifying all interested parties including HMRC
Never had anyone baulk at the fee as clients just want the process taken off their hands and make sure everything that needs to be done is done.
yeah this is where I was going with my (unanswered) question above. We charge a similar fee which seems reasonable and clients are happy with. Especially justified if tax planning is involved re the final reserves (no matter how simple this may be it is still planning work).
Yep, just charged a similar fee for the same process. It’s a fairly nominal fee but gives client peace of mind that it’s all taken care of.
It might not take long but, as has been said, there are various things to consider, including VAT registration, PAYE schemes, ER, etc. so £350 is what I would usually ask for and have never been pushed back on. This seems like good value to me and to the client.
We generally charge a flat fee based on expected time costs.
Tax planning advice on getting the cash out;
VAT deregistration;
PAYE registration;
Form DS01 (assuming a simple winding up);
Chasing for the signedDS01/cheque;
Making sure HMRC notified that business has ceased. etc.