Closing down a limited company costs money?

[treez]

Hi,
I am being offered to do an electroniCs engineering contract in UK (i am a UK citizen) as a "limited company".
I am currently on PAYE at a different workplace.

Supposing the contract only lasts 6 months, and then i go back to a PAYE job....how do i then close down the limited company?...or do i even need to?

If the "limited company" contract does end after 6 months, and i then go beck to PAYE in another job, then do i still have to pay the "limited company " fees even though i will have gone back to PAYE?

[robbob]

Main thing to do is do your own research and plan accordingly - a good accountant will help in that regard.

In theory you have more flexibility with a company as you’re able time your taxable income when it suits you subject to certain constraints.

Ref fees they are what they are- do you mean taxes or accountants ? They will both likely need paying and it could be more hassle than it’s worth if you have Short term one off income and can’t afford the fees you would need to pay an accountant to sort - at a minimum factor in a years fees - it’s pretty much the same accounts job needs doing whether it’s 3 , 6 or 12 months you trade for.

When company stops trading you can normally park for 12-18 months(or more) for minimal costs after you have done and filed cessation accounts - this can give you time to see what may happen in the future.