Nevo1
8th March 2009, 19:44
Can anyone please advise on the following:
I started a Ltd company in March 2007 (I'm approaching my second year end). The company was started as a consultancy company but as I was offered a job I stopped consulting and used the company name to trade as a workwear supplier.
I have been trading using a 'Trading As' company name.
I made a loss in the first year and have made losses this year. As I haven't been doing much business this year, we are talking about very small amounts (Less than £5000 T/O in the year)
Rather than keep going through all the procedures and associated costs for a Limited company, I would now like to cease trading as a limited company but keep the 'Trading As' name and trade as a sole trader.
My accountant advised last year, that if we were in this position this year, to write to the tax man and state that tall trading was done as a hobby rather than a business.
a. How do I stop trading as a limited company
b. Can I use the 'Trading As' name to continue a small business ?
c. Do I have to close my business bank accounts or can I change them to the 'Tading As' name.
d. I don't want to pay an accountant to make up my accounts as a Limited company - What options do I have ?
Can anyone talk me through the process - Thank You !
I started a Ltd company in March 2007 (I'm approaching my second year end). The company was started as a consultancy company but as I was offered a job I stopped consulting and used the company name to trade as a workwear supplier.
I have been trading using a 'Trading As' company name.
I made a loss in the first year and have made losses this year. As I haven't been doing much business this year, we are talking about very small amounts (Less than £5000 T/O in the year)
Rather than keep going through all the procedures and associated costs for a Limited company, I would now like to cease trading as a limited company but keep the 'Trading As' name and trade as a sole trader.
My accountant advised last year, that if we were in this position this year, to write to the tax man and state that tall trading was done as a hobby rather than a business.
a. How do I stop trading as a limited company
b. Can I use the 'Trading As' name to continue a small business ?
c. Do I have to close my business bank accounts or can I change them to the 'Tading As' name.
d. I don't want to pay an accountant to make up my accounts as a Limited company - What options do I have ?
Can anyone talk me through the process - Thank You !