3 years before starting a new company?

[Deleted member 318319]

I had a Ltd Co for some time and closed it down in 2016. I remember the accountant told me that I couldn't start again within 3 years, but I think anyone can start another company after closing one, could he actually mean I couldn't re-open it with the same company name before 3 years after striking it off? In this case, when does that period start to count?

 

[Mr D]

Were you ever banned from being a director, by an official body?

I started my new business before I closed the old one down. Appears relatively common for those of us losing a company.

 

[Deleted member 318319]

Were you ever banned from being a director, by an official body?

I started my new business before I closed the old one down. Appears relatively common for those of us losing a company.

No, I closed it down voluntarily without any problems

 

[Lisa Thomas]

Were you Bankrupted?

 

[Deleted member 318319]

Were you Bankrupted?

No, Lisa, no bankruptcy, debts or any other type of problem. I was a contractor and just stopped the activity for a while.

 

[Lisa Thomas]

Sounds odd to me. Maybe you could ask the accountant why they gave you that advice...

 

[Lisa Thomas]

How was the old one closed down?

There is Phoenix legislation that prevents you being the Director of a same/similar named Company of a Company you have Liquidated within 5 years (unless exemptions apply) but this doesn't seem to fit with the details you are giving.

 

[Deleted member 318319]

I just told the accountant I wanted to cease the activity as I wasn't working as a contractor anymore. If I remember well (that was back in 2016) he said that a formal request to strike it off costed some money and by doing nothing it happened automatically and for free so after some time I got the letter saying it was struck off.
It seems to me from the comments so far, this is not a normal situation, people are not restricted to open companies after closing them down, probably he meant *re-opening* it or open a company with the same name.
In any case, I think there will be no problem re-starting with another name, I just need a new website domain that is not that much...

 

[Lisa Thomas]

Best of luck.

 

[SteveHa]

Did you claim entreprenuers relief in respect of the final distribution to reduce CGT to 10%? If so, your accountant was talking about the anti-phoenixing rules that would bring any additional tax back into charge as though the relief were not available.

 

[Lisa Thomas]

The TAAR rules only cover a Pheonix and are for 2 years so that doesn't seem to fit either?

 

[SteveHa]

The TAAR rules only cover a Pheonix and are for 2 years so that doesn't seem to fit either?

I appreciate that, but assumed that the accountant was being overly cautious. (And it's not just phoenix that is covered - it is possible to be caught working in a different capacity, too).