Recently went "LTD" but I want out - HELP?

[Helenw6781]

Hi every one...

In a nut shell, I recently formed a partnership and we went limited with the company - I was never keen but the other side insisted!!

So I USED to have a single UTR number, and payment would go through that with no problems, but now we have a joint UTR.. however Im starting to have doubts about the whole thing.. (very involved so I wont go in to it!)

Basically I want to get out! but how do I go about it? and will I be able to get a single UTR number back?

 

[Vinod Aggarwal]

ask to bank whether single UTR can be issued, if not then consult to accountant or lawyer for the solution.

 

[taxattack]

ask to bank whether single UTR can be issued, if not then consult to accountant or lawyer for the solution.

Um - pardon?

 

[taxattack]

Hi every one...

In a nut shell, I recently formed a partnership and we went limited with the company - I was never keen but the other side insisted!!

So I USED to have a single UTR number, and payment would go through that with no problems, but now we have a joint UTR.. however Im starting to have doubts about the whole thing.. (very involved so I wont go in to it!)

Basically I want to get out! but how do I go about it? and will I be able to get a single UTR number back?

Did you form a partnership, or a limited company?

Chris

 

[elaine@cheapaccounting]

ask to bank whether single UTR can be issued, if not then consult to accountant or lawyer for the solution.

A UTR is issued by HMRC! So ignore the quoted comment as it is misleading.

I expect you have a UTR for the company - is it in the form of

xxx/ xxxxx xxxxx

You will still have your own UTR for your self assessment.

The limited company and your tax affairs are separate.

If you want out of the limited company then you will need to get it struck off.

I would say that you need to see your accountant to take you through this process and get accounts / a CT600 completed to date assuming the company has traded.

Good luck

 

[Helenw6781]

I think may be I need to be abit clearer in my description

First of all. I USED to be self employed and my partner and I both had our seperate UTR numbers. but any company who was paying us had to write seperate cheques. which makes things difficult as the "price" was for one job so some times it got a little confusing ... hence the joint account sounded like a good idea! etc..

So we decided to form a limited company. So we now have 1 Joint bank account and 1 UTR number. I am no longer self employed and am employed by the company...

Im starting to think this set up is not any good for me now for various reasons. IF i choose to split I want to go BACK to being self employed and my self assesment tax return etc...

BUT what my question is.. is... IS that possilbe? the split should be fairly good natured etc but im not sure how to go about it.

 

[elaine@cheapaccounting]

You still have your personal UTR.

You would have kept your personal UTR - this doesn't change.

 

[elaine@cheapaccounting]

Let me try to explain

An individual has a UTR - unique to them. Never changes.

You have this when you complete a self assessment which may be as a result of being self employed or because you have been asked to complete one. So you do not need to have a business to have one.

A company is a separate legal entity and so has its own UTR. It keeps it. It does not belong to you as a person but to the company.

If as part of your employment in the company you had to complete a self assessment you do this under your UTR and not the company's.

The company completes its CT600 under its UTR.

See - easy when you know how

 

[MyAccountantOnline]

we went limited with the company - I was never keen but the other side insisted!!

So I USED to have a single UTR number, and payment would go through that with no problems, but now we have a joint UTR.. however Im starting to have doubts about the whole thing.. (very involved so I wont go in to it!)

Hi

What payment(s) do you mean when you refer to payments going through?

Do you have other concerns as well regarding the limited company?

Running a company really shouldnt be a problem - did you take an accountants advice so that all has been done properly and to ensure it was the best option for you?