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A close friend has a garage workshop that hasn't turned a profit for something like the last 2 years.
He went Ltd in 2014 with high expectations but suffered from consistently poor health over the last couple of years so was unable to work much. He is severely impaired financially as a result of not being able to work.
He has had a statutory demand from Companies House to submit his accounts or be struck off. I suspect he won't have submitted a return to HMRC either.
His accountant will charge over £1200 plus VAT for preparing his accounts so he's wondering if the hassle and unaffordable expense would be worth it.
If he just lets his company get struck off would that be the end of it. ie no need to prepare accounts and submit them to HMRC. Would HMRC be up to charging for a default.
In other words, and basically what he needs to know is whether it would be cheaper to get struck off and face perhaps some penalties from Co's House and HMRC or to have his accounts done and submitted.
He went Ltd in 2014 with high expectations but suffered from consistently poor health over the last couple of years so was unable to work much. He is severely impaired financially as a result of not being able to work.
He has had a statutory demand from Companies House to submit his accounts or be struck off. I suspect he won't have submitted a return to HMRC either.
His accountant will charge over £1200 plus VAT for preparing his accounts so he's wondering if the hassle and unaffordable expense would be worth it.
If he just lets his company get struck off would that be the end of it. ie no need to prepare accounts and submit them to HMRC. Would HMRC be up to charging for a default.
In other words, and basically what he needs to know is whether it would be cheaper to get struck off and face perhaps some penalties from Co's House and HMRC or to have his accounts done and submitted.
