Your Total Guide To Business

I’ve Closed My Limited Company. Should I Keep My Bank Account Open? #AskAMS

In this edition of Ask the Experts, we pose AMS Accountancy the question: What to do when closing your company so that your money is not frozen in the business account?

To avoid your money being frozen in your business account, speed is essential!

If you have submitted form DS01 to Companies House to advise them to “strike off” your company, your bank may already have frozen your Company Account. If the bank hasn’t done this yet, empty your account now so that you can pay any monies owed to creditors, taxes and shareholders (probably you).

I recommend that:

Assuming your creditors have been paid, talk to your accountant about who should get the remaining monies and when; then pay out the monies, then tell your bank you want to close the account to stop any bank charges

We recommend

As a Sole Trader - Can I Pay ‘Wages’ to My Spouse to Save on Tax? - #AskAMS

The latest edition of our Ask the Experts: Financial. We spoke to AMS Accountancy regarding the right way to pay ...

Profit & Loss Accounts and Why You Need Them - #AskAMS

Profit & Loss is simply a measure of money made in a year to show you A) how well the ...

Implications of Setting Up a Second Business Through an Existing Limited Company - #AskAMS

I’m setting up a second business. Should I run it through my existing limited company? Well, according to the experts ...

Pension Pot Lump Sum Withdrawals and Available Tax Relief - #AskAMS

This video from AMS Accountancy details some of the dangers around withdrawing a lump sum from your pension pot, the ...

Tax Implications for Pool Cars - #AskAMS

We all know the tax implications for company cars. But what if I just called in a pool car? That ...

Common Mistakes Made in Self-Assessment Tax Returns - #AskAMS

AMS Accountancy are back for another edition of #AskAMS where they offer their expert advice on all sorts of topics. ...

Company shares: How They Work - #AskAMS

The following video from the experts at AMS Accountancy explains the main details in shares and ownership of a limited ...

Rules For Paying Your Pension Contributions Through Your Company #AskAMS

In this edition of #AskAMS we asked the rules surrounding pension contributions from your company. Peter Bromley ACA was more ...

The Tax Advantages of a Limited Company #AskAMS

There are 3 advantages when using a Limited Company surrounding National Insurance, Taxes and Dividends and helping you stay below ...

Advantages and Disadvantages of Cash Accounting for VAT #AskAMS

In this edition of #AskAMS, Peter Bromley (Chartered Accountant and Technical Director) goes through the pros and cons of the ...

Doubletree by Hilton Swindon (Animated Ad)

Black Nova Designs (NEW Animated Ad for 2024)

Lydiard Park Hotel & Conference Centre (Animated Ad)

Unscrewed Systems Network (Leaderboard Ad)

Let's Talk

I’ve Closed My Limited Company. Should I Keep My Bank Account Open? #AskAMS

In this edition of Ask the Experts, we pose AMS Accountancy the question: What to do when closing your company so that your money is not frozen in the business account?

Weather in Wiltshire