Do you own a company, which is not doing any business? Tax Navigator in London can assist you with your dormant company accounting compliance at a fixed annual fee. There are different circumstances that may call for keeping your company in a dormant status, whether or not you have the intention to start or resume business activities at some point in the future. And even if the entity is exempt from audit, you still need to comply with Companies House annual accounts requirements.
To avoid serious penalties for incorrect or late submissions of your dormant company accounts at the end of your accounting year, you can count on our qualified team of specialists who can handle everything on your behalf.
The two main business regulators in the UK have different definitions for company dormancy and the slightest knowledge gaps in the legislation specifics, with regards to your annual accounting obligations, can bring upon hefty monetary sanctions to the company owner. Companies House considers a business entity dormant if there is no evidence that the latter had any major transactions in the financial year. Those do not include fees and penalties paid to Companies House, or payments made to shareholders when the company was formed. You still need, however, to file your annual accounts with Companies House on time, as well as submit the Confirmation statement, even if your company has stopped trading or it has been dormant since its formation.
Tax Navigator’s accounting team will:
HMRC regards a company as dormant, usually, for corporation tax purposes. This might be if a startup business has not begun trading yet, a company has not had any income because business activities have been suspended temporarily or in some other circumstances.
When your company is dormant for Companies House, you will still need to inform HMRC, which we can assist you with. You will be exempt from filing a corporate tax return unless you have received a notice to deliver your company tax return, which would indicate to HMRC that the company is dormant.
Please, do not hesitate to contact Tax Navigator if you seek assistance with restarting your business again. Our team of qualified accountants will help you in every step of the way with registering your company with HMRC for all the relevant taxes.