WHEN IS YOUR LIMITED COMPANY DORMANT? (UK)

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Do you have a limited company sitting dormant? Are you sure it is actually dormant? In this video Dan runs you through what the government consider dormant.
Topics include:
What is a limited company
What to file for a limited company
What to file for a dormant limited company
Companies House filing
HMRC Corporation Tax Filing
Limited company accounts
What HMRC say is a dormant company
What Companies House say is a dormant company
… and more!
Companies House www.gov.uk/government/publica...
If you have any questions on this, please comment below.
You can see more about what we get up to on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Podcast: heelanhub.co.uk The HeelanHub Podcast, a show for small business owners.
Instagram (Company): / teamheelan
Facebook (Company): / heelanassociates
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk

Опубликовано:

23 июл 2024

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Комментарии : 58

@HeelanAssociates 2 года назад

Other Videos on the subject: What to file for Dormant Companies: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SFJBvG8OPsg.html The one thing you need to do if Dormant: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE--zZWtswfaSU.html

@hyperspace32 2 года назад

In one of the videos, it was mentioned a Flat Management company can be dormant. Have a situation, where the major expenses are insurance, ICO, company filings... no ground rent income. The company has been dormant. One of the directors pays the insurance out his personal bank account and then later sends a bill to the other flat owners. However, a solicitor said it a bad idea for the company not to have a bank account as it could be open to challenge (?). The reason for not having a bank account, was to avoid paying an accountant to audited. Someone suggested opening a Client bank account (I don't know if this is easy). So in future, the residents put money into the client account and then the client account is used to pay for insurance. Is this a way of running thing on a shoe string ?

@HeelanAssociates 2 года назад

Its normal to operate with its own bank account. Some banks may open a 'client account' which is similar to what accountants and solicitors often have - it means the bank know its not your money, you are holding it on trust. The payment to an accountant isn't normally for audit in this situation, its for getting everything submitted. If you've been doing that yourself you probably can continue.

@danielmartin8847 3 года назад

HI, I have a question do I need to reflect on the company house all the capital that still on investment before the company was created?

@HeelanAssociates 3 года назад

That's probably too difficult to answer in a comment here, but it would be reflected in your accounts that you would submit to Companies House.

@OoOBubblesOooO Год назад

Great channel, thank you. Subscribed! If I'm a sole trader and doing some work as 'company name' (but more as a trading name and filing for this work in Self-Assessment), can I purchase the 'company name' and keep it dormant as a company, just to save the name for when I want to make that switch from little sole trader to limited company? I don't feel it's time (earnings wise) to turn into a company, but would like to save the name. Thanks!

@HeelanAssociates Год назад

The short is yes you could, although what you would be doing in forming a limited to keep dormant (important mindset here). This means you will have reporting requirements each year ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SFJBvG8OPsg.html

@emekafemiezekude4879 3 года назад

Hi there. I have a company I registered in 04/2018. I told HMRC that the company wasn't trading in April 2019. I had some savings and started trading in January 2020 but haven't informed HMRC till now. I applied for a bounce back loan but got declined because they said the last filing of my company says it is dormant. I was told by the bank that if my company become active then I can reapply again. Don't really know how to go about this. I haven't really started trading as I have 10,000 of my savings which is not enough to put down as a deposit for a buy to let so in a nut shell haven't done any trading since January. Can you advice please.

@HeelanAssociates 3 года назад

Hi, slightly confused as you mention you started trading in January, then say it’s not trading? If it’s done any trading (incurring expenses etc, making a loss) then it should have a set of accounts done to April 2020, file them and the bank will see it’s trading.

@MP-es5nv 3 года назад

Helpful video but I can't see the link to how to how file for a dormant company you said you would add. Thanks

@HeelanAssociates 3 года назад

Hi, it is www.gov.uk/government/publications/file-your-dormant-accounts-aa02

@HeelanAssociates 3 года назад

Also this follow up video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SFJBvG8OPsg.html

@giggilboy4837 Год назад

My company is dormant and as never traded, i only did my filings yesterday 21/2/23 but because they were late I have incurred a £399, charges for late filings, and on the 24/2/23 it was going to nearly double £700+ , for being late twice , on the 20/1/23 I paid £76,79p to u/gov filings so I thought Every thing was in order, but it wasn't its a minefield, for having a company name on paper only it as cost me £500, so people please check and keep up to date with your companieshouse filings, and don't get kicked in the bollacks like i did

@HeelanAssociates Год назад

Yes it’s sadly too common a story! 🥲

@jacobwatkinson875 Год назад

Hi there, I formed a limited company about a year ago and got a notification saying my confirmation statement is overdue. I don't intend to trade and wish to dissolve the company. I did open a bank account for the company but I haven't ever put a penny in the account. I can see that in order to dissolve I first need to notify HMRC and file a company tax return. Am I correct in inferring from this video that in order for my limited company to be considered dormant I need only call HMRC to agree that my company is dormant? And that this would exempt me from the need to file the tax return?

@HeelanAssociates Год назад

Yes if its not traded and was dormant, often a quick call to HMRC corp tax dept will remove need to file that return.

@SyedAli-yz4in 2 года назад

Our Accounting period ends on 31st Dec We want to declare 2022 as dormant. But in Jan 2022 we paid the final salary settlement of any empliyee which was aroun 15,000 GBP...

@HeelanAssociates 2 года назад

Sounds like there was a significant accounting transaction (reduction in bank balance and creditor (amount owed to the employee), so for accounts purposes would need accounts with Companies House.

@ginajohnston4466 3 года назад

I have a Limited company and I am not trading due to the Covid but I have a bank account and therefore got interest after tax and bank charges but both under £100 and told HMRC and they have put it down as non trading but have to do my Companies House return, and want to do my return but not sure if I file dormant accounts

@HeelanAssociates 3 года назад

Have you filed accounts before ?

@ginajohnston4466 3 года назад

No this was a new company, and the first year returns. HMRC has been advised that the business isn’t trading due to waiting for final contracts to be signed, and due to Covid delays

@amenuyi1912 3 года назад

Hi, I set up a limited company last August but I have not started selling any products but I have loads of pre-trading transactions including buying office equipments and stock but I have not started selling so no money has come in yet but money going out. Money going towards buying equipment and stocks came from directors loan. Would that be considered dormant?

@HeelanAssociates 3 года назад

Hard to say without seeing the full situation, but that sounds like you have enough transactions that you should not complete dormant accounts.

@giggilboy4837 Год назад

I would file active to be on the save side.

@hossamX9595 9 месяцев назад

Hello, I formed my limited company about 4 months ago, and I haven't traded ever since. I called the hmrc and let them know that its dormant and they said I won't need to file a tax return. My question is: Can I still apply for my company dissolution while its dormant and do I need to file any accounts with companies house when its struck off ?

@HeelanAssociates 9 месяцев назад

In theory best practice would be to file accounts, but generally if a company has literally not done anything i.e it doesn't owe anyone / doesn't own anything then its common to dissolve without filing as there would be no point.

@tommybrown9034 2 года назад

I am aware of a company who have over 100 employees and is trading by the million but is still registered as dormant? How does that work?

@HeelanAssociates 2 года назад

If you believe fraud is being committed should report to HMRC.

@melgribbin7039 2 года назад

I have Registered a Limited Company this Month. I have 1 transaction on the Buisness account as a test Payment a credit of £1 from my own personal account, My question is would that be considered as a significant transaction by company's house?

@HeelanAssociates 2 года назад

It could be argued ..... as Companies House say: "A significant accounting transaction is one which the company should enter in its accounting records." If that's all you have in a year, it would be pretty harsh to view of "significant" though ;- )

@ruggy1963 Год назад

6 flat owners, we have a property management company (limited by guarantee). Companies house have been instructed we are dormant, we have bank acc in company name and all pay £50 pm to cover buildings insurance and maintenance. Are we legally a dormant company? Can we file dormant company accounts? Thanks for any advice.

@HeelanAssociates Год назад

Ah this one is an age old debate! What we would say is its fairly common practice to submit dormant accounts to Co House in this situation, because effectively the money is held on account of the tenants. But we've seen both approaches over the years, as Companies House could argue there are significant accounting transactions.

@tjjackcaulfield 9 месяцев назад

hi i have a ltd company, we dont trade , its like you said, we've saved the name kind of thing,so i consider the company dormant. On the companies house beta portal it says my company status is active, should this say dormant and not active?

@HeelanAssociates 9 месяцев назад

If it’s ‘live’ on companies house it normally says active yeah, it won’t matter if dormant or trading.

@zain004x 9 месяцев назад

Hi, I’ve opened up a limited company, didn’t do anything, not even opened a bank account, will I have to send in any tax returns or anything at all?

@HeelanAssociates 9 месяцев назад

This may help www.heelanassociates.co.uk/what-to-file-dormant-limited-company/

@yawar2082 3 года назад

I registered company in early April 2020 can I be eligible for any Government coronavirus loan/support scheme ?

@HeelanAssociates 3 года назад

It’s hard to say without knowledge of the detail, but not the loans sadly, but possibly furlough if you have a payroll and are on it.

@eazybean6160 Год назад

Can you file dormant accounts before the company year end?

@HeelanAssociates Год назад

No you’d have to change the company year end with Companies house. You can file before the filing deadline though.

@SH-io3li 3 года назад

if i am dormaint will i still showed as active?

@HeelanAssociates 3 года назад

Your company might say ‘active’ on Companies House even if dormant yes.

@zohaibshaikh7251 2 года назад

is it better to strike off a company or get it dormant which has never been used

@HeelanAssociates 2 года назад

Just depends if your going to use it and or like the name!

@zohaibshaikh7251 2 года назад

@@HeelanAssociates thank you

@isisarises 2 года назад

cant seem to see FREE TOOL for companies house

@HeelanAssociates 2 года назад

Its inside their web filing service, ewf.companieshouse.gov.uk/runpage?page=webfilingRegister

@patelankita Год назад

Hi I have company First accounts made up to 31 October 2022 due by 8 July 2023 Not started trading yet I shall submit nil corporation tax return or notify to HMRC as dormant?

@HeelanAssociates Год назад

You could do both but if you are dormant maybe easier to call and tell, you often won’t then need the return.

@patelankita Год назад

@@HeelanAssociates okay thanks

@patelankita Год назад

@@HeelanAssociates may I have your contact number please?

@jerryleivon7852 3 года назад

Hello sir. I would be grateful to know if any Company registered under Company's house is 100%legit and safe to join. 😊thank you

@HeelanAssociates 3 года назад

Not 100% sure what you mean here. Forming a company with Companies House is completely safe. Outside of this, I’m not sure what you mean?

@jerryleivon7852 3 года назад

@@HeelanAssociates Thank you sir. That means any company registered under Companies House cannot be a fake or scam company,

@MoneyGist 2 года назад

@@jerryleivon7852 It's fairly easy to set up a company with Companies House. It doesn't necessarily speak to the integrity of the owners. Just that the company actually exists with a legitimate address.

@mohammedabdirrahmanrubblei9141 2 года назад

How do I make my limited company a dormant?

@HeelanAssociates 2 года назад

Has it ever not been dormant?

@mohammedabdirrahmanrubblei9141 2 года назад

@@HeelanAssociates thanks for getting back to me. Since I created the company I traded for about 2 months and then stopped I also have no plans to trade for the foreseeable future but still need to keep the company. Your guidance is appreciated.