WHAT TO FILE FOR A DORMANT LIMITED COMPANY (UK)

Do you have a limited company sitting dormant? You still need to file things each year. In this video Dan runs you through what you need to do.
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
How to file limited company dormant accounts uk
How to file confirmation statement
How to file persons of significant control register uk
… and more!
Link to Companies House guidance: www.gov.uk/gov...
Link to Companies House 'Beta' Service (to check deadlines): beta.companies...
If you have any questions on this, please comment below.
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Web: www.heelanasso...
Call: 02392 240040 Email: [e-mail]
#accounting #businessaccounting #limitedcompany #dormantcompany

[@HeelanAssociates]

Other Videos on the subject: When is your company Dormant: kzbin.info/www/bejne/mGO0gJ9tZ5pjpNU The one thing you need to do if Dormant: kzbin.info/www/bejne/Y6u9iKeprMuUibc

[@deborahsyrett7632]

I've just set up a Dormant ltd company and I'm getting reminders to "add a tax to your business tax account" - sorry - VERY new to all this. Do I choose Corporation Tax? Is there a tab to let them know the company is Dormant?

[@HeelanAssociates]

It usually just comes through but it not arriving is fairly common. If you contact HMRC and ask they can resend. Their webchat can be a good low hassle way to do this.

[@TonkaToy_Tom]

Hi, your videos are very interesting so thanks for the great information you provide. I have just one question if you wouldn’t mind helping me? I recently created a Ltd company and marked it as dormant while at creating it, my question is, how do I go about making the company live (no longer dormant) to remove the fact it’s marked as dormant? Thank you

[@HeelanAssociates]

If your told hmrc it’s dormant you can just call and tell them it’s active. With companies house you don’t do anything you just file the next set of accounts.

[@andrewwhitelawaw]

Hi, I have a limited company purely to save the name for when I eventually switch from being a sole trader. The one thing I'm not sure about on the accounts form are the shares. If I am the only one with significant control in my company, do I have to enter shares as 1? I mean, I haven't actually set up a bank account with one quid in it that I've paid to myself... so is it wrong to list cash in bank as £1 and 1 share at £1? I was wanting to just put everything as '0', but it didn't seem to like that. Thanks!

[@HeelanAssociates]

If you have 1x£1 share, in theory £1 is probably in petty cash somewhere right?

[@lewismclean6285]

I have the same issue, it's a total ballache. You can't put in zero but if you put in £1 then you need to have the other balances matching it which if you put any positive numbers into, brings it into the minus. I've done this for 4-5yrs now and each time I bloody forget how to combat it. Maybe if there was a demo video online of the actual balance sheet then it would be a massive help to us all.

[@michgee3740]

Great video thanks. Is notifying of a PSC necessary? We're an RTM, not much happening, just box ticking... ta

[@HeelanAssociates]

Sadly yes required reporting 🥲

[@joseph2036]

i want to open an LTD in the UK(for selling outside the UK) and then move the company to another country in Europe. i will be paying taxes in Europe and not UK. What do you recomment?

[@HeelanAssociates]

Not opening the UK co in the first place :) you have the issue or where it will be taxed and it can be practically difficult.

[@MrEagle2050]

My company was dormant since the day it was incorporated and i informed HMRC couple days ago that the company is dormant because i didn't start trading yet it was incorporated in Nov2023 so i don't know what to do next as a non UK resident ?

[@HeelanAssociates]

If it was incorporated in Nov 23 you probably don’t now having any companies house filing until around Nov 24. Unless vat registered it’s likely there is no hmrc filing until after year end either.

[@leilayousefi1512]

Thanks for the informative video. I have got two questions: I have a limited company and registered in April 2020 and now I have a deadline to file accounts by the end of this month. I have not traded and not earned yet. I was wondering if it is better to change the activity of my company as dormant before filing my accounts or after that? Also, I have put some money on my business account as a director loan as I needed to pay my gym membership and mobile from my business account. Is there any problem if I pay from my business accounts once the company has registered as dormant?

[@HeelanAssociates]

Hi Leila, did you have a bank and bank transactions during the year of account you need to submit?

[@coxbright]

Very helpful thanks!

[@HeelanAssociates]

Glad it helped!

[@kameezcollections6657]

Hi, my company was incorporated on 29th of May on 2020, I haven’t started trading since the incoparation‘ First accounts made up to 31 May 2021 due by 28 February 2022’ this means when exactly I have to submit the accounts? Also, for dormant company is only the annual accounts and confirmation statement submissions? Thank you so much for your time

[@HeelanAssociates]

So you can submit your accounts between 1st June 2021 and 28th Feb. If dormant should just be accounts to companies house but check HMRC hasn’t issued you a company tax return. If they have you will need to ring and tell them you are dormant, otherwise you will have to do a return.

[@kameezcollections6657]

@@HeelanAssociates thank you so much for the reply, really appreciate it. In regards to the submission do I have to submit 2 sets of accounts which is 1st June ( 12 months of incorporation) then another set 28th of feb 2022?

[@tonymorgan2713]

Hi, the Companies House video on filing for a dormant company shows a balance sheet with only £2. How is this possible when even a dormant company has to pay a £13 confirmation fee. Why does the £13 not appear in the accounts?

[@HeelanAssociates]

There is normally a note that the directors have paid some money on the companies behalf.

[@ASK-hn3di]

Hey there, thank you for your video. I created a company on Jan 01 and decided to strike off a week later. The company has never traded. Would I still need to file accounts/tax return to HMRC, or can I post a letter stating we have simply never traded and have applied to strike off?

[@HeelanAssociates]

To cover all bases, a quick letter to HMRC Corp Tax department would be fine. In reality, it's likely even that isn't needed in this situation.

[@orkunaksoy8628]

Hi, I'm a citizen of another country, and I'd like to form a company in the UK as a non-resident. I'd like to keep my company dormant in the UK and don't wish to pay any taxes there as I won't be trading under that company for the foreseeable future. I understand that I'd still have to file confirmation statement and accounts statement. I'm not sure if accounts statement involves any fees or charges on a yearly basis. I'd like to pay as less money as possible since my reason for forming the company is to secure the company name and maybe start trading in the future. So is it possible to form a company and pay next to nothing to HMRC and Companies Houses (except for the necessary registration fees of course). I'd really appreciate your reply. Thank you!

[@HeelanAssociates]

If you are not trading at all, there is a free tool to submit dormant accounts. The annual return to Companies House needs £13 paid to them direct. If you aren't trading you can speak to HMRC about not having to complete a corporation tax return at all.

[@mahmoodhussain5778]

Hi if I file mr08 form land charge will land registry have record once I receive certificate from companies house thankyou

[@HeelanAssociates]

Sorry can’t assist with this one, it’s more a legal question than an accounting one. However the incorporation certificate is available publicly so anyone could see it.

[@chykeebizie6017]

hi I stopped trading in November 2018 but I still want to keep the company name. I have done my confirmation statement but have not been doing any accounts since i was not trading. I have received a winding up notice. Where can i find the free tool you mentioned. Thanks for any help you might give.

[@HeelanAssociates]

You can find tools here www.gov.uk/file-your-company-annual-accounts

[@buzzzitlimited7431]

Hi. Thank you for the good videos. I've not paid any corporation tax or VAT for the past two years due to it not being used, and HMRC have told me i don't need to do a self-assessment anymore. Would that mean the company is dormant? - many thanks :)

[@HeelanAssociates]

Sounds possible, does it fit the criteria here: www.heelanassociates.co.uk/how-to-make-a-limited-company-dormant/

[@kameezcollections6657]

Hi, ‘ First accounts made up to 31 May 2021 due by 28 February 2022’ this means when exactly I have to submit the accounts? Also, for dormant company is only the annual accounts and confirmation statement submissions? Thank you so much for your time

[@HeelanAssociates]

Sounds like it, so if you type your company accounts into here: beta.companieshouse.gov.uk/ If it gives the deadline 'due 28th Feb' then yes accounts need to be in by then. Will also give you the confirmation statement due date. You *might* also have a corporation tax return due a little later. Even if dormant worth checking with HMRC that you don't have a tax return to do. If you tell them you are dormant then they often just say 'great no return needed' and update their records.

[@sabuk1636]

Can I file dormant after 11 month , year end showing 31/7 . Is it ok do balance sheet dates before year end

[@HeelanAssociates]

You could potentially shorten the year end to do this. It means moving the company year end officially, but its often done.

[@hiphopaneer]

Hi, is it free to file confirmation statement for dormant company? Thank you

[@HeelanAssociates]

No you normally pay £13 to companies house.

[@hiphopaneer]

ok thanks@@HeelanAssociates

[@georgiathompson8090]

Hello, thank you for tbis video.... is it possible to appeal company house late account filing penalty for a company that has never traded since incorporation...and HMRC was notified last year that company is not trading...impacted by C19. Thank you for your help..

[@HeelanAssociates]

Yes! You can email or write a letter explaining your reasons. They’ve been pretty good at allow appeals based on covid 19 issues

[@georgiathompson8090]

@@HeelanAssociates Thank you for your help...appreciated.

[@saeidj2470]

Do I need to file to accounts, one to HMRC and one to companies house or is it just one for companies house

[@HeelanAssociates]

If you have a corporation tax return you will normally be asked to file ‘full’ accounts to HMRC. If you don’t have to file a return you won’t need the accounts for them.

[@swamyxerox5559]

hello i need help ? my company is dormant, i have registered in 2018. From that day onwards i am not trading. But in November i have received fine from HMRC for 200 GBP. I am filing company returns nil from past 2 years. I have paid fine in november. But today again i have received 2 emails fining GBP 200. I have tried to contact hmrc to inform them my company is dormant. But the call did not connect. Can you help ?

[@HeelanAssociates]

This is something you can appeal with HMRC. They are VERY slow right now (we were told they were only opening post from July 20 in some departments!). Just write a letter appealing the penalties on the basis you were dormant.

[@mohamadalasadi4682]

As a dormant company, am I able to pay people such as web developers to create apps, pay for a marketing budget etc? Or would that count as a LTD company? The business is in start-up stage, not turning over any profits or sales as I'm still building it

[@HeelanAssociates]

If you’ve registered a ltd and have expenses like that, sounds like it’s not dormant. You might even be making a taxable loss (which you can carry forward against future profits in many cases), just need to file the returns.

[@daisyhoward5472]

..And would you do accountancy for people not in Hampshire?

[@HeelanAssociates]

Hi Daisy we have clients all over the country (and world in fact!)

[@daisyhoward5472]

@@HeelanAssociates Oh nice one! The guys will be in touch as soon as needed as impressed by your presentation on You Tube alone!

[@dvautorepairs]

Hello! I started a construction company at September 2021 with the hope to get things better. Since then I hadn't done any job recently and my company is dormant 7 months. What should I do?

[@HeelanAssociates]

Did it operate at all?

[@dvautorepairs]

@@HeelanAssociates no it was only created never received money

[@HeelanAssociates]

@@dvautorepairs sounds likely will just need dormant accounts at the year end

[@dvautorepairs]

@@HeelanAssociates Thank you so much! I love your content its 10 times easier for me to understand how a lot of things are done!!!

[@ukaszstozek8071]

Hi, I just got off the phone with HMRC and they confirmed that filing dormant accounts is not required. Is that correct?

[@HeelanAssociates]

With HMRC yes, if they don't need a tax return. Still need doing with Companies House.

[@swamyxerox5559]

can i have the HMRC contact number ?

[@sandrablake2241]

how do i tell hmrc that my company is dormant

[@HeelanAssociates]

You can write, or call them.

[@damonclark6899]

If I want to secure a buisness name to get branding etc sorted but want to start trading in a few months is this a legal way of doing it, by making the company dormant? Is this something you can do?

[@HeelanAssociates]

Yes you can form it so it exists with companies house. You don’t have to start it trading immediately.

[@exovaco8169]

Lot of talk, no instruction.

[@HeelanAssociates]

Completely agree.

[@roylloyd471]

Brilliant, bsolutely clear and concise. Thank you, just completed my dormant company confirmation statement all done=, and in under 5 minutes thanks to your video! Thank you once more, BRAVO !!!

[@HeelanAssociates]

Glad it was helpful!

[@mesta4314]

Too costly and complicated as they want money by paying accountants or you need to go to college and pay for a course for dormant companies taxes. No time, OUT!

[@HeelanAssociates]

Yes, although the UK is one of the cheaper countries to do business from a compliance point of view when compared to some.

[@mesta4314]

@@HeelanAssociates : Agreed but God bless America when it comes to business and how easy and smooth is the whole process. No head games, no time to waste.

[@daisyhoward5472]

Great vids, really helpful. We have a new ltd company. We would like to make it dormant to regroup. However the bank account associated with the business issued £75.00 compensation for poor service. No other transaction had taken place before or since. Would this be considered a significant transaction when trying to make the company dormant? And if it is can I just return the money?

[@HeelanAssociates]

Its a tough one as that £75 is oddly taxable.

[@daisyhoward5472]

@@HeelanAssociates Interesting. Have decided to return it and shut the account to keep things crispy clean. Thank you!

[@james2578]

@@HeelanAssociates omg

[@sanaalom8444]

too much talking

[@HeelanAssociates]

Thanks for watching!

[@fashionlookfashionlookcnar739]

Great info Thank you ! Once I confirmed with HMRC that Company is dormant should I advise a Companies House as well?

[@HeelanAssociates]

You’d need to file dormant accounts with them. There is a free tool for that if you are comfy with it.

[@HeelanAssociates]

(If you struggle with that get in touch we have a service that can help)

[@googlemusiconly1138]

How do I get another UTR please? I need to send it back to HMRC to tell them I am dormant but I’ve lost it. Thanks