Dormant account filing
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If you want to gain more insight on dormant company accounts or are struggling with how to file them, you’re in the right place. Read this page to find out everything you need to know and be brought up to speed.
What is a dormant company?
A dormant company is a business that’s been incorporated at Companies House but isn’t currently pursuing any business activity and therefore has no significant accounting transactions. Under these circumstances, significant accounting transactions include settling invoices, paying bank charges, bank interest, paying employees, etc. Exceptions to the rule are paying for shares issued at the time of incorporation, filing fees paid to Companies House and late filing penalties.
For Corporation Tax purposes, dormant companies are considered inactive. To earn the label of ‘dormant’, your company has to have stopped all trading and can’t be receiving any kind of income, even investment income.
Dormant company accounts
So now we’ve cleared up any confusion around dormant company status, let’s move on to how to file accounts.
Contrary to what many people think, dormant companies still need to file a confirmation statement and annual accounts with Companies House.
On the bright side, you’ll be pleased to hear that the paperwork is minimal as dormant companies file a simplified form of accounts with Companies House. These dormant company accounts reduce your workload by freeing you from having to file a director’s report and profit and loss accounts.
File dormant accounts
- Complete the paperwork and file annually with Companies House
- Send a Confirmation Statement annually with Companies House
- File an HMRC Tax Return annually to notify them of your dormant status
- Provide all relevant company info (such as name, registration number, balance sheet date, details of issued share capital, etc)
- Pay the relevant fees for filing annual accounts
And remember, accounts need to be filed at least once every 12 months!
Why baa?
With over 15 years of experience in the industry, we know a thing or two about filing. By entrusting us with your accounts, not only do we guarantee a fast turnaround and a top-level service, we also promise to do it to a high level of accuracy! Why not reduce some of the stress of your business life and let us file your dormant company accounts for you?
We also run a late filing service for when you’ve left things a little late and are up against the clock. Check out our express service here for more info.
