If you have a company which hasn’t traded – either “ever” or “for a few years”, it may be considered as a “dormant” company that has started to trade again by HMRC. HMRC does not expect a dormant company to complete accounts or send them a tax return.
But – once your company has started to trade again, you have an obligation to:
TELL HMRC THAT YOUR COMPANY IS NO LONGER DORMANT.
This is important and should be done immediately (or preferably before) your company starts to trade. Re-registering for Corporation Tax is the usual method of advising HMRC of your company’s new status.
Of course, once your company has restarted its trading, all of the other legal requirements take effect. These include:
- Keeping accurate records
- Production of Statutory Accounts
- Production of a Corporation Tax Return
- Pay any Corporation Tax due within 9 months (and one day) after the company year end (or sooner if you have extended your accounting period)
- Register for VAT if appropriate (over the threshold or beneficial to your company)
- Register for PAYE if there are any employees or if you will be employed by the company (can be tax advantageous)
You will still need to submit accounts and prepare and submit a Confirmation Statement to Companies House.
Depending on your trade, profession, location etc, there may be additional requirements. These may include registering for CIS (Construction Industry Scheme), registering for imports/exports, advising a local authority etc.
We are here to help you. Our expertise and knowledge will help you cover all of the requirements and keep you on the right side of regulations. Our range of services will ensure you can operate effectively, within the law and, very importantly, profitably.
Feel free to contact us for a NO OBLIGATION chat. You can:
Telephone us – 01509 816150
Email Us – enquiries@centralbusiness.co.uk
Or use our webform –
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