When I inquired about this with my accountant I was told there are 2 options:
1) Ceasing trading activities
If you choose to move to a non-trading company, you will need to cancel or transfer any regular payments that are scheduled from your business bank account, for example monthly phone or broadband subscriptions. No further payments should be made from your business account with the exception of:
bank interest and charges
payment of our services
fee payments to Companies House, filing fees
tax payments to HMRC
dividends to shareholders (subject to available profits)
We would also work with you to deregister your company for VAT and close your PAYE scheme where applicable.
Whilst your company is in a non-trading state, your obligations to HMRC and Companies House remain the same:
Year end accounts and a corporation tax return must be filed
A confirmation statement must be submitted to Companies House each year
Any directors will still need to complete a Self Assessment Tax Return
We would continue to work with you to help you meet these obligations.
Our continued service to you
Our non-trading service is 1/4 of the normal monthly fee
Deregistering your company for VAT and Payroll at HMRC
Continued access to our online software to maintain your bookkeeping records
Preparation and filing of year end accounts and Corporation Tax Return
Continued support with our software and questions relating to recommencement of trade
We would still be able to provide you with support with other matters e.g. reference letters, advice on accounting or tax etc however, we may need to provide you with a separate quote before we undertake any work.
2) Making your company dormant
If non trading is not the right option for you, you can change your company's status to dormant at Companies House. If you were to proceed with this option, we would be able to deregister your company for VAT and PAYE at HMRC for a one off fee.
However, if you were to choose this option we would be unable to support you after your company had been made dormant. This is because a part of this process is closing your company's Business Bank Account, which would mean you were unable to pay our fees.
1) Ceasing trading activities
If you choose to move to a non-trading company, you will need to cancel or transfer any regular payments that are scheduled from your business bank account, for example monthly phone or broadband subscriptions. No further payments should be made from your business account with the exception of:
bank interest and charges
payment of our services
fee payments to Companies House, filing fees
tax payments to HMRC
dividends to shareholders (subject to available profits)
We would also work with you to deregister your company for VAT and close your PAYE scheme where applicable.
Whilst your company is in a non-trading state, your obligations to HMRC and Companies House remain the same:
Year end accounts and a corporation tax return must be filed
A confirmation statement must be submitted to Companies House each year
Any directors will still need to complete a Self Assessment Tax Return
We would continue to work with you to help you meet these obligations.
Our continued service to you
Our non-trading service is 1/4 of the normal monthly fee
Deregistering your company for VAT and Payroll at HMRC
Continued access to our online software to maintain your bookkeeping records
Preparation and filing of year end accounts and Corporation Tax Return
Continued support with our software and questions relating to recommencement of trade
We would still be able to provide you with support with other matters e.g. reference letters, advice on accounting or tax etc however, we may need to provide you with a separate quote before we undertake any work.
2) Making your company dormant
If non trading is not the right option for you, you can change your company's status to dormant at Companies House. If you were to proceed with this option, we would be able to deregister your company for VAT and PAYE at HMRC for a one off fee.
However, if you were to choose this option we would be unable to support you after your company had been made dormant. This is because a part of this process is closing your company's Business Bank Account, which would mean you were unable to pay our fees.
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