Domant Companies - Is an accountant required? Domant Companies - Is an accountant required?
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  1. #1

    Nervous Newbie


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    Default Domant Companies - Is an accountant required?

    Hi all,

    I considering whether it is best to MVL or go dormant. Can anyone confirm if you need an accountant at all if dormant?
    I understand final accounts are required but if there is not trading, VAT or accounts that surely it wouldn't be needed?

  2. #2

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    Quote Originally Posted by Northernlass View Post
    Hi all,

    I considering whether it is best to MVL or go dormant. Can anyone confirm if you need an accountant at all if dormant?
    I understand final accounts are required but if there is not trading, VAT or accounts that surely it wouldn't be needed?
    can you do all the functions that a dormant company will need?
    If you don't know the answer then you need an accountant.
    Why not ask your accountant for a discount if you make your company dormant?
    See You Next Tuesday

  3. #3

    Should post faster

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    I am in the same paddle-less boat. Do you have interest coming in from business savings?

    I understand that these transactions will stop a company going dormant. In my instance the interest income exceeds the cost of the accountant.

  4. #4

    My post count is Majestic

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    Any transactions at all will cancel it and you need to deregister for vat and all that.

    Better speaking to your accountant to see if they will drop the rate as he won't be doing much. Most do.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  5. #5

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    Dormant Ltds still need to file annual information with Companies House and HMRC.

    The accounts are obviously very simple but still need preparing to an acceptable standard. My accountant charged £100 for the annual account submissions while my Ltd was dormant.

    To avoid any issues with bank transactions potentially breaking the rules of dormancy I closed the bank account.

    Also de-registered for VAT to save the hassle of zero returns every quarter.

    So it's a very similar approach to almost closing the company but easier to start back up again if necessary.
    Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

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