Dormant Company Accounts UK The Basics

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Declaring your Limited Company as Dormant can be extremely beneficial if you have ceased trading for the time being but plan to start up again in the future. Your filing costs and associated taxes are mitigated and you are able to keep assets such as your business name. We're getting into the basics of filing dormant company accounts. • Accounting Tax Academy Free Membership Site → • 🌏 http://aidhanfinancial.com/accounting... • ⏱️ Time Stamps: • What Is A Dormant Limited Company? - 0:35 • How Do You Know If Your Company Is Dormant? 2:10 • What Filing Requirements Does A Dormant Company Have? 3:00 • How Can You File Dormant Company Accounts? 4:00 • If you want my my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 https://www.aidhanfinancial.com/ • Put simply, a dormant company is a limited company that has had no significant transactions in its financial year. The important thing to remember about dormancy is that you can only declare you limited company as dormant at the beginning of your company year. For example, if you company year ends on the 31st March but you stopped trading on the 2nd February, you will still need to file company returns to both HMRC Companies house for this year, even though you have ceased trading. You would have to wait until the 1st April, your next financial year, to declare your company as dormant, provided you do not intend to make any significant transactions in this company year either. • We've put together a quick 3 point checklist to help you confirm wether or not your limited company is dormant. • Step 1 is to head to companieshouse.gov.uk , search for your company and ascertain when your company year is, remember you can only declare dormancy if you have had no significant transactions inside your company year. • Step 2 is to check your business bank account. Using the information from companies house, you can see if your business has had any significant transactions inside your company year. If it has, you cannot declare your company as dormant until the next financial year for your company. • Step 3 is to check if your company is PAYE and/or VAT registered. If it is, you will have to deregister for these or submit NIL returns. • Filing dormant accounts is absolutely doable by yourself, however, it can be a time consuming process and, as we've made clear in this video, there are many elements to consider that could potentially stop you from declaring your company as dormant. If you're looking for more information about how to file dormant accounts for your UK limited company, as well as some options to help you with this process, head to our website at www.aidhanfinancial.com/dormant-limited-company • We hope this video has helped you to understand dormant accounts and taken you one step closer to Knowing Your Numbers. • ★☆★ OUR MISSION ★☆★ • Me my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success. • ★☆★ OUR PHILOSOPHY ★☆★ • If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most. • 🔴 DISCLAIMER • Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement. • #dormantcompany #dormantaccounts #ceasingtrading

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