Hey everyone,
A friend of mine and I have incorporated an Ltd on 11/07/2013.
And as of 8/1/2014 we started trading and signed up with an accountant (Crunch).
Closing up on our first year, we realised we were too optimistic and it's best to re-think our strategy. We can't afford paying another year for an accountant and would like to stop trading, without giving up the company's name.
We made around £40 in the whole year and have £15 left in our bank account.
Crunch will process our year-end soon and we would pay our corporation tax of £3.
So what are our options?
1) Can we leave the £15 in our business bank account (Cater Allen) and make the company dormant?
2) Is there a difference between dormant and non-trading? Can we return to the non-trading status?
3) Can we make the company active again, let say in one year time?
4) Most of all, how can we do this? Is there a form we need to fill out and send to HMRC? (I don't think Crunch won't do that without an additional fee)
Many Thanks for your advice,
Houman
A friend of mine and I have incorporated an Ltd on 11/07/2013.
And as of 8/1/2014 we started trading and signed up with an accountant (Crunch).
Closing up on our first year, we realised we were too optimistic and it's best to re-think our strategy. We can't afford paying another year for an accountant and would like to stop trading, without giving up the company's name.
We made around £40 in the whole year and have £15 left in our bank account.
Crunch will process our year-end soon and we would pay our corporation tax of £3.
So what are our options?
1) Can we leave the £15 in our business bank account (Cater Allen) and make the company dormant?
2) Is there a difference between dormant and non-trading? Can we return to the non-trading status?
3) Can we make the company active again, let say in one year time?
4) Most of all, how can we do this? Is there a form we need to fill out and send to HMRC? (I don't think Crunch won't do that without an additional fee)
Many Thanks for your advice,
Houman
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