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Is it worth correcting Past Company Tax Returns for a dormant company (HMRC)

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    Is it worth correcting Past Company Tax Returns for a dormant company (HMRC)

    I need some advice in regards to my company I setup initially for contracting, but have since made dormant as I am working full time and am looking to Strike off.

    I realized I made a mistake in my company tax return on the final accounts when making it dormant and although correction wont amount to any tax owed as there was no income during that tax year, it has to do with assets (Computer, Printer, furniture, cash in bank etc) within the company which I put down as zero but did not dispose of or transfer on the CT600 so in effect it looks like the assets just vanished. I have compounded this error by submitting similar dormant accounts to company house for the last few years.

    I consulted an accountant and was told in order to put right a company tax return would need to be done for each year costing over £2000 which at this stage is worth more than the company and all assets and cash combined.

    So my question is, should I correct this mistake before closing my company and are the potential repercussions from HMRC heavy enough to spend Over £2000 to in order to get it corrected.

    Or is there a third way ?

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