Originally posted by Fred Bloggs
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Previously on "Basic Question on Ltd Company's First Yr's account. No Income and only Expenses!"
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Originally posted by Lance View Post
in this case there is no profit to claim R&D tax credits against.
It does make you wonder how little people know about a company when they set it up, but don't factor in the most basic cost of ACTUALLY RUNNING THE COMPANY!!!!
To the OP. Yes you need to do your accounts. In your case you may well be able to DIY as it doesn't sound too complex if all it has is expenses. Try a local accountant and see if you can get the year end done for a few hundred £ though.
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Originally posted by Fred Bloggs View Post
Quite rightly and not before time, I hear our friends at HMRC are taking a keen interest in R&D tax credits. They have been subjected to millions in fraudulent claims. Any claims now are likely to be scrutinised unlike previously where they were just granted.
It does make you wonder how little people know about a company when they set it up, but don't factor in the most basic cost of ACTUALLY RUNNING THE COMPANY!!!!
To the OP. Yes you need to do your accounts. In your case you may well be able to DIY as it doesn't sound too complex if all it has is expenses. Try a local accountant and see if you can get the year end done for a few hundred £ though.
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Originally posted by WTFH View PostAlso, you say you’re doing your first year accounts, but on a previous thread from a few years ago you were asking about R&D credits. Something doesn’t quite add up.
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Also, you say you’re doing your first year accounts, but on a previous thread from a few years ago you were asking about R&D credits. Something doesn’t quite add up.
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A dormant company has to have no activity. No interest, payments, income nothing.
Google will tell you what you need to know.
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Basic Question on Ltd Company's First Yr's account. No Income and only Expenses!
I'd set up an ltd company to come up with an MVP for an idea I had. It has only spent time (i.e. no income at all, and there was nothing that could be sold anyway - service or product).
Costs are around software development and external consultant staff hire (all under <£10k)
Would this be considered a dormant company for the purpose of doing the accounts?
I am quite limited with funds and want to try to save (if I can on) on the accountant's fee.
Many thanks in advanceTags: None
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