Have gone Limited - Urgent Advise Needed

[azzzman]

Hello all - my first post, please be gentle...

I have formed a limited company early January on the advise of some friends. I intend to sell sports gear etc online but have not yet set my website up.

So i've gone limited, registered with the HMRC but have not yet gone live / started trading.

The business consist of my partner and me as Secretary and Director. Both of us work fulltime - so will NOT be taking any salary from this business. All profits if any will be injected back into the business.

Here is my question... Say i do not trade at all this year - what declaration will i need to make? I have received various forms from the HMRC and have not read any yet to be honest, but judging on the speed of my setup - i may not trade at all this year.

What advise can you kind people give me?

Thanks

[Ozzy]

Hi,
Around January next year you will need to file a dormant set of accounts and a non-trading annual return with Companies House (Forms DCA & 353a).
Are you VAT registered? If so, just keep filing nil returns every quarter for now.
Finally, file a nil corporation tax return when HMRC contact you next year for it.

This is all on the basis that you do intend to start trading next year. If not then perhaps consider striking the company off (Form 652a)

[KM-Tiger]

I have received various forms from the HMRC and have not read any yet to be honest,
That's not a good habit to get into. If you ignore them you usually get pestered even more. If it's the form I'm thinking of it's not easy to fill in, but the accountants here will probably help.

As well as HMRC, even a dormant (ie non trading) company must make returns to Companies House, and there are penalties for not doing so. Don't ignore these when they arrive.