urgent help with filing req!

SeanyP321 · Feb 28, 2010

Hi all,
I (stupidly) set up a ltd company a year ago. I have no business experience and I am very much regretting what seemed like a few simple clicks back then. I will be applying to have it struck off soon, but right now I am trying to file my bits and bobs. I have just filed the annual return without too many probs. But now I'm stuck. The company only made about £400 profit back in June (not the fortune I was hoping for). The made up date = now. No debts, losses - or outgoings of any kind. No members, nothing complicated.

I just want to get whatever companies house/HMRC need filed, without any costly advice. The simpliest form of online template for accounting records, seem to be the one for dormant companies. "Dormant companies can claim exemption from audit and need only prepare and deliver to Companies House an abbreviated balance sheet and notes".

As my company hasn't traded since june and only traded twice - would I be able to claim dormancy or is there any other way I can avoid a lengthly learning process with regards to creating accounts that won't be rejected.

Any help/advice would be very much appreciated.

:|

stickyadvertising · Feb 28, 2010

what was the company called and what was you doing?

SeanyP321 · Feb 28, 2010

also...as there is now no profit/expenditure - can I just put 0.00 in all boxes and be done with it?

Duke Fame · Feb 28, 2010

SeanyP321 said:
also...as there is now no profit/expenditure - can I just put 0.00 in all boxes and be done with it?

I wish you hadn't posted the company name!!! If you haven't used your bank account, unofficial chat down the pub would have been to just file dormant accounts.

Did you actually trade in the company name, sell and buy in a way that all parties understood they were dealing with the limited co? If you didn't and nothing went theough the bank, you could file a DCA.

Otherwise, you need to file abbreviated accounts and make the full accounts available to the tax man.

Kett · Feb 28, 2010

Its a few years ago and thing may have tightened up.
But I wound up a LTD company and just wrote to the tax Office saying that no tax was due.

I had been trading a couple of years but not making profit, and had filed accounts for previous years.

I did not have to file accounts.
Talk to companies house, they were very helpful to me.

SeanyP321 · Feb 28, 2010

Doh....Thanks for the advice.

I recvd 2 payments of £200 each last June, both into my buisness account

If I wait til June before filing...would that make it dormant? Prob not.

Ive looked at the small buisness template on company house's online thing. Doesnt seem to tricky especially as all I'm putting is zeros in all boxes.

The corp tax will be a bit more tricky I'm sure. I'm going to call tax office tomorrow and see if I could directly communicate my lack of...company/and or profits to them.

Wish I could give the 400 quid back and be done with it

Duke Fame · Feb 28, 2010

SeanyP321 said:
Doh....Thanks for the advice.

I recvd 2 payments of £200 each last June, both into my buisness account

If I wait til June before filing...would that make it dormant? Prob not.

Ive looked at the small buisness template on company house's online thing. Doesnt seem to tricky especially as all I'm putting is zeros in all boxes.

The corp tax will be a bit more tricky I'm sure. I'm going to call tax office tomorrow and see if I could directly communicate my lack of...company/and or profits to them.

Wish I could give the 400 quid back and be done with it

DON'T WORRY!

Don't call the revenue yet, or at least tell them verbally you made a loss.

I'm quite annoyed at "stickyadvertising" asking you about your company, you don't know if he/she or anyone else looking in is some dull civil servant from hte revenue who has a chip on their shoulder about business and the people who have the guts to try an make a few bob because they'll try and drag you down.

Did that £400 come without cost? did you spend any money yourself on the business? someone can put together your accounts on here for a nominal fee. You should not have to pay tax.

What have you spent? Did you have expenses? Computer bits bought, mileage, mobile calls, we can find £400 to make your profit zero and pay no tax. You need to file accounts next month but only abbreviated.

Right now it appears your balance sheet =

Net assets 400 + the price of a share

SHAREHOLDERS' INTERESTS £400 + the price of a share

SeanyP321 · Feb 28, 2010

Hi, thanks so much...really starting to get in a panic. I'm sure I could find £400 of expenditure that was put towards the business. For simplicity's sake I thought it would be easier to pay her majesty whatever she wants out of my few bob and be done with it.

But if there are really people out there that will be able to put something together for less than the CT, I would love to meet them!

When it comes down to it, I'm less worried about losing a bit of money to get this done and dusted than I am of feeling the wrath for doing it wrong.

They really shouldn't make it so easy to set up a limited company....or make it easier to get out of one.

SeanyP321 · Mar 1, 2010

p.s
I'm also a little confused about where I stand with my shares.

They are of no value and I own them all, so exactly how do they bare relevance to this all?

thanks for your time!! If you ever need help fixing your pc, calibrating your home cinema or have network issues with your mobile - I promise, I'll help you out on another forum!!

Duke Fame · Mar 1, 2010

SeanyP321 said:
Hi, thanks so much...really starting to get in a panic. I'm sure I could find £400 of expenditure that was put towards the business. For simplicity's sake I thought it would be easier to pay her majesty whatever she wants out of my few bob and be done with it.

But if there are really people out there that will be able to put something together for less than the CT, I would love to meet them!

When it comes down to it, I'm less worried about losing a bit of money to get this done and dusted than I am of feeling the wrath for doing it wrong.

They really shouldn't make it so easy to set up a limited company....or make it easier to get out of one.

Unfortunately, as soon as that £400 went through the accounts, you need to file accounts so you may as well put the £400 of costs in as well. The shares have no value but they are there. How many were issued? and at what price ea. It's reletively straight forward but from what you are saying you will need to file accounts in the correct format.

SeanyP321 · Mar 1, 2010

I issued 1200, but do not know to what value! I didn't stop to think about it as their very existence seemed futile

Can I find out? Can I make up a value, since I own them all?

stevesolo · Mar 1, 2010

Don't get all wound up about this, SeanyP. If there are two transactions amounting to a total of £400, I don't think any tax would be payable and the Revenue would probably not be that interested given the amount involved. In which case you can legitimately say to them there is no tax liability. You can then simply not file accounts and tell Companies House you no longer want the company. They'll tell you what to do from there.

I do stand to be corrected by any of the accounting fraternity out there because I am not an accountant!

SeanyP321 · Mar 1, 2010

WOOOOOOOOOOOOOOOOHHHHOOOOOOOOOOOOOOOOOOOOOOOO!!!!

Called company house, they said apply for the company to be struck off and we wont chase anything else.

Called HMRC and the v nice man there said, "hmmm, ok. just write it up now - you don't us anything and we'll leave it that"

There are some good people still. The only annoying thing is I wasted 15 quid on annual return!

THANKS FOR EVERYONES HELP!!!!!!!!!!!!!!!!!!!!!!!!!!

stevesolo · Mar 1, 2010

Excellent result!!

Kett · Mar 1, 2010

Great, yes they were pretty good to me too. I think they are Okay about this sort of thing where clearly there is no money to be collected by them.

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