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No sales - do I need to file a corp tax return?

  • Thread starter Thread starter Zaldle Co
  • Start date Start date
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Zaldle Co

Hi,

I opened a business back in December 2021 and HMRC is requesting I complete a tax return.

I'd rather not procure the services of an accountant given I haven't made any sales through the company.

The only thing I've used this company for is to invest funds loaned to it from another company. Those funds remain invested and nothing has been executed if it were.

Any advice?

Thanks in advance!
 
Solution
D
If you have made investments on behalf of the Company then these need to be shown on the B/S even if no tax is due.
You should be preparing the Company accounts first and then using the information from these to fill in the CT600
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How will HMRC know there is no tax to pay If you do not submit the return?
Also you will have to submit the Company accounts to Companies House, usually these and the CT600 are done together.
 
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When I attempt the return, it doesn't let me submit £0 values under the "Balance sheet" section though..
 
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wouldn't HMRC only need to know about the investments once I cash them out?
 
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If you have made investments on behalf of the Company then these need to be shown on the B/S even if no tax is due.
You should be preparing the Company accounts first and then using the information from these to fill in the CT600
 
Upvote 0
Solution
Yes you need to file account sand a tax return. The company is trading (investment activities).

It doesn't sound like you're going to get things right so best to use an accountant otherwise it could cost you more in the long run
 
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If HMRC is requesting that you complete a tax return, it is important that you take this request seriously and take the necessary steps to comply with their request.

If you have not made any sales through your company, it is likely that you will need to file a simple tax return that includes information on the company's investments and any related income. This can often be done using HMRC's online self-assessment system.

If you are not comfortable completing a tax return on your own, you may want to consider seeking assistance from an accountant or tax professional. While it may require an investment of time and money, working with a professional can help ensure that your tax return is filed accurately and on time, and can help you avoid any penalties or fines from HMRC.

It is important to note that failure to file a tax return when requested can result in serious consequences, including fines, interest charges, and even criminal prosecution. Therefore, it is in your best interest to take the necessary steps to comply with HMRC's request and file a tax return as soon as possible.
 
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I don't know of any service that would help me with a one-off corp tax return though.. I pay a monthly fee for an accountant for a different company, but they've said they wouldn't entertain a one-off filing for another company..
 
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I am sure there are plenty of accountants out there that would do this, try and contact a few local to you and see.
Why would it be a one off, surely an investment Company would be around for a while.
 
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DWS said:
I am sure there are plenty of accountants out there that would do this, try and contact a few local to you and see.
Why would it be a one off, surely an investment Company would be around for a while.
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one-off(ish) as I wouldn't need to file VAT, nor would I ever take any money out etc

So I wouldn't want to pay an accountant a set monthly fee for example, unless (and it's unlikely from what I've seen) they had a very simple plan that would cover this?
 
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I am sure if you ring around a few someone will do this work for you on a set fee, I offer my clients the choice of monthly or a set fee so I am sure others do as well, after all work is work, do you not have to submit the Company accounts to Companies House as well?
 
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