Freeze the Company?

[Rene-PL-UK]

Hi everyone.

Great lesson I've learned so far is how important the right people to deal with are. You can call it failure as well, yet "lesson" sounds just better

Anyway, the point is I established company with my partner, but before anything started, he decided to quit. Happens, the problem is that company has 2 directors, one of them just left.

As this company was formed ONLY for this particular project, and before I find anyone else, I won't use it in any way, and at the same time - I am aware of the duty of bookkeping when the year is over - is there a way to freeze the company?

Or if the company existed, but made no profit neither looses, do I still need to hire an accountant?

What should I do to avoid penalties?

Thanks!

 

[Rene-PL-UK]

Anyone?

 

[Williams lester]

If you no longer need the company, apply for it to be struck off. Look here http://www.companieshouse.gov.uk/forms/generalForms/652a.pdf, cost is £10.

 

[Rene-PL-UK]

Thank you for the answer!

I do have some more concerns though:

1. What if I want to keep the company as I plan to use it in the future, and keep the name and logo?

2. Can I strike off the company that did not make any profit since more than 3 months, but it did some in the past (less than 10.000 GBP - 0% tax as far as I'm concerned) while I still have to cover expenses (ie using company's debit card). Or I do have to contact accountant first in order to finish annual financial raport before I strike it off?

Thank you!

 

[Williams lester]

Thank you for the answer!

I do have some more concerns though:

1. What if I want to keep the company as I plan to use it in the future, and keep the name and logo?

2. Can I strike off the company that did not make any profit since more than 3 months, but it did some in the past (less than 10.000 GBP - 0% tax as far as I'm concerned) while I still have to cover expenses (ie using company's debit card). Or I do have to contact accountant first in order to finish annual financial raport before I strike it off?

Thank you!

1. If you wish to keep the company, and it has not traded, you will need to file dormant accounts, see here http://www.companieshouse.gov.uk/about/gbhtml/gba10.shtml

2. If you wish to strike off a company, it must not have traded for 3 months. You will still need to complete accounts and CT600 tax return but you do not necessarily need an accountant to do this, if you are confident to do the accounts yourself.

 

[Rene-PL-UK]

Thanks Dave

I do consider myself as quite good in maths and figures, I would like to try to do it by myself, although I assume some sort of tutorial is a must. Do you know where I can get it from?

Could you also kindly tell me, how much time do I have to complete accounts and CT600 tax return, after the full year (let's say from 20th of August 2008 till 19th of August 2009) has passed? Or it needs to be done before?

Thank you for your help!

 

[Williams lester]

Thanks Dave

I do consider myself as quite good in maths and figures, I would like to try to do it by myself, although I assume some sort of tutorial is a must. Do you know where I can get it from?

Could you also kindly tell me, how much time do I have to complete accounts and CT600 tax return, after the full year (let's say from 20th of August 2008 till 19th of August 2009) has passed? Or it needs to be done before?

Thank you for your help!

You may want to start out by looking here, to get a few of the basics of Corporation Tax http://www.hmrc.gov.uk/ct/index.htm

You should have received a notice to file a Corporation tax return, this would give you the date to which you need to file by. It is basically (normally) 12 months after the end of the accounting period, though if this is your first accounting period it will be 24 months from the incorporation date.