Every company that doesn’t have any transactions and doesn’t get any income after a certain period is considered a dormant company by the HMRC. Even though a company is dormant, it still has to provide documents informing the HMRC about its inactive status every year.
The process is straightforward. You only have to provide accurate information in detail, but you can choose trusted dormant company accounts filing service online and wait for the HMRC approval. If you hadn’t provided the correct documents when you were supposed to, keep reading, and we’ll tell you what to do to file dormant company accounts.
The biggest filling responsibilities fall onto the business owner, be it sole traders, limited companies, PLC companies, and so on. The current requirements involve three primary reports: the annual corporate tax return, filing of company accounts, and the confirmation statement. You still have to provide all of these documents annually, even if your company is entirely dormant.
Even if you own a company that never recorded a single trade other than a transaction of shares to company directors, you still have to fill in all of the documents. The form is called the AA02 form, and you can find it on the HMRC website. You can fill in all of the details and wait for the HMRC to give you the green light. Here’s a quick overview of the information you’ll need to provide to complete the filling of dormant accounts:
You can fill in all of the details of the AA02 form online, and it’s currently the best way to file dormant company accounts. Most information will be pulled directly from HMRC’s system, so you’ll only have to provide the missing details. Once you’re done, the document is sent to the HMRC, and you’ll have to wait for its approval. With that said, online filing is much quicker than going to the bank.
As mentioned before, you have to complete the filling of dormant accounts every year. The final submission date is no more than nine months after your company’s incorporation date. However, HMRC will send you reminder letters regularly until you complete the process. You can also get automatic email reminders through HMRC to ensure that you always do things on time.
Another essential thing to know is that filing of dormant accounts with the HMRC is entirely free, while active companies have to pay a fee. With that said, if you miss the final deadline, the HMRC will issue penalties that could lead to your company being struck off.
You will also have to provide a confirmation statement that was previously known as the annual return. All companies have to give this report, active or not. The statement itself is proof that verifies all company data found on the Companies House register.
The filing process is similar to the filing of dormant accounts. You’ll need to complete the CS 01 form online, and you can also find it on the HMRC website. Here is a list of the information you need to provide:
The CS 01 form for Confirmation Statements costs 13 pounds for online submission, and it’s the same for all companies, active and dormant alike.
When you complete and submit your Confirmation Statement, the final deadline for completing the filing process is the same date as your company’s incorporation anniversary. That means that the final due date was a year from when you provided your last submission. If you don’t have any HMRC penalties, you can extend the original date by 28 days without a penalty charge.
This process can seem complicated, but it’s not that hard to understand. However, if you’re not sure about your company details, accounting records, and other essential documents you have to provide, follow this link to see all annual requirements in more detail.
While you can complete the annual filing of dormant accounts, you should contact a tax and accounting specialist first to make sure that you fill in all details correctly. Accountants could also help you plan your taxes and apply for tax relief.
If you’re only looking to fill in your dormant company account details, simply follow all of the steps above and make sure that you meet the deadline to avoid HMRC penalties. The process is a little different for active companies, and it includes taxes and other expenses, so keep that in mind if you want to reactivate your business.
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