What are dormant company accounts?
Рет қаралды 2,312
Күн бұрынIf your limited company has never traded or hasn’t traded in its previous financial year, you can file a specific set of company accounts known as dormant company accounts.
Filing these can save you a significant amount of money as you won’t require an accountant’s assistance in preparing them.
In this video, our company expert Nicholas Campion, covers the key information on dormant company accounts, including - whether your limited company can file them. Don’t miss out, watch the video.
Links:
1st Formations - Dormant Company Accounts Service
www.1stformations.co.uk/dorma...
Chapters:
0:00 Intro
1:01 What is a dormant company?
1:27 Transactions that are not considered significant
1:54 The company’s financial year
2:18 What dormant accounts actually are
2:36 The information that needs to be included on dormant company accounts
3:23 How to file dormant company accounts
4:25 The penalty for late filing of annual accounts
Website: www.1stformations.co.uk/
Blog: www.1stformations.co.uk/blog/
Facebook: / 1stformations
Instagram: / 1stformationsofficial
LinkedIn: / 1st-formations
Twitter: / 1stformations
#1stformations #dormantcompanyaccounts #dormantlimitedcompany #notstartedtrading #startuptips #whataredormantcompanyaccounts #whatisadormantcompany #dormantcompany #filedormantaccounts #accountsfornontradingcompany #accountsforadormantlimitedcompany #limitedcompanyaccounts #limitedcompanydormantaccounts #howtofiledormantcompanyaccounts #dca #fileaccounts
@estherhendricks7133 3 ай бұрын
Thank you, I use this service it takes away the worry and pressure of getting it wrong.
@samwise2444 2 жыл бұрын
A detailed and consice approach to dormant company accounts. Thanks!
@1stformations 2 жыл бұрын
Our pleasure! Thanks for taking the time to comment!
@ninawaller615 Жыл бұрын
fab video! really helps me to expand my understanding!
@1stformations Жыл бұрын
Our pleasure Nina. Did your company need to file dormant company accounts?
@polly5273 2 жыл бұрын
so much detail in this video - very helpful for the future! thank you :)
@1stformations 2 жыл бұрын
You're welcome, thanks for taking the time to leave a comment!
@glend2153 2 жыл бұрын
Thanks a lot for this video, especially glad that you clearly defined what is classified as a "significant transaction". Looking forward to more helpful vids Cheers
@1stformations 2 жыл бұрын
Glad it was helpful! Thanks for takin the time to comment.
@jessicagiuffre9761 2 жыл бұрын
Great video Nick! Can't wait for the next one :)
@1stformations 2 жыл бұрын
No problem at all, we'll have a new one with you shortly!
@hectorvargas4694 2 жыл бұрын
Thanks for the video guys
@1stformations 2 жыл бұрын
Thanks for watching!
@pchan9217 2 жыл бұрын
I think my filing date is coming up soon and I haven't traded yet. This is very helpful, thank you!
@1stformations 2 жыл бұрын
That's great to hear! Make sure you do file on time as there is a penalty for late filing.
@darkdancer1983 2 жыл бұрын
1:50 is a perfect place for a handy screenshot
@1stformations 2 жыл бұрын
We agree! It's vital that business owners know what transactions are considered significant. Thanks for taking the time to comment.
@sbowie100 2 жыл бұрын
Great video, great & easy to understand the process
@1stformations 2 жыл бұрын
Thanks for the kind words! Is there anything that you would like us to look at for our next video?
@abbieoneill9133 2 жыл бұрын
I understand so much more now, thank you! :)
@1stformations 2 жыл бұрын
Thanks for the kind comment!
@ameliafrench9459 2 жыл бұрын
Great video! 😀
@1stformations 2 жыл бұрын
Thank you for the comment!
@edpryce6179 2 жыл бұрын
thank you for this !!!!!
@1stformations 2 жыл бұрын
You're welcome!! Thanks for the comment!
@anguspark3274 2 жыл бұрын
Great video, really clear and detailed without being overwhelming! Is there any way to see if a particular company is 'Dormant' via the public filings at Companies House?
@1stformations 2 жыл бұрын
Thanks for the positive feedback. Yes, you can see if a company is dormant , provided that the company in question has filed dormant company accounts. To do this, search for the company that you’re interested in via the Companies House search tool, then access the ‘Filing history’ tab. Here you’ll be able to see if the company has indeed filed dormant company accounts. We hope that helps!
@johncarpenter8651 2 жыл бұрын
Thanks for the video. Will you remind me prior to the date that my dormant accounts are due, if I buy your service?
@1stformations 2 жыл бұрын
Good question! All of our customers will receive complimentary reminders for when both the confirmation statement and accounts are due, regardless of whether you purchase our services.
@christdaniel6208 Жыл бұрын
HELLO SIR . I would like to know what a dormant company is and what are its advantages and disadvantages ? thank you
@1stformations Жыл бұрын
Hi there - we have produced a useful blog article outlining what a dormant company is and why you might wish to use one - www.1stformations.co.uk/blog/what-is-a-dormant-company/ Do you intend to have a dormant company?
@netttie3170 Жыл бұрын
Hi, I registered a Ltd Company in Aug 2022. I am not planning to trade until maybe early next year, as I am looking to buy and flip houses. Do I have to register my company as dormant in the meantime?
@1stformations Жыл бұрын
Thank you for your kind message. Yes, you will need to register your company as dormant with HMRC, to avoid a request for a full company tax return. You should do this as soon as possible. What time next year do you expect to start trading?
@sasht775 10 ай бұрын
How do i cancel first formations renewal if my account is dormant?
@1stformations 10 ай бұрын
Thanks for your query. Please contact us on 020 3897 2233.
@user-ph3ef2zw6b 10 ай бұрын
You suggested me to contact HMRC to make active dormant account company. Can you do this service for me ? As well as once company became active, do you have service for accounting for filling accounts of now active company ? Many Thanks !
@1stformations 10 ай бұрын
We cannot contact HMRC on your behalf to make your company active, unfortunately. We do not provide accountancy services and therefore we would recommend contacting an accountant directly to obtain accountancy services.
@lauram4848 2 жыл бұрын
Can my limited by guarantee company file dormant accounts?
@1stformations 2 жыл бұрын
Great question! Yes, your limited by guarantee company can file dormant accounts. If you do require assistance, don't forget about out our dormant company accounts service! www.1stformations.co.uk/dormant-company-accounts/
@draganprotic3858 10 ай бұрын
How can I transform dormant company into an active company once it starts trading ?
@1stformations 10 ай бұрын
You should contact HMRC to inform them your company is now active. Have you done this yet?
@TraceyCook-wx7sd Жыл бұрын
Do I register receipts for preproduction meetings and expenses please
@1stformations Жыл бұрын
Hi Tracey - do you mean for the purposes of dormant company accounts?
@TraceyCook-wx7sd Жыл бұрын
@@1stformations yes
@1stformations Жыл бұрын
@@TraceyCook-wx7sd any significant financial transaction such as for pre-production meetings and expenses would render the company non-dormant. You would then need to file normal annual accounts. I take it you have these kinds of costs for your business?
@user-bi7lp5pu4f Жыл бұрын
I want to set up a dormant company to be a holdings vehicle for assets (musical items) intended for commercial use when I am fully recovered from surgery, My reason for wanting to do so is to protect some guitars and piano keyboards should my disability income go wrong. Am I allowed to have a dormant company just to hold assets? If so, what happens if assets are transferred in or out without financial transactions?
@1stformations Жыл бұрын
Thank you for your kind enquiry. In general terms, your dormant company would need to purchase the assets from the present owner, which would represent a financial transaction. This means that at least in the initial instance, the company would not be dormant, but may be able to become dormant once the first set of full accounts were filed with Companies House. Do you already own these musical items in some form?
@user-bi7lp5pu4f 11 ай бұрын
@@1stformations Sorry for the delayed response. Yes, the items were all acquired or bought by myself and are currently in my name on any invoices/receipts, where bought (some stuff has been obtained for free, some has been won in competitions). I would, therefore, be wanting to effectively transfer the ownership of them to the holding company. My rationale is that by having an asset-holding entity the equipment stays safely protected from the increasingly volatile events market and doesn't get sunk by a failed project/event, for example, as much as my own personal income.
@1stformations 11 ай бұрын
@@user-bi7lp5pu4f By definition a dormant company is one that does not have any significant financial transactions other than its statutory filing costs, etc. Therefore, the purchase of the assets will be considered a significant financial transaction and therefore you may be perceived by HMRC/Companies House to be an active company. We would recommend seeking the advice of a qualified professional - e.g. an accountant - before proceeding. Have you spoken to an accountant about this?
@user-bi7lp5pu4f 11 ай бұрын
@@1stformations Not yet, no. Is it a significant transaction if the assets were transferred from me to the holding company for a token payment of, say £1? I'm even willing to transfer ownership without a financial transaction because I would be a director of the holding company permanently. Is a token payment or straight transfer acceptable, legally?
@1stformations 11 ай бұрын
@@user-bi7lp5pu4f In general terms, the size of the transaction does not normally have any bearing on whether a transaction is considered significant, so payment as small as £1.00 may mean a company is not considered dormant for Companies House’s purposes. I’m afraid we can’t advise as regards where there is no “financial transaction” and we would suggest you seek accounting advice for such scenarios. From a solely company secretarial perspective, the consideration amount for the transfer of assets can be whatever is agreed by the buyer and seller.
@user-ht6fb1lu5f 9 ай бұрын
what happens if you are an invester
@1stformations 9 ай бұрын
Hi - can you elaborate?
@hawkdene123 2 жыл бұрын
Great video Nicholas! Can a company be dormant for over 10 years?
@1stformations 2 жыл бұрын
Good question! Yes - you can keep a company dormant for as long as you wish.
@taiebirhimo7883 2 жыл бұрын
Bonjour mon entreprise lui faut un compte bancaire que j arrive pas a avoir ni avec wise ni avec bayonner , je vous ai écris bcp d emails mais vous n avez pas donner suite merci.
@1stformations 2 жыл бұрын
Veuillez envoyer un e-mail à info@1stformations.co.uk et nous veillerons à ce que quelqu'un vous contacte dès que possible.
@Ooooia Жыл бұрын
What does accounts means im new to this and I didn’t even open a bank account and I opened a company not for trading for e-commerce store but i couldn’t afford the wise business account fee 45GBP😢 how do i not get in trouble
@1stformations Жыл бұрын
Hi - every limited company must file accounts within 21 months of opening. If the company is not trading it must file dormant company accounts, which are a abbreviated version. This is not the same as a business bank account. Is your company trading?
@Ooooia Жыл бұрын
@@1stformations they told me I couldn’t file dormant unless i pass a year i need to inform them that my company doesn’t have a bank account and its dead
@Ooooia Жыл бұрын
@@1stformations no its not trading
@1stformations Жыл бұрын
@@Ooooia Thank you. If you have no significant financial transactions, you could close your company. Do you want assistance with closing your company?
@Ooooia Жыл бұрын
@@1stformations no I want to keep it ill get it running once I could afford some costs
Cynthia Academy
Рет қаралды 8 М.