Here’s How you Tackle Dormancy Without Losing Money
Our dormant company accountants come up with a step by step process to help you tackle dormant accounts.
- If you’re looking forward to protecting a brand name, the best way would be to make sure that you secure the dormant company name so that it’s not taken up by anyone else.
- Acquire a business name so that it’s not easy for anyone else to acquire that business name. Never start a project until you’re prepared for the future.
- There’s no time limit to avoid dormancy. Each year the director of dormant companies performs certain administrative.
Things to Do When you Have a Dormant Company
- File Annual Return of the Company each year
- File dormant accounts every year to Companies house and inform HM Revenue & Customs.
- Companies that have never traded, they can file their annual accounts via Form AA02 (PDF). Companies who traded in the past, but have become dormant may be able to use Form AA02 (DCA), but only if no transactions have been recorded in the current financial year and no residual balances exist.
- Company Must not generate any transaction during the year, Otherwise, you will be liable to file a full set of Accounts. Dormant companies may only have a few specific allowable transactions, but no accounting transactions.
The only transaction allowed by a dormant business are:
- Payment for shares taken by subscribers to the memorandum of association.
- Fees paid to the Registrar of Companies for a change of company name, the re-registration of a company and filing annual returns
- Payment of a civil penalty for late filing of accounts.
To accomplish these objectives, we use the most advanced noteworthy methodologies and progressions accessible and we have been constantly redesigning our bookkeeping aptitude and nearly screen charge enactment and bookkeeping measures which could affect our customer’s assessments and satisfaction.