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Is your company no longer trading? Looking to make your company dormant? Use the best company dormancy services in UK to help you meet your legal obligations.
Is your business facing a period of inactivity or temporary closure? Are you looking to put your business on hold, legally and responsibly? Make your company dormant! Company dormancy is a legal status for UK registered businesses that are temporarily inactive or not engaged in significant financial transactions. This state of dormancy allows you to safeguard your company's interests while reducing administrative burdens and financial obligations.
In the UK, every limited company must file a set of accounts each year. If your company is dormant, meaning it's not actively trading, you don't have to file full accounts. But you still need to submit dormant company accounts. Directors are responsible for submitting these dormant accounts. If they don't file them online, they can get hit with big penalties, which could go up to thousands of pounds. And, persistent non-compliance lead to even company dissolution!
Companies House considers a company "dormant" that has had no "significant accounting transactions" during the accounting period. Essentially, it's a legal status for a company that's not actively trading or engaged in any business activities.
Significant transactions don’t include:
As long as there haven't been any of these transactions, the company can be classified as dormant. Significant accounting transaction includes settling an invoice, paying bank charges, bank interest, paying employees, or giving dividends to shareholders, which can cause the company to lose its dormant status.
If you find it challenging or need guidance, consider consulting a limited company accountant specialising in dormancy services for assistance.
Dormant company accounts are a simplified form of accounts to be submitted to the Companies House. They basically just show a balance sheet that lists the company's share capital. These accounts are a big help because they lessen the amount of paperwork needed. With dormant company accounts, there's no need to include detailed profit and loss accounts or a director's report, which makes things much simpler for the company.
We assist dormant companies in fulfilling their statutory obligations regarding the filing of dormant accounts. It relieves dormant companies of the administrative burden associated with preparing and submitting dormant accounts, ensuring compliance with regulatory requirements.
Here's what include under Dormant Company Accounts Service:
If you have decided to make your company dormant, you are at the right place. Take advantage of our non trading accountancy package for only £60 + VAT per month. Our experienced team will continue your statutory filing for the non-trading period and in line with regulatory requirements.
Trust GoForma to efficiently handle your company dormancy needs. Don't let inactivity burden your business. Order the service today for a hassle-free process to make your limited company dormant, ensuring compliance and peace of mind.
Yes, if your company is temporarily inactive or not generating significant revenue, dormancy is the best choice to minimise tax obligations.
Your company can remain dormant, unless and until it meets the criteria for dormancy set by the UK government.
Whenever you are ready to resume, you are required to notify HMRC within the 3 months of trading or receiving the income. As a part of the company dormancy service, we will notify HMRC on your behalf.
When a company goes dormant, it ceases any accounting or financial activities until it resumes trading. It does not require a business bank account, as the business neither generates income nor spends money.
Dormant company accounts must be filed annually with Companies House, following the end of the company's financial year. The specific deadline for filing varies depending on the company's accounting reference date, typically falling nine months after the end of the financial year.
If you used our company formation service to set up your company, we'll only need your company name and number. Additionally, we'll need to know whether your shares are paid or unpaid, means we'll need to know if shareholders have paid the company for the shares they were given.
However, if you didn't use our service to form your company, we'll need more information. In that case, we'll still need your company name and number. But we'll also require your web filing authentication code, details about your shares (whether they're paid or unpaid), and the name of at least one director. This additional information helps ensure that we can accurately process your dormant company accounts.
Here's everything that's included in your package:
Support with managing a UK Limited Company.
Book a convenient time to talk to your accountant.
Talk to your accountant and manage your account with us through WhatsApp.
Get a 1-on-1 named accountant that you can book time with easily rather than a generic support team.
Get reminders for key deadlines for confirmation statement, end of year accounts, corporation tax, VAT and self assessments.
Get started online quickly through our self service dashboard and book time with your accountant easily.
Get clear insights on your income, expenses, tax efficient salary and dividends.
Help with reviewing and filing your end of year accounts and filing with Companies House.
Monthly payroll and PAYE filing with HMRC.
Support with completing and filing your corporation tax return with HMRC.
Onboarding instantly with GoForma to complete personalised actions and get a walk through with your accountant whenever you're ready.
When you're ready to switch, just add your previous accountant's details and we'll take care of collecting all the data, documents and authorisations we need. We'll keep you updated as we switch your account across.
Get 10% off your business insurance with our partnership with Kingsbridge.
Get one free IR35 review worth £50.
FreeAgent accounting software license included (worth £300 a year).
Use the iOS and Android FreeAgent apps to add expenses, send invoices, check your account, time track projects or reconcile transactions.
Easily add and track expenses per project.
Automatically import and reconcile your bank transactions from any major bank using open banking.
AI detection to automatically reconcile and explain transactions based on previous explanations.
Get personalised insights based on your business type.
Quickly see a current snapshot of your trial balance, profit and loss, balance sheet and more.
No monthly restrictions on the number of invoices you create and send.
Create custom branded invoices for your clients.
Create payment reminders with your invoices with FreeAgent.
Add an instant payment link to your invoices.
Support for companies with an expected annual turnover of close to £90,000 or more (for VAT filing).
Support for consultants, project managers, interim contractors and businesses that sell services (e.g. their time).
Here are some of the additional services you can buy after you sign up:
Get your mail physically forwarded weekly to a UK address (requires a package with a registered office address).
Get a London business address where we'll automatically open, scan and send a digital copy of your mail to you when it arrives.
Get a professional reference for mortgage applications and more.
We'll review and file a confirmation statement for you (requires Companies House authorisation).
Get a Koinly license to import up to 25,000 transactions automatically from 400+ exchanges and wallets to get clear insights on your crypto capital gains tax for your self assessment tax return.
Get an additional self-assessment tax return.
Sync up to 25,000 crypto transactions from 400+ exchanges and wallets to get a complete capital gains tax view for your self assessment tax return.
Once you create your account online these are the steps that you'll need to compete in your dashboard.
Depending on your subscription, you'll have a few onboarding steps when you sign up that you'll need to complete to activate your account.
We'll need some details about your current address and contact information.
Let us know if you'd like us to email, WhatsApp or SMS you with updates.
Complete a digital verification process using your ID (passport or UK driving license) along with a liveness check
Upload a valid proof of address in the UK dated in the last 3 months to verify your identity. This can be a recent council tax bill or utility bill.
Book a welcome call with your new accountant so that they can help get you set up, answer specific questions and walk through what to expect with GoForma.
Add some basic personal tax details for payroll and self assessment filing.
If you already have a Limited Company, then you just need to search for the name and we'll extract all the details we need from Companies House and send you filing reminders.
If you have an accountant already, we need to send a professional clearance request so that we can collate all the key documents and data we need to operate as your accountants.
We need a confirmation code from Companies House so that we can file your confirmation statement, end of year accounts and make any changes to your account like additional directors or registered office.
Depending on your package we'll need to ask HMRC for authorisation to manage your personal self assessment tax filing, VAT, corporation tax and PAYE.
Once you've completed our accountant switch form, we'll send a link to your accountant to upload all the documents we need and continue to follow up with them.
Add some basic details about your industry that we'll need to get your FreeAgent accounting software up and running. If you already have FreeAgent then you can add your details here.
Schedule some time with your accountant to walk through how to use FreeAgent.
Is your company no longer trading? Looking to make your company dormant? Use the best company dormancy services in UK to help you meet your legal obligations.
*Prices quoted exclude VAT