What if a LTD company has accrued pre-requisites or pre-expenditure, losses with no profits and using a personal bank account. A business account has not yet been opened, therefore pre-expenditure would be for HR, Accountancy, office space, building a website, trademark, copyright costs etc... HMRC have the LTD company as being dormant... Companies House is the primary matter for the LTD company would not be considered as dormant; however non-trading.. would this be correct? Thank you for your time if you answer
I contacted an accountant a couple of months ago and she looked after my company and I obviously paid her monthly. I made her aware that my LTD will need filling submitted by the 20th of September 2022, however, she doesn’t reply to my messages now. I received a very concerning letter about being fined and criminal convictions. How long do I still have until these happen? I’m hopping to get hold of the accountant soon… thank you.
If not submitted you will get fines - I’ve never yet seen a criminal conviction pursued, companies house just want their accounts. They will *usually* continue to fine you until they get them. Keep chasing that accountant
The corp tax return and companies house accounts are usually prepared at same time. It’s usual to do a second set of accounts with less detail for companies house. The other ‘full’ set goes electronically with corporation tax return to HMRC.
It’s relatively expensive and you have to apply to the courts to get a company back to life if it’s been dissolved so you may find it far easier and cheaper to start fresh.
This is what I needed to know as I want to start an online Nursing, Energy and Language recruitment companies but: don't know think it will take any money and I was doing it as a sales recruitment role (ie: cold calling and cold sourcing business). Anyway as always thank you. Your videos are invaluable.
What free tool are you referring to ? So your saying I need a accountant? Because I thought as a micro company it would be a bit more straight forward?
It’s here, but sadly there is nothing simple about limited company accounts; you need certain accounting knowledge to prepare them. www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software
Hi What can i do if I have set up a limited company but actually realised that sole trader best fits? Can i make the LTD company dormant and switch to sole trader?
They are independent so you could even have both running at same time in many respects. If you want to close the LTD that just needs some consideration about how to do this.
@@HeelanAssociates Hi, thanks for replying back. So I could file my accounts as a sole trader and do nothing about LTD? Or would i need to file accounts still as £0
Have a watch of this one DORMANT COMPANY? DO THIS OR IT COULD COST YOU! ua-cam.com/video/-zZWtswfaSU/v-deo.html This one also WHAT TO FILE FOR A DORMANT LIMITED COMPANY (UK) ua-cam.com/video/SFJBvG8OPsg/v-deo.html And this WHEN IS YOUR LIMITED COMPANY DORMANT? (UK) ua-cam.com/video/b2QOl7250ns/v-deo.html
I want to start trading shares and options. What’s the best way going forward tax wise. Do you think it’s worth setting up a LTD company and lending your LTD the capital you want to use?
It’s hard to answer in a comment without detail, but it’s worth considering: ✅Whether you’d be better off with a capital gains allowance ✅Recording keeping requirements ✅What you want to do with the profits ✅Practically of owning shares / options in ltd ✅length of time you intend to be in business / own assets Etc
@@HeelanAssociates - I’m planning on going into contracting so I’ll need a LTD for some of my contracts. My plan was to trade options between contracts to generate an income that would cover my bills.
Thank you for the video. I need to ask though, I filled both my confirmation statement and my accounts with companies house electronically, 2 months later I received a letter from HM Revenue saying I need to file a company tax return. I thought filling my accounts I was sorting out my company tax return... so these are two different requirements?
So you normally do 2 sets of accounts. One is a cut down version for companies house and one is a full detailed one for the tax office. The corp tax return goes in with this set of accounts. It has to be ‘electronically tagged’ together and prepared under accounting standards which why most ltd accounts are done by accountants.
Hi please someone respond, just struck my company off and it is in the process, my accounts and confirmation statement are due next month do I need to do them?
Hi, thanks for your video, I was wondering, if I have registered a limited company in the UK, but I never traded in the UK, my company only trades outside of the UK, how do I file for a company like this? Thanks very much in advance!
@@HeelanAssociates yeah, but the company is not under my name and it's not trading in the UK, it's only trading in China, I searched a lot but still haven't got a clue.
Hi, Hope you are well. I registered a limited company around a year ago. I didn’t do any filing, didn’t trade, no bank account, did absolutely nothing and around 2-3 month ago I dissolved it. A few weeks later I received a letter in the post detailing an outstanding balance due by me as another company has objected to the striking off of my company. Would highly appreciate your help with this issue. Thanks 🙏
Thanks for contacting me, I was shocked that the company's HSE, would take your bank balance from you. But I suppose with big businesses, you might need a deterrent. Me I'm a mini mini minnow, but still have to follow procedures. Your videos are so helpful, thank you for your guidance. 🌟
What if a LTD company has accrued pre-requisites or pre-expenditure, losses with no profits and using a personal bank account. A business account has not yet been opened, therefore pre-expenditure would be for HR, Accountancy, office space, building a website, trademark, copyright costs etc...
HMRC have the LTD company as being dormant... Companies House is the primary matter for the LTD company would not be considered as dormant; however non-trading.. would this be correct?
Thank you for your time if you answer
This one may help, similar concepts ua-cam.com/video/LXwDuAzadsU/v-deo.html
@@HeelanAssociates Thank you!
I contacted an accountant a couple of months ago and she looked after my company and I obviously paid her monthly. I made her aware that my LTD will need filling submitted by the 20th of September 2022, however, she doesn’t reply to my messages now. I received a very concerning letter about being fined and criminal convictions. How long do I still have until these happen? I’m hopping to get hold of the accountant soon… thank you.
If not submitted you will get fines - I’ve never yet seen a criminal conviction pursued, companies house just want their accounts.
They will *usually* continue to fine you until they get them.
Keep chasing that accountant
What is the difference between this corporation tax refund and this company houses accounts ? They have to be done separate same time ?
The corp tax return and companies house accounts are usually prepared at same time. It’s usual to do a second set of accounts with less detail for companies house. The other ‘full’ set goes electronically with corporation tax return to HMRC.
If your company gets dissolved for whatever reason and you weren’t trading is it better to just start a new company under a new name?
It’s relatively expensive and you have to apply to the courts to get a company back to life if it’s been dissolved so you may find it far easier and cheaper to start fresh.
Ok, but what if I have not traded at all, just have a company open but haven't done anything?
Have a look at our dormant companies videos, covers this scenario.
Hi Dan, what happens to a company when the director resigns as both director and PSC.
Presuming you update companies house it’s usually reflected there as a matter of record.
This is what I needed to know as I want to start an online Nursing, Energy and Language recruitment companies but: don't know think it will take any money and I was doing it as a sales recruitment role (ie: cold calling and cold sourcing business).
Anyway as always thank you. Your videos are invaluable.
Good luck with the business! Glad the info helped!
What free tool are you referring to ? So your saying I need a accountant? Because I thought as a micro company it would be a bit more straight forward?
It’s here, but sadly there is nothing simple about limited company accounts; you need certain accounting knowledge to prepare them.
www.gov.uk/guidance/corporation-tax-use-hmrcs-free-filing-software
Hi
What can i do if I have set up a limited company but actually realised that sole trader best fits? Can i make the LTD company dormant and switch to sole trader?
They are independent so you could even have both running at same time in many respects. If you want to close the LTD that just needs some consideration about how to do this.
@@HeelanAssociates Hi, thanks for replying back. So I could file my accounts as a sole trader and do nothing about LTD? Or would i need to file accounts still as £0
Hi, how about if the company has never traded? Not even a bank account open.
Have a watch of this one DORMANT COMPANY? DO THIS OR IT COULD COST YOU!
ua-cam.com/video/-zZWtswfaSU/v-deo.html
This one also WHAT TO FILE FOR A DORMANT LIMITED COMPANY (UK)
ua-cam.com/video/SFJBvG8OPsg/v-deo.html
And this WHEN IS YOUR LIMITED COMPANY DORMANT? (UK)
ua-cam.com/video/b2QOl7250ns/v-deo.html
@@HeelanAssociates I asked a question above and received a totally different link....Luckily I do my own research...
I want to start trading shares and options. What’s the best way going forward tax wise. Do you think it’s worth setting up a LTD company and lending your LTD the capital you want to use?
It’s hard to answer in a comment without detail, but it’s worth considering:
✅Whether you’d be better off with a capital gains allowance
✅Recording keeping requirements
✅What you want to do with the profits
✅Practically of owning shares / options in ltd
✅length of time you intend to be in business / own assets
Etc
@@HeelanAssociates - I’m planning on going into contracting so I’ll need a LTD for some of my contracts. My plan was to trade options between contracts to generate an income that would cover my bills.
What if you haven’t traded and haven’t made any bank account?
Likely this: ua-cam.com/video/SFJBvG8OPsg/v-deo.html
Thank you for the video. I need to ask though, I filled both my confirmation statement and my accounts with companies house electronically, 2 months later I received a letter from HM Revenue saying I need to file a company tax return. I thought filling my accounts I was sorting out my company tax return... so these are two different requirements?
So you normally do 2 sets of accounts. One is a cut down version for companies house and one is a full detailed one for the tax office.
The corp tax return goes in with this set of accounts. It has to be ‘electronically tagged’ together and prepared under accounting standards which why most ltd accounts are done by accountants.
Hi please someone respond, just struck my company off and it is in the process, my accounts and confirmation statement are due next month do I need to do them?
Generally no, the need will disappear with the company.
@@HeelanAssociates thank you
Hi, what if you havnt traded at all ?
WHAT TO FILE FOR A DORMANT LIMITED COMPANY (UK)
ua-cam.com/video/SFJBvG8OPsg/v-deo.html
Hi, thanks for your video, I was wondering, if I have registered a limited company in the UK, but I never traded in the UK, my company only trades outside of the UK, how do I file for a company like this? Thanks very much in advance!
Are you in the UK yourself?
@@HeelanAssociates yeah, but the company is not under my name and it's not trading in the UK, it's only trading in China, I searched a lot but still haven't got a clue.
Hi, Hope you are well.
I registered a limited company around a year ago. I didn’t do any filing, didn’t trade, no bank account, did absolutely nothing and around 2-3 month ago I dissolved it. A few weeks later I received a letter in the post detailing an outstanding balance due by me as another company has objected to the striking off of my company.
Would highly appreciate your help with this issue.
Thanks 🙏
Best thing to do first is call companies house. They should be able to tell you why the objection
@@HeelanAssociates Appreciate your reply. Will do that.
Is this right?
Ofc. Unsure which bit you mean so just going in confident 😃
Thanks for contacting me, I was shocked that the company's HSE, would take your bank balance from you. But I suppose with big businesses, you might need a deterrent. Me I'm a mini mini minnow, but still have to follow procedures. Your videos are so helpful, thank you for your guidance. 🌟
Great video 👍👍👍🕺🏽🥳🎉
Glad you enjoyed!