Limited Company FAQ's

Yes - but this should be one of the last things you do as part of the cessation process.

All tax refunds are generally processed within the three-month timeframe allowed for cessation, after the initial three-month monitoring period has ended.

As part of the cessation process, we will calculate any final Corporation Tax payment and the final dividend and/or capital distribution you can take from the remaining funds.

Dormant companies mean different things to Companies House and HMRC. For Companies House, ‘Dormancy’ is the status of a Limited Company that has not had any significant accounting transactions during its financial year. For HMRC, a dormant company is one that is not active, not liable for Corporation Tax or not within the charge to Corporation Tax.

From a Companies House perspective, if your company is truly dormant, then it only incurs Companies House fees annually. In these circumstances, then you can submit dormant accounts which comprise a simpler Statement of Financial Position (formerly a Balance Sheet) and notes.

The dormant status of your company is a matter of fact - in that, if your company is truly dormant, then it only incurs Companies House fees annually. In these circumstances, then you can submit dormant accounts which comprise a simpler Statement of Financial Position (formerly a Balance Sheet) and notes.

No - Brookson offers a non-trade solution but not a dormancy service.

If you are no longer trading but wish to retain your company, as a minimum, you are required to prepare a series of documents

An annual confirmation statement must also be prepared and submitted to Companies house annually. This is to provide an overview of relevant company details, such as name of the Director(s), registered office address, secretary details and details of any shareholders.

The VAT reverse charge shifts the liability for accounting VAT away from the supplier to the customer. The reverse charge is already in place for certain services and goods, such as mobile phones and computer chips. From 1st March 2021, this will apply to VAT registered businesses providing certain construction services.