LTD company late penalties

LTD company late penalties

Didn't find your answer?

About 2 years ago I formed a LTD company, but it never actively traded – no revenues at all. I was separately registered as self-employed and on my last tax return I filled to claim back start up costs – thought I better tell you this in case it affects the view that the company did or didn’t trade; decided it would be a more simple tax return process to do it through the self-employed registration.

 As the company didn’t trade it wasn’t something that was at the forefront of my mind, I was unfamiliar with the filling process but knew it must be due or soon to be due, and I intended to close the company when I got round to it, but it seems that I may have left it way too late. I had to look up some info on companies house and when doing so I looked at my company and found it was overdue since July!

I

 am extremely concerned as a brief web search suggests that I would be liable for about £7000 of penalties!

Could you please advise on a best course of action to close the company, and to avoid or minimise the penalties? I don’t know if it is a mitigating factor, but I haven’t received any communication to tell me I was due to file, am overdue, or accruing penalties – I think it is registered at a former address, and my former landlord/housemates haven’t contacted me to inform me there was any post for me.

Any help you could offer on this matter would be sincerely appreciated!

Replies (4)

Please login or register to join the discussion.

By Mouse007
03rd Dec 2013 13:08

Do nothing

Seriously

 

Do nothing and the Registrar will strike the company off. With it all penalties will go.

 

However if you try and sort it out the Registrar may choose to prosecute you - happened to a "client" who panicked, sent the Registrar an email who promptly replied that in view of what he said they would instruct solicitors to commence proceedings.

Thanks (2)
avatar
By taxhound
03rd Dec 2013 13:08

agree with Mouse

If you let the registrar strike the company off the penalties will disappear.

Thanks (0)
By JCresswellTax
03rd Dec 2013 16:12

Unless

HMRC object as they are expecting a company tax return, thinking there may be corporation tax owed...

Thanks (0)
avatar
By pawncob
04th Dec 2013 16:52

HMRC are still asleep

Presumably you notified HMRC that the company was dormant. It's unlikely that they'll ever try to resurrect it and ask for accounts.

Thanks (0)