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Dormant company with transaction

Dormant company with transaction history

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**Sorry for everyone! It was not my intention to delete the contents. I wanted to edit and add some Infos but with phone, you cannot actually copy and paste it. But, now I can finally do it with my notebook! My original question iss below and I added some infos from my accountant. I want others to get help from my case!

I set up the Limited company on March 2018(softeware industry/ profit 300GBP/only 1 director(myself)). I have an accountant hired. However, the accountant didn't do annual accounts filing and tax return for 2018. So now we are doing it.

1. However, the accountant reported my company as a dormant company even though payroll has been registered in HMRC and there are transaction history over £ 200k. But, the accountant is going to report our transaction to HMRC. If he does, would'nt it be problem? It is because our company is now a dormant company but if he will report our records to HMRC, we turns out to have significant transaction history.

2. Furthermore, the accountant asked me to submit the transaction history between August 2018 and March 2019. But, we have transaction since May 2018 including salary. Would it be okay??

3. Regarding No1,2, is there any possible penalties??

Thank you in advance for your advice!

 

ADDING

++ I checked with my accountant and he said he might amend the annual account while he would do tax return!. The reason why he did was because of the too late filing period in order to avoid significant penalties.

++ And, even though 300K is quite high amounts, it could be considered as purchase according to the accountant office.

++ I already paid for late filing so, he said there might not penalties

 

Thank you all for your advice

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By Anonymous.
26th Jul 2020 19:49

I think the best advice would be to appoint a new accountant as a matter of urgency.

A "transaction history over £ 200k" with a profit of only "300GBP" doesn't look right. You need someone experienced to look at your accounting records and discuss what's happened before they then prepare accounts and prepare returns.

If there have been historical issues with HMRC, they need to be resolved accurately and promptly now. I would caution against trying to do this yourself.

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By Sooji.jeong.kor
27th Jul 2020 00:12

I will do, thank you very much

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By frankfx
26th Jul 2020 19:52

Your own accountant may be the best place for ''advice'' , you are paying him?
Why not copy him your posting at AWEB.
Could be that some crucial aspects are lost in translation.

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Replying to frankfx:
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By Sooji.jeong.kor
27th Jul 2020 00:13

I might need to have q call to my accountant.. thank you!

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RLI
By lionofludesch
26th Jul 2020 22:01

What sort of transactions?

Sales? Share issue? Or what?

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Replying to lionofludesch:
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By Sooji.jeong.kor
27th Jul 2020 00:08

Mostly, It was buying software to use and resell to the customer. But I was not able to sell them. And the rest is to lend the money.

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By Calculatorboy
27th Jul 2020 00:02

Ps why should you submit 2018 accounts when your company was set up in March 2018 , first accounts would default to march 2019..you are a serious timewaster

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By Anonymous.
27th Jul 2020 11:37

Dormant company with transaction
Dormant company with transaction history

I set up the Limited company on March 2018(softeware industry/ profit 300GBP/only 1 director(myself)). I have an accountant hired. However, the accountant didn't do annual accounts filing and tax return for 2018. So now we are doing it.

1. However, the accountant reported my company as a dormant company even though payroll has been registered in HMRC and there are transaction history over £ 200k. But, the accountant is going to report our transaction to HMRC. If he does, would'nt it be problem? It is because our company is now a dormant company but if he will report our records to HMRC, we turns out to have significant transaction history.

2. Furthermore, the accountant asked me to submit the transaction history between August 2018 and March 2019. But, we have transaction since May 2018 including salary. Would it be okay??

3. Regarding No1,2, is there any possible penalties??

Thank you in advance for your advice!

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