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What Are Dormant Accounts?
Dormant accounts are statutory accounts that must be filed with Companies House when a company has not conducted any trading activities during a financial year. These are simplified accounts containing a balance sheet, a set of notes, and a declaration of dormancy. Filing dormant accounts confirms that no ‘significant transactions’ occurred during the financial year ended, and that the company was inactive for that period.
A dormant company is typically formed to hold intellectual property, reserve a company name, or prepare for future business. It’s important to note that Company Directors are still responsible for ensuring timely filings, even if the business hasn’t traded.
Filing Dormant Accounts Online
At Xact+ Accountants, we specialize in online filing of dormant accounts to Companies House for businesses across the UK. Our process is simple, fast, and fully compliant with HMRC’s definition of dormancy.
We offer:
- Submission of your dormant accounts for the financial year ended
- Cross-checking your SIC code for compliance
- Filing with Companies House via approved digital channels
- Payment confirmation and digital record-keeping
- Advice from a qualified accountant to avoid late penalties
All you need to provide are your Company Registration Number (CRN) and your Card Payment Details for the filing fee. We handle the rest.
HMRC’s Definition of Dormant Companies
According to HMRC, a company is dormant for corporation tax purposes if it has had no ‘significant transactions’ in its financial year.
significant transactions according to the Companies House
Significant transactions include anything except:
- Filing fees paid to Companies House
- Penalties for late filing of accounts
- Money paid for shares during the incorporation
If your company engaged in anything else, like paying staff or issuing invoices, it’s no longer dormant.
When Do I Need to File Dormant Accounts?
You must file dormant accounts within 9 months of the end of your company’s financial year. Missing the deadline can result in penalties, fees starting from £49.99 to £64.99, depending on how late the accounts are submitted.
Dormant companies must also file an Annual Confirmation Statement with Companies House, even if they haven’t traded. This is essential to maintain compliance with the Limited Liability structure.
What’s Included in Our Service
Get Your Dormant Company Accounts Filed By Xact+ Accountants
Frequently Asked Questions:
Yes, a dormant company can maintain a bank account. However, any transactions, such as interest earned or bank charges incurred, may be considered significant transactions, potentially affecting the company’s dormant status.
A dormant company is one that has had no ‘significant’ accounting transactions during a financial year. Significant transactions exclude:
- Filing fees paid to Companies House
- Penalties for late filing of accounts
- Money paid for shares upon incorporation
This status indicates that the company is not actively trading or generating income.
You must notify HMRC as soon as possible that your company is dormant for Corporation Tax purposes. This can be done online or by post. Once acknowledged, HMRC will not expect Corporation Tax returns until the company becomes active again.
Failure to file required documents can result in penalties and the company being struck off the Companies House register. It’s essential to adhere to filing deadlines to maintain the company’s good standing.
Yes, dormant companies must file a confirmation statement annually to verify that the company’s information held by Companies House is accurate and up to date.
Yes, even if a company is dormant, it must file annual accounts with Companies House. However, these accounts are simplified and do not require an auditor’s report if the company qualifies as ‘small.’
What Our Clients Say
“Xact+ Accountants have been an important asset in streamlining our tax management, filings, and bookkeeping processes. Their expertise in UK tax regulations, combined with their exceptional bookkeeping services, ensures that our company remains…”
“I’ve had the pleasure of working with Xact+ Accountants, and it’s been an exceptional experience. Their team delivers a service that’s not only professional but also incredibly friendly. They’ve proven to be invaluable advisors in everything related to tax, finance, and dealings with HMRC…”
“We’ve been with Xact Accountancy for almost two years, and we’re thoroughly impressed. From handling state confirmations to accounts, they excel in every detail. Their problem-solving skills are exceptional, always finding the best solutions. They’ve made my business…”
