Restoring a dissolved company - costs?
Discussion
I have a company that was dissolved in Jan 08 by the Companies House registrar - basically because of late filing (or more accurately no filing for over a year). The company was trading during this time. I think I understand the process of restoring the company to the register, but I'm interested in assessing what the costs might be. I've seen £800 mentioned for actually restoring PLUS £1000 late filing penealty (greater than 12 months). Assuming the restore is acceptable are there any other likely penalties?
All my fault too.
TIA.
All my fault too.
TIA.
Have you completed Full Statutory Accounts?
Have you completed the relevant Corporation Tax Returns?
Have you submitted said Corporation Tax returns plus the related tax computations plus the relevant accounts to HM Revenue and Customs by the due dates?
Did you have any Corporation Tax liabilities arising on those returns?
If so, have those liabilities been paid to the Revenue by the ststutory payment dates?
What about PAYE - was that being deducted and being paid over in a timely fashion?
Have the employer end of year returns been submitted for the relevant tax years?
Have you been submitting the Annual Return forms to Companies House?
Have you completed the relevant Corporation Tax Returns?
Have you submitted said Corporation Tax returns plus the related tax computations plus the relevant accounts to HM Revenue and Customs by the due dates?
Did you have any Corporation Tax liabilities arising on those returns?
If so, have those liabilities been paid to the Revenue by the ststutory payment dates?
What about PAYE - was that being deducted and being paid over in a timely fashion?
Have the employer end of year returns been submitted for the relevant tax years?
Have you been submitting the Annual Return forms to Companies House?
Edited by Eric Mc on Thursday 1st May 17:19
Eric, this is the state of affairs as it stands....
Private Limited Company, Accounting Reference Date: 31/03
Have you completed Full Statutory Accounts?
Last Accounts Made Up To: 31/03/2005 (TOTAL EXEMPTION SMALL)
Therefore I believe I have 2 years of accounts to submit. I have the draft accounts for year ending March 2006 and year ending March 2007 but they have not been submitted. Both sets have questions from my accountant specifically related to cheques paid where we don't have a record of the recipient. I spoke to the bank and they are digging out the originals (or copies) which will take 10 working days from today.
Have you completed the relevant Corporation Tax Returns? Have you submitted said Corporation Tax returns plus the related tax computations plus the relevant accounts to HM Revenue and Customs by the due dates? Did you have any Corporation Tax liabilities arising on those returns? If so, have those liabilities been paid to the Revenue by the ststutory payment dates?
Last Return Made Up To: 11/03/2006
Therefore I believe I owe 2 returns. There will be CT liabilities for both returns.
What about PAYE - was that being deducted and being paid over in a timely fashion?
PAYE is not up to date. In previous years trading (ie y/e March 06 and prior) it was calculated and paid at year end.
Have you been submitting the Annual Return forms to Companies House?
No.
There are significant funds in the company bank account so restoring seems the way forward. I guess the first post perhaps came across as 'OK, how much will it cost, silly me'. That is far from the case. I have quickly realised the seriousness of the situation. The one saving grace I can see is that I haven't been playing any games with the company money. And yes I have an appointment with an accountant tomorrow. I'll not bother you with 'mitigating circumstances'. I doubt HMRC will care and I know it all comes down to me at the end of the day.
Incidentally, VAT owed is all paid and up to date. I've kept up to date with that, oddly.
Private Limited Company, Accounting Reference Date: 31/03
Have you completed Full Statutory Accounts?
Last Accounts Made Up To: 31/03/2005 (TOTAL EXEMPTION SMALL)
Therefore I believe I have 2 years of accounts to submit. I have the draft accounts for year ending March 2006 and year ending March 2007 but they have not been submitted. Both sets have questions from my accountant specifically related to cheques paid where we don't have a record of the recipient. I spoke to the bank and they are digging out the originals (or copies) which will take 10 working days from today.
Have you completed the relevant Corporation Tax Returns? Have you submitted said Corporation Tax returns plus the related tax computations plus the relevant accounts to HM Revenue and Customs by the due dates? Did you have any Corporation Tax liabilities arising on those returns? If so, have those liabilities been paid to the Revenue by the ststutory payment dates?
Last Return Made Up To: 11/03/2006
Therefore I believe I owe 2 returns. There will be CT liabilities for both returns.
What about PAYE - was that being deducted and being paid over in a timely fashion?
PAYE is not up to date. In previous years trading (ie y/e March 06 and prior) it was calculated and paid at year end.
Have you been submitting the Annual Return forms to Companies House?
No.
There are significant funds in the company bank account so restoring seems the way forward. I guess the first post perhaps came across as 'OK, how much will it cost, silly me'. That is far from the case. I have quickly realised the seriousness of the situation. The one saving grace I can see is that I haven't been playing any games with the company money. And yes I have an appointment with an accountant tomorrow. I'll not bother you with 'mitigating circumstances'. I doubt HMRC will care and I know it all comes down to me at the end of the day.
Incidentally, VAT owed is all paid and up to date. I've kept up to date with that, oddly.
Don't forget that if you don't restore the Company then you will, in trading using the Company name after its dissolution have been opening yourself to personal liability for any debts incurred by the non-existant company. This issue dissappears if you reinstate as the dissolution is for those purposes ignored.
It certainly looks like it's a real "bite the bullet" situation.
Surely the Revenue will have been hassling you for the non-submission of the Corporation Tax returns and possibly the PAYE as well.
What about the Employer's P35s. They pick up a fine of £100 for every month they are late after the 19 May of each year they were due. If you had two years outstanding of those the fines for the P35 could easily be £2,400 alone - not to mention interest on unpaid PAYE.
Should P11d (benefit in kind/expenses ) forms have been submitted. The fines for those can be £3,000 for EVERY P11d not returned for each employee or director. In this case, the sky could be the limit on fines - although, in reality I've never seen the full £3,000 charged for late or incorrect P11ds.
Surely the Revenue will have been hassling you for the non-submission of the Corporation Tax returns and possibly the PAYE as well.
What about the Employer's P35s. They pick up a fine of £100 for every month they are late after the 19 May of each year they were due. If you had two years outstanding of those the fines for the P35 could easily be £2,400 alone - not to mention interest on unpaid PAYE.
Should P11d (benefit in kind/expenses ) forms have been submitted. The fines for those can be £3,000 for EVERY P11d not returned for each employee or director. In this case, the sky could be the limit on fines - although, in reality I've never seen the full £3,000 charged for late or incorrect P11ds.
Edited by Eric Mc on Friday 2nd May 08:30
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