Company Inactivity

[siddzy]

Hi Team


My trading company has ceased trading, and the only transactions expected are income from interest. This is from funds in business account kept in Liquidity Savings account that generates income.

Please can you advice
1. If my company should be treated as non-trading
2. Should I de-register from VAT scheme ?
3. How do I mark my company as Inactive on freeagent.


Many thanks
Poonam

[bd6759]

1. Yes. It’s now a closed investment company.

2. Yes.

3. It’s not inactive if it holds investments.

[johnsamir]

Hi Poonam,

Since your trading company has ceased trading and your only expected transactions involve income from interest, it's advisable to treat your company as non-trading. Considering deregistering from the VAT scheme may be prudent if you don't anticipate exceeding the VAT threshold. To mark your company as inactive on FreeAgent, adjust your company status or settings within the platform accordingly.

Best regards,
John