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Where Taxpayers and Advisers Meet

Do HMRC Consider company active with Low Turnover of £500

delivery2019
Posts: 1
Joined: Fri Oct 04, 2019 6:15 pm

Do HMRC Consider company active with Low Turnover of £500

Postby delivery2019 » Fri Oct 04, 2019 6:35 pm

I set up a limited Company and in the first year that it traded it only turned over £500 and with Expenses will not owe any tax,

My question is how low a turnover would HMRC Consider as not active and would i still need to file a company tax return.

I plan to dissolve the company as i no longer use it.

Thank you in advance.

jerome.lane
Posts: 61
Joined: Mon Aug 12, 2019 8:41 am
Location: Camberley, Surrey
Contact:

Re: Do HMRC Consider company active with Low Turnover of £500

Postby jerome.lane » Mon Oct 07, 2019 10:01 am

You should be able to pay the £10 and apply for a strike off from Companies House. You won't need to file accounts at Companies House although HMRC would expect a set of accounts and a tax return. You can usually do this on an informal basis by just writing to them.
Jerome Lane
Tax Advisor
jerome.lane@stewartco.co.uk
Stewart&Co.
Chartered Accountants
Telephone: 01276 61203


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