Tax return for small business?

Elvisia

I started up a business a month ago, which was to provide a service for which we'd be paid for next summer. Unfortunately my partner turned out to be completely unreliable and not trained to do his part of the deal, and the whole deal has gone down the plughole. So I want to close the company and cut all ties with him. I see from Companies House I have to wait three months from the date the company was started which is fine, but can I just close it, or will I be asked to do a tax return or anything after it's been closed? No money has gone into the company. When I created it I gave us both shares in it. I am just reading about how people are being fined for not doing tax returns even when no money is due, and I don't want to find this venture costs me even more than it already has. Otherwise, could I just remove him from the company and keep it ticking over, will it cost me anything (aside from the £8 Companies House want for the director removal)?

Thank you!

robrooo

When you formed your company you will have been given an accounting reference date, maybe called a filing date, and in my experience this is usually 1 year from the date you formed the company. You then have 6 months I think before your first accounts are due to be submitted.

But since you have not traded you should have no problem closing the company without having to wait for the accounting date, and even if the company was not closed by then you would just have to post dormant company accounts which are very easy to do.

However, I am not an accountant and with these things it's always worth the piece of mind I think to get some advice so you can sleep easy so I would advise making an appointment with a local accountant, explain the situation, and get a quote for the work. It should not be that much, I pay about 300 for company accounts and personal tax return so should be a lot less than this.