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Cash held in dormant Ltd Co.
Comments
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TheCyclingProgrammer wrote: »
Is there a definition of 'not trading' in this context?
HMRC don't allow me to not make a return on that basis, even though there are no purchases, no sales & no stock. There is bank interest earned & heating/light and admin - which amounts to the co's house annual charge.0 -
Is there a definition of 'not trading' in this context?
HMRC don't allow me to not make a return on that basis, even though there are no purchases, no sales & no stock. There is bank interest earned & heating/light and admin - which amounts to the co's house annual charge.
For ER to apply the company has to be a "trading company". This can be determined by the company's activities. I'm not 100% certain if simply stopping to trade would affect this status or not, so you'd be best off either asking HMRC or asking your accountant:
http://www.accountingweb.co.uk/tax/personal-tax/entrepreneurs-relief-what-you-need-to-know-00
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