We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cash held in dormant Ltd Co.
Comments
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards