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unused Ltd company
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aim657
Posts: 1 Newbie
Hi I was a sole trader and decided to set up a Ltd company last year with view to possible expansion. The company was never used and I continued as a sole trader. I have closed the company down but have to file corporation tax. Do I file the same income as I did as a sole trader or is it a seperate entity? Thanks
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Probably better to ask in the Work, Benefits & Business forum1
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I'll move itI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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All views are my own and not the official line of MoneySavingExpert.0 -
The Ltd Co. is a separate entity to the Sole Trader.aim657 said:Hi I was a sole trader and decided to set up a Ltd company last year with view to possible expansion. The company was never used and I continued as a sole trader. I have closed the company down but have to file corporation tax. Do I file the same income as I did as a sole trader or is it a seperate entity? Thanks
Don't submit the same income and expenses twice.
FWIW, it's probably simpler to pay an Accountant a couple of hours to just resolve this.3 -
Just contact HMRC and tell them the company never traded and is dormant. They'll normally cancel the corporation tax request and mark their systems as dormant meaning you won't have to do CT returns until you tell them you've started trading. Alternatively, just dissolve the company and tell HMRC it's dissolved and they'll close the file.2
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