Company accounts question.

Vincentrussell

Hi everyone,

So i wrote a small book project and set up a private limited company years ago, which remained dormant. 
I started to trade this year and made £35 with little no expenses. Its just me as a director and no employees. 
Normally i do my own tax returns and have done the dormant accounts.
However, now ive made a little money, not sure if i can submit micro entity accounts and do i jave to register to oay corperation tax with so little.
I would have got an accountant and earlier, but dad passed away in october and had to deal with alot and now i have to submit accounts by tomorrow!
Any advices would be much appreciated. Thanks all in advance abd wishing you all a happy new year! 

fiscoking

Hello,
Presumably, when you say you started to trade, you took the company out of dormant status and changed it to trading - by telling HMRC? 
Your business bank account is still open and using the business name?
You banked the money through the  business account?

If this is the case then you need to file micro entity accounts for the full business tax year, once the company year end passes. Corporation tax is then due 9 months after that. You could get away by not paying the CT as your business expenses will almost certainly offset such a small profit, but you have to record the offset and tell HMRC the CT payable is nill.

Assuming also that there is not VAT element here (you're not registered) , otherwise you'll have to file a VAT return.

You've just created a pile of paperwork for such a small trade if that's all you intend to make for the year. Hopefully your business will make more money and this is the start of something much more lucrative. 

All the best.