Dormant Company

Dormant Company

Dormant Company

A company or an organization may be termed as dormant if it is not doing any trading or has not accounting transaction within a financial period. For a company to become dormant for the Companies House, its business transaction should be limited to:

• Money paid to the Companies House to change the name of the company

• Payment for the company’s share

• Submitting annual returns

• Company’s re-registration

• Payment of fines made by the Companies House

For some companies, it is good to become dormant. There is a lot of reasons for which a company may become dormant, such as restructuring an old business, to keep the assets as well as intellectual property and to protect trademark and brand name.

One of the significant benefits of becoming dormant is you will enjoy fewer filling responsibilities and can reduce some of the levels of statutory burden. To carry out the process, you will have to inform the same to HMRC. Besides, you must deregister for VAT.

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