UK company trading or dormant

[symon]

Hello,

I was reading the website of a company formation reseller and I noticed that once you create a UK company you must inform when you start trading but also inform if it's not the case (dormant) correct?
There is no status by default? active and trading?

"If your company is actively trading, you must register with HMRC for corporation tax within 3 months of beginning any business activity."

There is nothing preventing me to trade with a dormant company in fact? if I have my bank account in Cyprus and all my activities outside of the UK...

Am I missing something here?

 

[Samuel Newman]

Cyprus bank may share information with HMRC and you will be in trouble (if the company is in your name)

 

[symon]

Cyprus bank may share information with HMRC and you will be in trouble (if the company is in your name)

ok that's what I thought, anyway you can have a bank account but that does not mean you are trading.

nevertheless I'll simply submit the micro entity accounts with 0 income. I don't plan to keep the company opened for years.

 

[Samuel Newman]

ok that's what I thought, anyway you can have a bank account but that does not mean you are trading.

nevertheless I'll simply submit the micro entity accounts with 0 income. I don't plan to keep the company opened for years.

the bank may report your balance on the account
do you have LLP or Ltd ?

 

[symon]

I have a LTD, 100% offshore business (from a UK perspective), UBO non dom.

I'll manage to get the balance to zero at the end the financial period.

I plan to use this company for 2-3 years max then close it.

turnover would be about 20-30k so I'd like to keep the administrative burden at the minimum, any specific advice?

 

[Samuel Newman]

I have a LTD, 100% offshore business (from a UK perspective), UBO non dom.

I'll manage to get the balance to zero at the end the financial period.

I plan to use this company for 2-3 years max then close it.

turnover would be about 20-30k so I'd like to keep the administrative burden at the minimum, any specific advice?

do not cheat on HRMC, it is not such agressive as IRS, for example
but it doesn't understand jokes as well, fake information in tax report may lead you up to 2 years of jail

with your turnover it is possible to administrate this company for less than 1000 GBP annually (including registered address, agent, reports and accounting)
it is ok do not have net income with such turnover, it happens all the time with startups all around the world

 

[symon]

ok basically what I intend to do:
turnover = +10K
charges = -10K
profit = 0

it is just a way to move money from one country to another (not any money laundering) and spend it mostly for personal purpose.

 

[diablo]

Hello,

I was reading the website of a company formation reseller and I noticed that once you create a UK company you must inform when you start trading but also inform if it's not the case (dormant) correct?
There is no status by default? active and trading?

"If your company is actively trading, you must register with HMRC for corporation tax within 3 months of beginning any business activity."

There is nothing preventing me to trade with a dormant company in fact? if I have my bank account in Cyprus and all my activities outside of the UK...

Am I missing something here?

You want a UK corp or a Cyprus corp. anonymous ?