How do I tell HMRC that these are my last accounts?

How to Notify HMRC That Your Company’s Final Accounts Are Filed

Starting a limited company can be an exciting venture, but it’s essential to ensure that all responsibilities are properly managed, especially when closing the company. If you’re in the process of winding down your company and are unsure how to inform HM Revenue & Customs (HMRC) that your final accounts have been prepared, this guide will help clarify the necessary steps.

Understanding Your Company’s State

If you’ve established a limited company in England but have not engaged in trading activities—no income received and no expenses incurred—it’s important to formally acknowledge this status when winding up the business. Even in such cases, you are required to submit final accounts and inform HMRC of the closure.

Filing Final Accounts for a Non-Active Company

When preparing final accounts for a dormant or non-trading company, you should:

• Complete the necessary accounts, typically a simplified set for dormant companies.
• File these accounts with Companies House and HMRC, depending on your company’s obligations.
• Ensure that all tax returns are submitted, indicating that this is the final submission.

Notifying HMRC of the Final Accounts

After submitting the final accounts, HMRC generally considers the submission as sufficient notification of the company’s closure concerning tax obligations. However, explicitly informing HMRC that these are your company’s last accounts is a common concern for many business owners.

Here’s what you need to know:

• No explicit ‘final accounts’ submission through HMRC portal: Unlike the process of filing annual tax returns, HMRC does not usually require a specific notification form to declare the accounts as final. Instead, the act of submitting the last set of accounts and tax returns suffices.
• Company strike-off process: Since you’ve had your company struck off the Companies House register, the company is legally dissolved. As part of this process, HMRC and Companies House communicate to confirm the closure.
• Are you missing an option? If, while completing your online submission or correspondence, you cannot find a specific checkbox or option to declare this as your last accounts, don’t worry. The critical steps are submitting all final documentation and completing the strike-off process.

Confirming Closure and Final Tax Position

To ensure HMRC is fully aware of your company’s closure:

1. File the final corporation tax return: Make sure to include that this is the final return and properly indicate the period.
2. Notify HMRC via the ‘Company Closure’ process: If applicable, inform HMRC that the company is ending its operations.
3. Keep records: Maintain copies of all submissions, including final accounts, tax returns, and correspondence.

Summary

• Filing your last accounts and corporation tax return is generally considered sufficient to notify HMRC of the final accounts.
• No specific checkbox or option may be visible to declare these are your “last accounts.” Instead, complete all required filings and ensure the company is struck off appropriately.
• Always retain copies of your submissions and confirm the company’s dissolution with both Companies House and HMRC.

Final Thoughts

Closing a company involves several procedural steps, but understanding that submitting final accounts and tax returns effectively communicates your intention to cease trading is key. If uncertainties remain, consulting a professional accountant or contacting HMRC directly can provide clarity and ensure all obligations are properly fulfilled.

For more detailed guidance tailored to your specific situation, consider reaching out to a qualified accountant or legal professional specializing in company closures.

Author: bdadmin