Bit of an odd situation

RedXIV

Hi guys, just want to pick the brain of a few here,

Set up a company with a few other graduates in august and it's still alive but we've left it dormant pretty much. we registered for VAT and everything and we've got a backlog of forms after arriving. My question is, we actually made relatively no money at all, we had one contract for just under 1000 euro and we put it all back into company funds. None of us have drawn a wage or got a penny from it but we spent money on things like domain hosting.

so in a nutshell:

• We never got paid
• we have had a few minor expenses
• we got money in but it's still "Company funds"
• we registered for VAT

With the forms we have at the moment, can we just send back most with a note saying "we have not received a penny"? I've got VAT forms and PRSI forms and they are scaring the bejesus out of me

Thanks for reading this

Builderfromhell

I'm not an expert but I expec if you send in the form to de-register for tax purposes you should at least stop the automatic tax forms coming to you. You should send back VAT forms with nil amounts so as to stop other demands for estimates coming

Shane732

Are they PAYE forms that you're after receiving?

clarewoman

:rolleyes: you should complete any forms that you receive and return. if company did not trade file them in nil. you should have checked this out before seting company up. look up revenue website

trois bambino

Hi .phone the revenue and ask them to send you out the forms to DE-REGISTER.you are liable for absolutely everything until you do this.
I have represented 5 people in the republic since january some with liabilities going back to 2000. It is simple to do and covers you legally.

TaxingTimes

If you had one contract you have to pay over the VAT on that to the Revenue less the VAT you paid on tax deductible expenses, so you therefore have to complete VAT returns for the relevant periods.

In the periods where nothing happened, you still need to file NIL VAT returns.

If no salaries were paid you need to file NIL PAYE/PRSI returns.

You should de-register for VAT and PAYE if the company is no longer trading and you are not going to pay yourselves.

However, the company still has filing requirements with the Revenue for Corporation Tax, and with the CRO, and accounts need to be prepared.

If you do not file your annual returns on time with the CRO, the company will loose any audit exemption and will require audited accounts, so make sure you comply with all filings to avoid this happening.

If you are not sure and need help, you should get professional advice.

If you are a director of the company you have certain responsibilities including making sure that all accounting matters are in order, the Company Secretary has to file the relevant forms and accounts with the CRO.