How to Close a Non Trading Company

superhelpful

Howdy Y'all.

To cut a long story short, I have a non trading company for 4 years, and this year I was late with my Nard. I submitted it, but it was sent back to my spam folder and in my ignorance is bliss attitude, never checked to make sure it was sorted.

So now I'm stuck with late fees and a potential audit. Which would be painful and costly for me given there's no money in the company.


So I'm wondering 2 things:

A> What my next steps can be. Do I just bite the bullet, contact an accountant about getting an audit, etc etc.
B> if its worth my time wrapping this up and shutting the company down. Or if that's even a possibility at this late stage.



- SuperHelpful!

Paddy001

superhelpful wrote: »

Howdy Y'all.

To cut a long story short, I have a non trading company for 4 years, and this year I was late with my Nard. I submitted it, but it was sent back to my spam folder and in my ignorance is bliss attitude, never checked to make sure it was sorted.

So now I'm stuck with late fees and a potential audit. Which would be painful and costly for me given there's no money in the company.


So I'm wondering 2 things:

A> What my next steps can be. Do I just bite the bullet, contact an accountant about getting an audit, etc etc.
B> if its worth my time wrapping this up and shutting the company down. Or if that's even a possibility at this late stage.



- SuperHelpful!

Hi

What date is the NARD of the company and does it qualify for audit exemption (aside from the late annual return issue)? Was it always audit exempt previously and the filings made on time?

superhelpful

Hi Paddy,

I believe the Nard was on 08/01/2019 this year.

The company does qualify for an audit exemption since it is non trading and all previous filings for the past 4-5 years have been on time