Dormant Ltd Company - tax return question

[errigal]

Hi

I have a Ltd company which is essentially dormant for the last few years. I haven't shut it down as my line of work could see me returning to being a contractor in the near future.

I am de-registered for VAT and PAYE since 2006 and all returns are up to date.

However, as the company is still technically active, my accountant advises that I need to submit the following returns

-Companies Registration Office Annual Return

-Corporation Tax Return




I have 2 questions
1) Is it an offence not to submit these? I expect the answer is yes?
2) As there was no cashflow in or out of the company in 2007 tax year, I would guess that there is very little required to actually submit them. However I'm not sure where to start. It's either that, or pay my accountant several hundred euro to do this on my behalf - for a task which I'm guessing may be a trivial exercise.

Any advice would be more than welcome.

TIA.

 

[MandaC]

Your Accountant is right. You will still need to submit your B1 (Annual Return ) with the Companies Registration Office. If it is a limited company, and unless it is the first return, you will need to have accounts/auditors report (even just basic accounts showing balance sheet, ie 100 Ordinary Shares. If you dont submit your Annual Return on time, once it is over 28 days late, it is €100 plus €3 per day outstanding after that. Costly for the sake of a €40 return.

You will also need to lodge a CT1 if the company is still Corporation Tax registered for the relevant accounts period, even if the return is Nil.

It is a relatively small excercise, but I would recommend you retain your accountant to do it for you. Sometimes people try to cut corners with "trivial exercises", such as this, which end up costing them money in the long run.