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bigduckontax
bigduckontax, Accountant
Category: Tax
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We are a C.I.C company who have just had our company dissolved

Customer Question

We are a C.I.C company who have just had our company dissolved by company house. We have had a hard time finding an accountant and have not filed accounts. What should we do?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer and pleased to be able to assist. Amongst other things, I am a Chartered Secretary. The procedure is straightforward, form RT01, and the full detail is given here: https://www.gov.uk/restore-dissolved-company Once it is back on the register you, or your accountant, will have to file accounts. There is a danger of penalties being imposed for late filing. I do hope that I have shown you a way forward. There is quite a bit of administrative work for you to do.
Customer: replied 2 years ago.
Thank you so much for this. How much of a penalty are we talking. Would it be better to just allow the company to stay dissolved and start again from scratch?
Expert:  bigduckontax replied 2 years ago.
It depends upon how much in arrears you are. The penalty regime appears to being wound down and it does cost a hundred quid to restore. You could let sleeping dogs lie and just hope that Companies House does not disqualify directors.
Which gives a good summary of the penalty regime:
'The following fines are levied for subsequent missed deadlines:
Three months late - A fine of £10 for each following day up to a 90 day maximum of £900.
Six months late - A fine of either £300 or 5% of the tax due, whichever is the higher, will apply on top of the penalties above.'
A bit eye watering I think you will agree.
Customer: replied 2 years ago.
How will we find out if they will disqualify us? Last question, in your opinion is it better to pay the fine or just leave the company dissolved?
Expert:  bigduckontax replied 2 years ago.
The rules for disqualification are as follows:
'The rules of disqualification are laid down in the Company Directors Disqualification Act, 1986, and are designed to restrict abuse of the limited liability company structure in England, Wales and Scotland.'
Frankly, you have to be an absolute hooligan to fall foul of them. Captain Bob was never disqualified despite being severely censured over his performance as a director.
It might be better to let the dissolution stand.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.