Accountants in Croydon | CruseBurke - Accounitng and Bookkeeping Service

 What does it mean to have a "dormant company"? If your business isn't trading and isn't earning money from other sources, such as investments, it's termed dormant. For your corporation tax and Company Tax Returns, as well as your annual accounts and returns for Companies House, the phrase "dormant" indicates multiple things. For company tax purposes, it is dormant. If any of the following apply to your firm, it is considered dormant for corporation tax purposes: It has ceased business and has no other sources of revenue. It's a brand-new limited corporation that has yet to begin trading. It's a corporation that manages a block of flats. It's an unincorporated club or organisation with a corporation tax debt of less than £100. The government website has more information. Companies House is currently dormant. You can file ' dormant accounts ' without including an auditor's report if your firm is dormant according to Companies Hous...

 If you offer your products and services to customers in another EU country, you must follow different VAT requirements than if you were selling to customers in your own country. This is especially critical when dealing with international business clients, such as in B2B (business-to-business) transactions. You will also be subject to an unique taxation scheme known as the EU intra-community reverse charge mechanism if you buy products or services for business purposes from another firm within the EU territory. What Is The Reverse Charge Mechanism In The European Union? A reverse charge mechanism is a technique implemented within the EU to make taxes on intra-community transactions easier for both providers and customers. This mechanism also backs the EU's position that all goods and services should be taxed in the country where they are consumed. When a reverse charge method is used, the buyer of goods is responsible for paying the VAT instead of the supplier. It's worth notin...