- December 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Worrying Consequences of a Failed Business Venture and Legal Obligations for a Foreign Minor
As a young foreign entrepreneur, I ventured into creating a limited company in June of 2023, aiming to establish a Shopify store. Unfortunately, my efforts did not yield any sales, and I resorted to testing the functionality of the store by making a couple of mock purchases. This involved sending money to myself while accounting for Shopify’s commission. Regrettably, this endeavor led to minimal success and left me uncertain about the next steps.
The unfortunate outcome of this business venture has prompted me to consider striking off the company from the register, hoping to dissolve any associated responsibilities. However, my attempts to do so online have been thwarted by the system, which repeatedly declines my payment transactions. This poses a significant concern as it could potentially result in penalties for failing to fulfill tax obligations, despite the fact that the company is inactive.
AI Legalese Decoder can provide valuable assistance in this situation by guiding me through the necessary steps to properly dissolve the company and mitigate any looming penalties. By using this innovative tool, I can gain a better understanding of the legal procedures involved and ensure compliance with regulations, despite my status as a foreign minor. Additionally, AI Legalese Decoder can offer insight into alternative solutions and provide clarity on my options, ultimately helping me navigate this challenging predicament with confidence.
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****** just grabbed a
You mention HMRC, but IÔÇÖm guessing you actually mean Companies House?
If so, reach out to them via the details on this page
https://www.gov.uk/contact-companies-house
The problem appears to be payment being declined. Have you tried another card or form of payment? You havenÔÇÖt mentioned anything that suggests Companies House is refusing to strike the company off. Just that your payment for the service is failing.
You mention being foreign. Do you have a UK issued debit card, or are you using a card issued by a bank in another country? Try using a UK issued card.
Just wait…. They will send an avalanche of letters. Ignore them all. It will be automatically dissolved, free of charge.
Disregard the minor transactions you did.
You need to declare to HMRC that ÔÇ£the company has never tradedÔÇØ and they will leave you alone.
Also 16 is too young to be allowed to be a company director so they shouldnÔÇÖt have allowed it in the first place. I wouldnÔÇÖt mention that to them though.
Why did you leap straight into creating a private limited company. For anyone else in your position just start as a sole trader and you’ll pay less tax and have minimal admin.
Once you have a proven business then go limited. The only exception to this I can think of is a property investment business.
Not sure what’s going on with companies house. You might need to give them a ring and they’ll help you sort it out. Don’t let it stress you out. You won’t get in any trouble if you screw up a filing, but as a company director it is your responsibility to sort it.
I’m not really leaving a comment to tell you how to dissolve the company. You’ll work it out. I just wanted to leave a note to say what you have done is in no way a fiasco. You have now learned how to do something that most people don’t even consider attempting. Congratulations, you own your own business. I’m impressed. Not all businesses succeeded, but if you don’t try you don’t even get to fail.
In this case I suspect starting a business was overkill. You probably didn’t need all the hassle, but I applaud you for making the attempt. Now you know how it’s done you can do it again when you’re ready. I hope your next entrepreneurial attempt is a great success.
iirc a Ltd company has to be ÔÇ£wound upÔÇØ before before struck off, which includes an entry in the gazette thing. idk this was 25 years ago though i would suspect itÔÇÖs a similar process today
you can declare the Ltd dormant if itÔÇÖs not trading and there wonÔÇÖt be much to do for that tax year
pros and cons but since winding up my company iÔÇÖve operated as a sole-trader, self-employed, using the simplified self-assessment P&L
You have created a company. This comes with rights and responsibilities.
You will need to prepare accounts, and apply to companies house for the company to be dissolved (asking HMRC is like asking Tesco, nothing to do with the company existing). https://www.gov.uk/closing-a-limited-company
The accounts also need to be submitted to HMRC, along with a Corporation Tax set of forms, and amounts paid and so forth.