Can a dormant company earn interest on its bank accounts?

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I’ve had a private limited company for a few years. I’m the only director and shareholder, if it matters. The company has got a couple different business bank accounts, and they’ve both got money in them. Now, I’d like to re-register my company as dormant. What is supposed to happen to my accounts? Will I still earn interest, or not, do you think?

Thanks

Spencer

Answers

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If you earn any interest in your business bank accounts, your company will immediately cease to be dormant and you will have to submit normal statutory accounts, as opposed to dormant accounts.

There is really no need for you to have these accounts if your company is dormant, so it would be safer to close them rather than run the risk of any accidental payments that would cause you to lose the dormant status.

a year ago
 

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