Hi there,

Hopefully someone can give me some guidance / assistance.

I've been working for a company for nearly 2 yrs now, but it's not the career i want to continue with anymore. I've been in the Electronic Distribution business for nearly 14yrs, and times have changed and passinate about being in control of my own destiny....

Back in 2006 i developed a new innovative product and have a patent pending on it. My aim is to get this to market and so in March 06 i setup a company using a formation agent. Both myself and a colleague are now official Directors of this new company.. (just 2 of us)

The company is trading as Dormant and we filed dormant accounts last year as there was no money going in / out of the company (other than the allocation of share capital). All development costs to date have been paid from our own pockets.

Now, until the invention is ready to 'sell', we are looking at selling some innovative lighting products which will help with cash flow.. So, we have a meeting with the Bank this week to get an account opened, and get the forms sent for VAT registration. This way, we should be able to claim for on-going development costs of our invention hereonin.

Our concern has always been about the company we work for currently, finding out about about what we are doing. The questions i'd like someone to answer are:-

Even though we are not taking a salary from 'our' company (as there's no money in yet), do we have to notify Inland Revenue?

If Inland Revenue know, will they contact my employer ?

Once we have a bank account and start 'selling' product, would we have to move the company from DORMANT to TRADING ? If so, we will need to do a Tax Return in March 09 (our tax month). How would this work if we are still not taking a salary ?


PS. the company is not conflicting in terms of products / services.

I can be contacted direct on : 07734 846261 or email:

pete@visualinteractive.co.uk

Many thanks
Pete

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Pete Bailey
Visual Interactive Ltd