UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
Hi Keith, the initial accountant didnt advise me correctly and as a result I have taken too much money from the company and as a result I wont have enough to pay my Corporation Tax. I am not sure how to get out of this mess. Would HMRC be able to take my house to make me pay them? I am worried in case they do this.
What options would be available to me for me to be able to walk away from this situation? I dont want to break the law but I cant afford to pay it all back either.
I wish never went down the Limited Company route.
Hi Keith, sorry to keep asking questions (I am very worried). I thought that as I owe the company money as i took too much out, and as the company does nto have enough to pay HMRC, then they would be with in their rights to chase me personally for the money? If you were me, which steps would you make (forms I need to completed etc) to enable me to walk away? Do I move the money into my personal account, deregister and pay VAT, personal Tax then what ever is left pay the corporation tax whilst applying to wind up the company with companies house? I am not sure of the procedures or the best way forward.
Thanks yet again for your advice
So, just to clarify things, the best way forward would be to pay the VAT and deregister, pay my personal tax (Can this be done from the business account) and then what ever is left pay the corporation tax? If I do not have enough to pay the full CT what happens then? I imagine I would be chased or can I then just wind up the firm? I am so confused and having sleepless nights over this. I just want the company to be shut ASAP to allow me working and living a normal life again. This has caused so much stress.
Am I also right in saying that what ever happens, my house is safe?
I'm just not sure of the best way forward. the company has £13k in the account but owes another £7k. I wont be able to pay that back, how do I walk away morally or otherwise??
OK, so I leave the money in the account, and pay what I can then see what state the company is in, if it still owes money then I can place the company into administration but I will be chased for the money still owed? So there is not a way forward to simply just walk away? I will still have to pay the money back. I just want to make sure my personal belongings and my house is safe too. This is very confusing for me.
thanks very much for your advise Keith. I hope i get this sorted out ASAP.